More than half of UK first-time buyers paying more for mortgage than they did for rent

A growing number of first-time UK homebuyers are now spending more on monthly mortgage payments than they did on rent, with over half reporting higher costs since mortgage rates began rising. The latest data from estate agent Hamptons shows this trend has reached its highest level in at least a decade, as buyers face increased financial pressure. On average, these buyers are paying nearly £40 more each month toward their mortgages compared to their previous rent. The shift coincides with rising mortgage rates, which have been climbing since the start of the conflict in Iran.

Hamptons says figure of 56% is highest in at least a decade, with mortgage rates rising since start of Iran warA majority of first-time UK buyers now pay more towards their monthly mortgage bills than they used to pay in rent, the estate agent Hamptons has found.Last month 56% of first-time buyers said their monthly mortgage bills exceeded their previous rent, the highest proportion in at least a decade, according to Hamptons. They paid £39 more on average. Continue reading...