Lenders latest mortgage deals may present a better option than renting.
How do the latest mortgage deals compared to rent?
Recently published research suggests that with the latest mortgage deals, the monthly cost of owning a home could be around 20% less than paying rent.
For example, published figures for June this year, show the monthly cost of owning an average house with three bedrooms was around £600. Figures for rent costs were over £730 for a similar property.
Over the last year, figures show there has been a 5% increase in rent costs whereas the cost of buying a property has fallen around 3%.
The lower cost of buying a property is because of a drop in house prices and the latest mortgage rates offering good deals for buyers.
There are regional variations in house prices and rents.
There are many regional variations in the statistics, for example in the East Midlands the difference between the monthly cost of buying and renting is smallest.
In London where rents are high, if you own your home you could pay £170 less than the average rent.
Those paying the highest rent each month are likely to find it most difficult to save for a deposit to buy a property.
While monthly costs can be lower once you have bought a home, getting enough deposit and getting the lowest mortgage rate can still be a challenge.
For the latest mortgage deals at the cheapest rates
contact Deal Direct.
