Help to Buy 2 Makes It Cheaper To Buy Than To Rent

Paying back a Help to Buy mortgage is cheaper than renting, saving as much as £180 a year, according to Mortgage Advice Bureau (MAB). The average price of a property bought under the mortgage guarantee version of Help to Buy was £153,447 in March, the firm said. MAB claims that based on a 95% loan on the average Help to Buy 2 property price, the typical monthly mortgage repayment for a borrower in their first year would be £753 (or £9,036 annually). In comparison, the average rent across England and Wales now stands at £768 per month. This means that Help to Buy 2 applicants could save £180 annually by paying for a Help to Buy 2 mortgage instead of renting – as well as paying off debt on their own home rather than for a rented property. Read more on the Housing Excellence website.