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It’s cheaper to buy than rent, says local mortgage advisor
 It’s cheaper to buy than rent, says local mortgage advisor

Tenants in Swindon are finding it is cheaper to purchase a new property than rent from a landlord, a Mortgage Advice Bureau Swindon says.

While many young people believe they will never be able to get their feet on the property ladder, a shortage of rental homes and skyrocketing monthly payments to landlords mean that renting is becoming increasingly unaffordable. And with government schemes like Help to Buy ISAs offering incentives to save for a deposit, buying a home is, for many people, starting to look like a more realistic option.

Jeremy Morcumb, owner of the award-winning Mortgage Advice Bureau Swindon, said: "There is a strong demand for rental properties, but a real lack of supply.

"Recent legislation has led current landlords to push up rents and put potential landlords off altogether, so there are fewer homes available to rent.

"In many cases, rental payments have increased by £100 per month or more over the past year in Swindon," he added.

Many tenants, especially young people, feel they are unable to break out of the rental market and buy their own property. The prohibitively high deposit requirement enforced by many lenders is the most common reason people feel unable to take out mortgages.

While some young people can approach parents or grandparents for assistance finding a deposit, not everyone has this luxury. High rents mean saving for a deposit is difficult, while poor debt management means many people have low credit ratings.

But help is at hand. "Many of our clients are scared of mortgages and in many cases believe they are unable to buy," Jeremy adds.

"The first thing we do is educate people on how mortgages work and how people can go about buying a home. There's an old saying: 'knowledge is power'. We believe that this is very true.

"Potential buyers should be aware of Help to Buy ISAs. This government-backed savings scheme is geared towards planning for home ownership, and is very popular with our clients.

"Without family support the minimum deposit is 5%. We recommend that young people set a savings target, then organise a Direct Debit to channel cash into a savings account and watch as the money for a deposit builds up."

Jeremy's company, Mortgage Advice Bureau Swindon, helps clients get their feet on the property ladder. By setting a regularly-reviewed plan and receiving expert advice, clients are able to take the all-important first steps towards owning their home.

Visit their 
website for more information.
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