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Cheaper to find a mortgage than rent, expert says

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Taking out a mortgage on a property is still cheaper than renting in the long run, according to research.

Abbey's annual Rent vs Buy report indicates that over a 25-year period those who find a mortgage are on average �24,372 better off than their renting counterparts.

The study also reveals that the most expensive area to find a mortgage is London, while the cheapest is west Scotland.

Abbey further states that first-time buyers planning to get a foot on the property ladder should save as large a deposit as possible when trying to find a mortgage they can afford, but that many are held back by personal loan and credit card repayments.

Sue Hayes, director of Abbey�s product marketing, said: In the long-term, paying rent is simply lining landlords� pockets and tenants wouldn�t even have a property to show for it.

Aspirations for home-ownership in the UK remain high, which is why mortgage lenders must take a flexible view to affordability.

First-time buyers might find it difficult to get on the property ladder, but they are better off in the market than out.

Recent figures from Alliance Leicester indicate that first-time buyers are making a comeback, as mortgage affordability is at its best since 2004.

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