Is it cheaper to rent or buy a house?

This is entirely dependant on your situation. In the long run, it can be cheaper and can gain greater returns to buy a house than to rent it.

When renting, you are not gaining any assets from those monthly payments.

However, the upfront costs of buying a house are much greater than those with renting, so the short term costs are much cheaper with renting.

Remember: The longer you spend time renting, the less time you have to build up assets and fully own your own home. Start saving for a deposit today and make small steps towards becoming a homeowner.

For some helpful tips, take a look at our Top 10 Ways to Save, to help you get started.

What Next?

If you're a first time buyer, then government-backed schemes can be very helpful to get a better deal on your mortgage. Help to Buy Basics The Help to Buy scheme…

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