Frozen out of the mortgage market and forced to pay a punishing rent | Mail Online
The growing number of those who cannot raise enough of a deposit to get a mortgage are in a worse position than ever.
It now costs more to rent than to pay a mortgage on the same property in 47 of the 50 biggest towns and cities in Britain, according to research by property data firm zoopla.co.uk.
This trend is growing due to soaring rents and persistently low mortgage rates. Zoopla says that a year ago it was cheaper to have a mortgage than to rent in 40 of the biggest locations. The cost difference between paying a mortgage and paying the rent has grown by 50 per cent in the period.During much of the past decade, when house prices and mortgage rates were higher, and where it was easier to get a mortgage with a small deposit, it was often cheaper to rent.
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