16
Jun
Mortgage rates 'are good if buyers have enough deposit'
Reasonable mortgages rates at the moment have made it a good time
for people to buy property if they have sufficient deposits, an
expert has said.
Director of MyMortgageDirect Stuart Inman commented on the latest
announcement from Santander Mortgages, which said that potential
first-time buyers could save money by paying a mortgage instead of
renting.
He said: "It is easy to say a mortgage is cheaper than renting but
obviously with a mortgage nowadays, you've got a huge deposit which
people need to find."
Yesterday (June 15th), Santander Mortgages revealed that potential
first-time buyers could save an average of £1,400 a year if
they bought a house instead of renting one.
Research from the lender showed that while the typical monthly rent
in the UK outside of London is £420, average mortgage
repayments are currently £334 a month.
Mr Inman added that for people who have lower deposits, mortgage
rates are still quite high.