Santander: Buying is cheaper than renting

18th December 2015

Buying a property is cheaper than renting, according to Santander, with those stepping onto the property ladder typically saving £2,300 a year compared to those who rent. Miguel Sard, managing director of mortgages at Santander UK, said: "People assume that buying a property will put them under greater financial pressure, but often the reverse is true. With annual savings averaging well over £2,000, this can really mount up over time and of course once the mortgage is paid off you have a valuable asset to show for it". The figure the lender used is based on the average rent being £995 per household compared to monthly mortgage payments of £805 for an average first-time buyer household.

Daily Mail (15/12/2015