Cheap mortgages make buying cost less than renting – The Times

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The cost difference between first-time buyers and tenants has widened, with buyers saving more than £800 a year.

The monthly cost of renting has risen by 10 per cent to £821 in the past year, according to analysis by Halifax. The average monthly cost of repaying a mortgage for a first-time buyer has risen by 1 per cent to £753 during the same period.

It said that buyers in London were on average £4,606 a year better off than those renting. The narrowest gap between buying and renting was in Northern Ireland, where buyers were £539 a year better off. First-time buyers were £1,872 better off in Scotland and £1,428 better off in Wales.

First-time buyers needed to find an average deposit of £58,986 but

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