You may find a mortgage comparison is favourable to the rental market.
If you are currently renting a property, getting a mortgage comparison could show you that current mortgage rates compare favourably with rental costs. If you are thinking about buying your own home Deal Direct can offer helpful mortgage advice.
According to statistics the average rent for a studio flat in the UK is more than £1,100 a month. Sources also suggest that the average age of first time buyers is rising, with many older professional people sharing rented accommodation rather than buying. So why are so many people paying a high price for rented accommodation when mortgages are so competitive?
Some evidence suggests that high rents are part of the problem. Saving for a deposit can be difficult if rent uses a large amount of your income. However it is still worth getting a mortgage comparison as there are many deals, such as NewBuy scheme mortgages, that are specifically aimed at first time buyers who only have a small deposit.
If you leave it until later in life to get onto the housing ladder, there can be additional constraints associated with your age. For example if you are aged 40 or over you may have a shorter mortgage term in which to repay your loan and this will affect monthly repayment costs.
At Deal Direct we are whole of market advisers and can make a mortgage comparison of a wide range of products from a wide range of lenders. Call us for advice on different types of mortgage and the best deals in the market.
Call a Deal Direct adviser now for a mortgage market comparison.
