First-time buyer mortgage costs ‘20% lower than rents – with a £50,000 deposit’

First-time buyers could end up typically paying around a fifth less in mortgage payments per month than if they were privately renting, Zoopla said (Daniel Leal-Olivas/PA) - (PA Archive)

First-time buyers could end up typically paying around a fifth less in mortgage payments per month than if they were privately renting – provided they can stump up around £50,000 for a deposit – analysis suggests.

Zoopla calculated that the average first-time buyer mortgage payment could work out at £1,038 per month, which is around 20% lower than the average rent of £1,248 per month across Britain.