View Image

Lloyds Bank has issued a warning to thousands of customers who rent their homes. The high street bank has found buying a home with a mortgage in some major cities across Britain could be cheaper than renting – even with a low deposit.

The analysis by Lloyds compared typical monthly rental costs with potential first-time buyer mortgage payments in 11 major cities.

In nine cities, owning a home could work out less expensive in terms of monthly mortgage payments than renting, the research suggested. Amanda Bryden, head of mortgages at Lloyds, said: “We know that saving for a deposit is one of the biggest hurdles for first-time buyers.

READ MORE Free bus passes could be extended to one group of under 66s

“With rents having risen sharply over the last two years, many are alre

See Full Page