People in the UK are currently facing a tough decision – whether to secure a mortgage and buy a property or to carry on living in rented accommodation.
The Council of Mortgage Lenders (CML) has noted both options have their pros and cons, with the choice made ultimately being down to the preferences of the individual.
Paul Smee, director general of the CML, pointed out the monthly costs of buying and renting appear to be “six of one and half a dozen of the other”, claiming this decision is as much an emotional one as it is to do with finances .
The industry figure pointed out that while some individuals are likely to be attracted to the security offered by gaining a mortgage and buying a dwelling, others “will say that the flexibility of the rented sector should not be under-estimated either”.
Indeed, research carried out by the CML revealed little difference in the monthly monetary outlay involved with buying and renting, with the variations between home loan payments and renting, as well as between rents and interest-only charges, both coming in at £176.
