In contrast, first-time buyers in the South East were the most financially stretched group of borrowers in the country, even though they have higher than average salaries.
The data uses the models used by mortgage lenders to calculate the borrowing power of a family, after taking account of bills, transport costs and other household living expenses. Based on loans made during the first quarter of 2019 the average homeowner in the North could have borrowed 55 per cent more.
Scottish mortgage borrowers could have borrowed 50 per cent more while those in London would be restricted to just a 25 per cent larger mortgage.
At the borrowing limit
At the other end of the scale in the South East, the average mortgage borrower would have been able to get just 11 per cent more in a home loan.
And first-time buyers in the South East were right at the borrowing limit, after applying standard stress modelling to ensure customer affordability, with no room to borrow more.
Kensington Mortgages chief executive officer Mark Arnold said: “Salaries may be higher in London and the South East, but so are living costs.
“Obviously, there are a great many people mortgage-free, in houses that are now worth millions.
“But when you look at the borrowers needing to pay off a mortgage, those with the least room to manoeuvre, financially, are people in the home counties commuter belt.”