Buying cheaper than renting for FTB’s
Recent research from Santander Mortgages suggests that potential first time buyers would find it cheaper to buy than rent at the present time, they state that average rental prices are greater than average mortgage repayments in every region of the UK, a saving for first time buyers on average of £2,300 per year if they chose to buy.
First-time buyers in London where rental prices are at their highest would see themselves £179 better off per month, whereas those at the other end of the scale are those in the East of England, the typical first time buyer there would find themselves only £2 better off.
Managing Director of Mortgages at Santander UK, Miguel Sard reportedly said: “People assume that buying a property will put them under greater financial pressure, but often the reverse is true.
“With annual savings averaging well over £2,000, this can really mount up over time and of course once the mortgage is paid off you have a valuable asset to show for it.
“Many prospective first-time buyers see the cost of saving for a deposit as prohibitive, but there are many deals available for smaller deposits.
“Buying a property is a big financial commitment and there are upfront costs to consider, but over the long-term the financial benefits can be very significant.
“Getting independent advice and looking for competitive rates either online or through a mortgage advisor is crucial to get the best mortgage to meet potential homeowners individual needs.”
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