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Renting v buying

teophill
teophill Posts: 1 Newbie
in Pensions, annuities & retirement planning
I'm trying to compare renting v buying . Can anyone advise what size mortgage I could get say for example £500 per month ?

Comments

  • Ginger_Red
    Ginger_Red Posts: 66 Forumite
    teophill wrote: »
    I'm trying to compare renting v buying . Can anyone advise what size mortgage I could get say for example £500 per month ?

    I'm a newbie here too, but I know this doesn't come under Pensions, Annuities & Retirement Planning - try a different sub-forum... ;)
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    About £120,000 assuming 5% interest rate. And you need to assume at least that because rates are abnormally low at the moment. In addition you'd need an income of at least £30,000 and to get a 25% deposit for the best rates you'd need £40,000 in savings.
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