16 Jun

Mortgage rates 'are good if buyers have enough deposit'

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.ADNFCR-1222-ID-19841480-ADNFCR

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