Santander 'offers hope to first-time buyers'

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Santander 'offers hope to first-time buyers'

Fri 9th Oct 2009

Santander has commented that there is hope for first-time buyers because it is cheaper nearly everywhere in the country to have mortgage repayments rather than pay rent.

Nici Audhlam-Gardiner, director of Abbey Mortgages, one of Santander's UK brands, made her comments following research by the organisation which showed that only in London is it cheaper to rent property.

She pointed that the main stumbling block for people trying to get on the property ladder for the first time is the deposit.

Ms Audhlam-Gardiner explained: "It's now cheaper in all bar one of the regions to buy rather than rent and shows that saving for that all important deposit is so worthwhile too."

According to research by Abbey, the biggest saving to be made between renting and buying a property is in Wales, where the average variation between these costs is £90.91 per month.

Last week, Abbey launched its Homebuyer Plus mortgage range which has no upfront costs for legal and valuation services.

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