21st January 2019 - Tax Week 42
What is this?
Using multiple data sources we have compiled a quick tool to help you get an idea of what salary to expect in the first year after graduating from university. We take salary data and find out what you actually take home after paying tax, national insurance and student loan deductions on a monthly basis.
Using Land Registry data we then show you which areas you can afford to purchase your chosen type of property in (within your selected radius).
A few notes about our process and data:
Mortgage capped to 4.5x salary and 20% Help to Buy - although 40% Help to Buy can be possible within London
The mortgage rate used for repayments is 3%
Salary data derived and adapted from HESA (Higher Education Statistics Agency) and SaveTheStudent.org (Average Graduate Subject to Salary Tables)
Source: NiceAreas.co.uk Inflation Calculator (Government UK Salary Index)
Source: Student Loans Company (Plan Two Repayments)
Source: TheMoneyCalculator.com Help To Buy Repayment Calculator.
How to use
Type in your degree subject, then type in your home postcode sector (not your full postcode, just the sector i.e. NW2 5), select a radius for the property search and the type of property to locate. We will show you the full breakdown of the average salary for a graduate of the chosen degree, the maximum you could borrow under help to buy rules and the monthly mortgage repayment. We will then show you all matching postcode sectors that are within your budget and the associated census, crime and property value data for the area.
We have compiled data for the following degree subjects (select one here to prepopulate above):