Renting Vs Buying a House in Northern Ireland
The current state of Northern Ireland’s Owners Occupied Housing Market:
- In 2015 there were over 4,600 verified residential property sales
- A 6% increase in property sales occurred from 2014 to 2015
- The age of buyer median was 29
- Average advance was £75, 691
Private Renting Demand
- 31% of private renters in Northern Ireland have resided in their accommodation for less than 12 months.
- Average rent per week for the private rent sector in Northern Ireland £92 per week
- 38% of renters paid £100+ per week
If you are currently renting property or living at home with parents, then you have most likely pondered the following:
- Do I want to move out?
- Am I wasting money renting?
- Can I buy my own home?
- How much mortgage can I get?
Rent to Buy: Mortgage or Rent
So with specific intel from trusted Independent Financial Advice within Northern Ireland we will help you answer these very complicated, yet daunting questions; helping you weigh up the pros and cons of both:
Advantages of becoming a First time buyer
- It’s an investment! Once you have paid off your mortgage, your home will be yours!
- Equity! If the value of your home increases, you can use the equity to buy a bigger home or invest in a luxury retirement.
- Freedom! When buying your own home, you can decorate and tailor to your own taste without having to ask your landlord
- “Deal Makers”: It can be cheaper to buy than rent.
Disadvantages of owning your own home
- Commitment! It’s a big commitment – you need to be sure how much mortgage you can get.
- Affordability! You need to be sure you can afford additional maintenance costs like fixing a broken boiler or leaky roof.
Mortgage Planning & Mortgage Advice
At Financial Foresight we can provide you with quality, professional, financial advice that you can trust. We take pride in representing our clients’ interests and not the lenders. We treat people as we would like to be treated. Mortgages Ballyclare are the leading face–to–face mortgage specialists, providing sound mortgage advice, finding you the best mortgage rates in Northern Ireland.
Book a free mortgage advice consultation today and we will find the best mortgage for you!
