New figures have revealed that average monthly mortgage repayments in the UK is £805, while the cost of renting is £995 a month. This is a saving of £2,300 per year, per household by buying a property.
The news comes hot on the heels of the launch of the Help to Buy ISA scheme, which gives every individual a cash boost towards the deposit on their first home.
It is a tax-free savings product which the Government adds 25% on top of the amount saved.
Chief Executive of Story Homes Steve Errington said: “The results of the report come as little surprise.
“Renting often costs more in the long term, with tenants having nothing to show for the money spent when they leave.
“Since December 1st our first time-buyers have been able to take advantage of the new Help to Buy ISA scheme.
“At Story Homes we have also offered a Help to Buy scheme since 2013 and around 25 per cent of Story Homes’ customers are currently using the equity loan to help them purchase their dream Story Home.
“For people looking to buy, we would urge them to have a look at the help available.”
The research by mortgage lender Santander is based on the average first-time borrower’s deposit of 21%, meaning they have a mortgage of 79% of the property’s price
For more information visit http://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work or speak to one of our Sales Executives.