Rent in London 'if you haven't got a decent deposit'
flats to rent in London could still be the best way forward for people living in the city after one expert commented that people may require a large deposit to buy a home.
Stuart Inman, director at MyMortgageDirect, argued that now might only be a good time to buy a property if individuals can afford a sizeable deposit and, even then, once other costs are factored in, it may not be as simple as that.
"Mortgage rates for people with lower deposits - in other words, less than 15 per cent - are still quite high compared to where the Bank of England base rates are," he said.
The expert suggested that it is easy to imply that a mortgage is cheaper than renting, but that means potential buyers needing to scrape together a bigger downpayment.
Earlier this year, Brian Berry, director of external affairs at the Federation of Master Builders, said the government needed to assist in creating more affordable home loans.
Otherwise, perhaps the only alternative is to look at property to rent in London or around the country.
By Ben Carter
Published 16th June, 2010
© 2010 Estates IT Limited
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More people may be encouraged to look for property to rent in the London borough of Bexley or elsewhere in the country after a financial adviser said buying a home is only a possibility to those who have saved up a reasonable deposit.