A new Halifax remortgage report confirms it's cheaper to buy.

 A new Halifax remortgage report reveals that it is no longer true to say that it is cheaper to rent than buy.

Now in almost all parts of the UK, the average mortgage holder pays less each month than the average private tenant.

It used to be simple, renting meant less security but it was cheaper and while a home-owner had the security of owning their own home, it cost far more to do so. It would appear that this has been turned on it's head. 

High rents are a symptom of a wider problem with Britain's housing market. According to the Halifax remortgage report, in 1991 an average couple on a low to middle income took around four years to save a deposit to buy their first home, by 2011 this shot up to an incredible to 22 years. 

With access to the housing ladder blocked for some young people, the numbers stuck in rental accommodation has grown causing rents to rise.

Interest rates are presently at an all time low but this is cannot last forever and, when they do eventually rise monthly payments could start to climb. If this happens home-owners who stretched themselves to get on the housing ladder could find themselves in a precarious financial position.

The Halifax remortgage report shows that even with rates as low as they are, mortgage payments still take up more than 25 per cent of the monthly income of low to middle income families and, if mortgages rates increase later this year this percentage could get higher.

Deal Direct can help you get the best remortgage deal available in the UK today.

Contact us by filling in our enquiry form or simply telephone 0800 048 8828.

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