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London is more extreme but it's the case in almost the entire UK that rents are higher than mortgage payments.
by lhopki01 11y ago
London is more extreme but it's the case in almost the entire UK that rents are higher than mortgage payments.
- switch007 11y agoPerhaps so. e.g. in Greater Manchester rent might be £470 for a 2 bed terraced house whereas the mortgage would be about £300-400, depending on interest rate, but a mortgage payment isn't a direct comparison to a rent payment: you need life insurance, buildings insurance, contributions to a repairs fund, service fees if a flat, upfront costs to be amortised over the duration of ownership etc (but those payments are not necessarily the difference). Also, the set of people who are renting and unable to get a mortgage I imagine is quite large.
- sokoloff 11y agoWhat does life insurance have to do with owning a house? Is that required for a mortgage in the UK?