Buying a property could be cheaper than renting

Posted: 15 Jun 2010 12:06:53 GMT

First-time buyers are being told that buying a property is cheaper than renting in all areas of the UK other than London.

A new report from Santander Mortgages shows that being on the property ladder could save people up to £87 a month.

Phil Cliff, director of mortgage marketing at Santander UK said: "The savings to be made through buying, as opposed to renting, have increased dramatically in the last six months."

According to Santander, an average mortgage repayment is now less than standard rental prices.

People in the north-west would benefit from the biggest savings, which were estimated to be around £141.

However, those in London are still finding it cheaper to rent as an average mortgage is £359 more than the monthly rent.

Those looking for a mortgage deal were advised by Andrew Hagger of Moneynet.co.uk to consider a longer package after he outlined the benefits of ten-year terms.


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