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Buying is more cost efficient in most areas of UK
Figures released by Abbey suggest that renting a property whilst saving to buy is not necessarily as cost effective as it used to be. The typical property price in the UK is now £172,415 although the savings made will depend on the area you live in with those buying in eastern Scotland reaping the most benefit and those in Northern Ireland, western areas of Scotland and the North West bucking the trend and still finding themselves better off renting.
The figures refer to renting for the lifetime of a 25 year mortgage and have revealed that during that period a homeowner would make repayments to their lender totaling an average of £10,000 less than if renting over the same period of time.
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Your property may be repossessed if you do not keep up repayments on your mortgage.
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