A mortgage £100 a month less than their rent

Author: Dave Mills

Last month, I met with a young couple, prospective first time buyers, who were extremely nervous about the cost of buying a property and all of the implications of making such a purchase.

They were spending £850 per month on rent, but, on inspection, the house they were living in had damp in every room and no central heating.  They were looking to start a family in the near future, and were naturally concerned about bringing a child into a world that was not safe or suitable.

Within an hour of meeting them, however, I had addressed their concerns and informed them that, with their 5% deposit, they could indeed purchase a property up to the value of £175,000, and that the monthly repayments should be £100 a month less than their current rent.  They were relieved and delighted.

Last week, they collected the keys to their first property, having a fixed rate mortgage that will cost them £102 less per month than their rent.

They are a changed couple, able to look forward to their future together - and with addition(s) - with financial stability and confidence.

At Compass Personal Finance, we navigate our clients through the mortgage maze, treating every case as individual, and recommending the most suitable solution for every situation.

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