More than half of UK first-time buyers paying more for mortgage than they did for rent
Source: The Guardian ·
Hamptons says figure of 56% is highest in at least a decade, with mortgage rates rising since start of Iran warA majority of first-time UK buyers now pay more towards their monthly mortgage bills than they used to pay in rent, the estate agent Hamptons has found.Last month 56% of first-time buyers said their monthly mortgage bills exceeded their previous rent, the highest proportion in at least…
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A majority of first-time UK buyers now pay more towards their monthly mortgage bills than they used to pay in rent, the estate agent Hamptons has found. Last month 56% of first-time buyers said their monthly mortgage bills exceeded their previous rent, the highest proportion in at least a decade, according to Hamptons. They paid £39 more on average. Mortgage rates have been climbing in the UK since the outbreak of war in the Middle East, as volatility in the bond markets has driven up the swap rates that affect the pricing of fixed-rate deals. Earlier this month the average cost of a five-year fixed-rate mortgage hit the 6% barrier for the first time in three years. On Monday morning the average rate stood at 5.99%, while the average rate for a two-year fixed mortgage was 5.96%, according to the financial analyst Moneyfacts. Aneisha Beveridge, the head of research at Hamptons, said when interest rates were low “the financial case for tenants to buy as soon as they could was fairly…