UK cities where buying a home with a 5% deposit could be less expensive than renting
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UK cities where buying a home with a 5% deposit could be less expensive than renting
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"Buying a home with a mortgage in some major British cities could be cheaper than renting, even for those with a low deposit, according to analysis by a major bank. The analysis by Lloyds compared typical monthly rental costs with potential first-time buyer mortgage payments in 11 major cities and found that in nine of them, owning a home could work out less expensive than current rental rates."
Independent journalists cover topics from reproductive rights and climate change to Big Tech, investigate political and financial matters, and produce documentaries highlighting American women fighting for reproductive rights. Donations fund reporters to provide on-the-ground coverage, represent multiple perspectives, and keep reporting free of paywalls by relying on support from those who can afford it. Lloyds compared typical monthly rental costs with potential first-time buyer mortgage payments across 11 major British cities and found that owning could be less expensive in nine cities under assumptions of a 5% deposit, a 4.78% fixed five-year interest rate, and a 30-year repayment term.
Read at www.independent.co.uk
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