Rent vs Buy: The Benefits of Purchasing a Property in Liverpool

The benefits of renting or buying in Liverpool

Often, we see prospective First Time Buyers in the dilemma of whether to buy or rent. According to a recent survey by Halifax, 372,000 First Time Buyers made their step onto the property ladder last year. This equates to half of all house purchases with a mortgage, making it the first time since 1995 that First Time Buyers have accounted for such a large share of the market.

It’s not unusual for home movers to be in two minds whether to make the leap (e.g. “I like my neighbours, but I’d like an extra bedroom”). However, this is the opposite of most potential First Time Buyers. When we ask them, they have a clear drive to get on the property ladder one day. As a result of this determination, they are often undeterred by external factors such as ongoing political events.

Whilst the housing market does suffer peaks and troughs, this hardly ever stops people who want to get onto the property ladder. Buying a property should always be classed as a long-term investment. And whilst it might not be ideal if your home drops in value, history suggests that when that does occur the prices go back up in the long run.

So buying is always better than renting for First Time Buyers?

No, not necessarily. Mortgages aren’t always the right answer. It is very much dependent on your circumstances. You may be surprised to hear we regularly encourage young people to rent when they first move out of home, especially if they are a couple. This is so that they can determine what type of property they want and if they can live together. However, the downside to this is that whilst you’re paying rent, it’s harder to save for a deposit.

It’s also worth noting that getting out of a mortgage can be difficult and sometimes expensive. Therefore, you must be sure that things are going to work out ok before you commit to one.

Small deposit mortgages

95% mortgages are more readily available now than they used to be. If you’re more than halfway to having the 5% deposit saved up, then it’s worth trying to get an agreement in principle in place. This will help you check that you will be eligible for a mortgage when the time comes.

First Time Buyer Mortgage Advice in Liverpool & Liverpoolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR

© 2023 Liverpoolmoneyman

Liverpoolmoneyman, Rodney Chambers, 40 Rodney Street, Liverpool, L1 9AA.

Moneyman Logo

Moneyman Logo

Moneyman Logo

Ask Your Question

    Moneyman Logo

    Moneyman Logo

    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo