First-time buyer mortgage costs are ‘20 per cent lower than rents' with a £50,000 deposit

First-time buyers could end up paying around a fifth less in mortgage payments per month compared to private 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 per cent lower than the average rent of £1,248 per month across Britain.