According to Aldermore’s latest First Time Buyer Index, nearly half (45%) of first time buyers had to pay both rent and mortgage payments at the same time because they couldn’t align the end of their rental contract with the purchase of their new home.
The index also reveals that on average affected FTBs doubled up on these costs for 2.4 months.
And based on data of average rent and mortgage payments, this means buyers are spending approximately £5,0502.
Commenting on the figures Aldermore director of mortgages Jon Cooper said: “First time buyers may want to have a slight overlap with their rental contract and newly purchased home, to remove some of the stress moving can bring. However, this comes at a cost during an already expensive time.”
He added: “Keeping your landlord in the loop on your homebuying journey is a smart way to see if you can get timings to align. If you’re planning to buy in the next year, you might want to consider approaching your landlord to see if they would be open to a rolling monthly contract or a more flexible break clause.”
