Thursday, March 15, 2012
Comedy of Mortgage Lenders best ever gag (it’s they way they tell ’em)
"Buying a home is still cheaper than renting, but only if the deposit required to take out a mortgage is taken out of the equation", according to the Council of Mortgage Lenders.In an eight-page research paper, To Buy or Not to Buy, the CML calculated the costs of owning compared to renting, using data from the Valuations Office Agency and its own regulated mortgage survey. James Tatch, CML analytics manager and author of the research, said if the need for a hefty deposit is ignored, buying was cheaper than renting a similar property across all borrowing types, and across all regions of the UK. He said this was not surprising, considering that a typical deposit might be 25 per cent.