Belvoir Hull Renting Vs Buying

Belvoir Hull compare Renting Vs Buying

SHOULD YOU BUY A HOME? Pro’s and Con’s


  • The repayments go towards owning your own home and not in a landlords pocket.
  • You own your own home at the end of the mortgage and live rent free.
  • If house prices rise you can actually make a profit.
  • You can live by your own rules for example if you have always wanted a pet you can finally do just that.
  • You can make changes to the property and actually make it feel like home by decorating, Landscaping the garden etc.
  • Renovations can increase the value of the property.
  • Buying can actually be cheaper than renting.


  • Upfront costs i.e Mortgage Fees and Stamp Duty can make it pricier than renting a property.
  • If you are getting a joint mortgage if you seperate it can become very complicated when it comes to selling the property.
  • Interest Rates can rise which means your mortgage repayments will also rise unless you opt for a (Fixed Mortgage).
  • Any repairs will be your responsibility and can be very costly especially the unexpected leaks.
  • If you decide you would like to move to a different area it can take a long time to sell a property.
  • If you get into financial difficulty and can not keep up repayments your home can be repossessed.



  • If you needed to move this can be done quicker.
  • Finding and renting a home is quicker then selling a property.
  • If the property’s price goes down you are not losing money.
  • Any repairs are at the Landlords cost.
  • Rental payments usually do not change that often so making it easier to budget.
  • If you need a bigger house due to a growing family you may not be able to afford to buy a bigger house.


  • All payments made go to the Landlord not toward owning your own home.  
  • If you don’t buy your own home you are tied into paying rent for the rest of your life even once you retire.
  • If your Landlord decides to sell you have to find a new home.
  • Your landlord can restrict what you can do within the property.
  • You have to pay a deposit.
  • You can spend money improving the property and only the Landlord gets the benefit of this.


In the short term it is cheaper to rent because:

  • The rent you pay may be lower than the mortgage repayments.
  • The deposit on a rental property will be less than the initial costs of                   buying a property.


Think about your personal circumstances and your financial situation, ask yourself these questions.

Do you have enough deposit? You need to save a deposit for most mortgages its shown as a percentage of the property value usually at least 5% for example:

 If the property value is £200,000 you would need £10,000 plus you will need extra money for other costs of buying your home.                                                                                                                                                                                                                                   

 Do you earn enough to afford a mortgage? You can only get a mortgage if your income is enough too:

Afford your repayments and still have enough money for living expenses and anything else you may need.

Will you be living alone or with a partner? If you are going to be living with a partner or someone else you may be able to get a joint mortgage.

If you are unsure if you can get a mortgage or unsure how to go about it get a free initial consultant with a morgage broker. Here at Belvoir we work with Mortgage Advise Bureau :

  • Whole of market independent advise
  • Free initial consultation
  • Flexible home visits
  • Search over 11000 products from 90 Banks
  • One of the UK’s largest brokers
  • Exclusive mortgage products
  • They complete all the paperwork
  • They will help negotiate on purchase price
  • Guide you through the full purchase process

If you are considering getting a mortgage and would like a free consultation with Tony our mortgage Advisor call Belvoir Hull today on 01482 322300 and we will be happy to arrange this for you.