Archive: First Time Buyers spend over £50,000 on rent before buying
According to latest research from the Association of Residential Letting Agents, people in the UK will have previously spent, on average, £52,900 in rent before they purchase their first home. This research on First Time Buyers was reported in the Guardian in February*.
The research, is based on someone renting for 13 years, and shows that the situation is worse for First Time Buyers in London where the figure paid to landlords is £68,300.
What this means to First Time Buyers
Adam Nanson, Managing Director of Your Mortgage Expert comments:
“With rental prices increasing and a squeeze on available properties, it is not surprising that people are paying more in rent and staying in rented accommodation for longer.
“For those who can save for a repayment mortgage it remains the sensible long-term decision. Rather than the money going to landlords, providing all payments are made on time and in full, the home buyer will have the benefit of owning their property outright at the end of the mortgage term. And, as we reported in October 2015, buying is still cheaper than renting.”
How Your Mortgage Expert can help
“We regularly speak to people about getting a First Time Buyer mortgage and we understand that getting that first foot on the property ladder can be difficult. We often hear First Time Buyers saying that they want to buy a home, but they don’t know how much they can afford. We also hear them say that the whole mortgage process confuses them, which can be a barrier to purchase.
“By speaking to Your Mortgage Expert, you’ll get access to expert advice to help you work out how much you can afford to borrow, what your repayments would be and what type of mortgage is most suitable for your personal circumstances. And, if you need it, we can break down all the jargon so you understand whether to opt for a tracker mortgage, fixed rate mortgage or something more flexible.”
We don’t charge for the initial consultation, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.
Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.
You might also find it useful to read the dedicated First Time Buyer page on our website. Alternatively, read about First Time Buyers Zoe and Richard from Salisbury who bought their first home with the help of Adam Nanson from Your Mortgage Expert..
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Please note: the below links will take you away from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.