DO YOU ever wish you could live the life of the rich and famous but not sure how much it would really cost?
According to the open data site Pay Scale the average salary for someone living in Newport during 2020 was £26k.
These mega mansions are some of the most expensive in the area and the deposits alone cost the same as many of our homes.
Advice from property market analyists, Hometrack, states that we should aim to keep our mortgage payments to less than 28 per-cent of our total monthly income - to ensure we have enough money for living expenses and savings.
David Ross, Managing Director at Hometrack said:"Ultimately lenders will be focused on your creditworthiness and whether you can afford your repayments. To do this they will look at what your income is and any outgoings you have.
"Generally lenders will lend up to 2.5x your gross annual salary but this can vary depending on a number of factors including the amount borrowed, the size of your deposit, the interest rates available and how long you wish to borrow the money for."
However, the longer you borrow money, while more affordable, will cost you more in the long run.
But would any of us be in the running for one of these properties and how long would it even take us to pay the mortgage?
Well, look no further - these are the five most expensive homes on the market right now and this is how much you would need to earn to live there:
Devauden, Chepstow, NP16
Cost of house: £3,500,000
10% deposit: £350,000
Minimum salary needed: £160,212 per year
Total salary when mortgage is 28% of total: £572,185
With its own private woodland, paddock, tennis court and swimming pool many people would describe this property as their dream home.
Approached down a long sweeping drive through private woodland, this 'Arts & Craft' sits within 27 acres of land just seven miles outside of Chepstow.
The property has six large bedrooms and five reception rooms as well as a great kitchen which is perfect for entertaining.
The minimum you could earn a year to buy this home is £160,212 but that is just enough to meet all your monthly mortgage payments.
It would take someone on £26k more than six years to pay one year's mortgage on this property.
Mathern, Chepstow, NP16
Cost of house: £2,8550,000
10% deposit: £285,000
Minimum salary needed: £130,450 per year
Total salary when mortgage is 28% of total: £465,900
This Grade I medieval house, Mathern Place packs a real punch of character and is soaked in gradeur and history.
Boasting nine bedrooms, ten bathrooms and five reception rooms this huge property is just perfect for dinner parties and private events - could you imagine all the fun you'd have?
There are stores, garages, a cellar, stabling, and attractive gardens and grounds which were originally landscaped by famous garden designer, H. Avray Tipping.
It would take the average person from Newport more than five years to pay off one year's mortgage on this home.
Red House Lane, Shirenewton, NP16
Cost of house: £2,500,000
10% deposit: £250,000
Minimum salary needed: £114,432 per year
Total salary when mortgage is 28% of total: £408,685
Cae-Pw-Cella is a Grade II listed Tudor Revival Villa was built around 1840 and was probably initially used as a Rectory.
Transformed over the last six years the property boasts all the essentials of modern, comfortable living whilst retaining much of the original charm and character.
Sitting amongst 3.5 acres with breathtaking views across the countryside, the plot has a two-bedroom coach house and equestrian facilities including a stable and paddock.
It would take just under four and a-half years to pay off just one year's mortgage on this house.
Llantrisant, Usk, NP15
Cost of house: £1,800,000
10% deposit: £180,000
Minimum salary needed: £82,392 per year
Total salary when mortgage is 28% of total: £294,257
Described as secluded yet accessible, this period vicarage combines modern style with old world charm and character.
The property boasts six large bedroom, a luxury cottage, tennis courts and garages.
It is nestled in a beautiful setting amongst mature parkland gardens and it has its own stream.
It would take someone on £26k more than three years to afford one year's mortgage payments on this house.
Llanishen, Chepstow, NP16
Cost of house: £950,000
10% deposit: £950,000
Minimum salary needed: £43,476 per year
Total salary when mortgage is 28% of total: £155,271
This gorgeous south facing home is nestled along the country lanes of Llanishen the property boasts breathtaking views across the Vale of Usk and towards Blorenge.
With a contemporary feel the home is fit for modern family living and is a real 'turn-key' property.
The property boasts five bedrooms, large open plan kitchen and even a paddock.
It would take more than a whole years salary to pay off just one year's mortgage on this house and that doesn't take into consideration your cost of living.
Would you want to live in any of these homes? Let us know in the comments.
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