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Mortgages save homeowners money

Date: Wed, 03 May 04 Analysis

Recent research has shown that paying into a joint mortgage can save you money when compared with the cost of renting.

FirstRungNow has found that mortgage borrowers can save money by paying into a joint mortgage, which usually works out to be cheaper than paying rent every month.

FirstRungNow also found that people who were able to pay off a mortgage felt less trapped than those who were renting.

Helen Adams, director of FirstRungNow, said: "Because people are buying together and interest rates are currently, historically speaking, very low, a joint mortgage is quite affordable if individuals club together.

"The alternative for many, is never even contemplating property ownership on their own.

"And of course, paying your own mortgage off has surely got to be better than paying for somebody else's."

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