Renting IS cheaper than buying a house with a 5% deposit – and key first-time buyer scheme could work out more expensive

RENTING is cheaper than buying a house with a 5% deposit, a property firm has revealed.

Budding buyers with a 5% deposit face paying £300 per month more in mortgage repayments than if they continued renting, according to Hamptons.

When interest rates were at lower levels, most would-be owners with a 10% or 5% deposit found mortgage payments comparable to, or less than, their current rent.