It's official - mortgage holders are better off in the long term than renters, according to the annual survey by Abbey.
Abbey has revealed that the average homebuyer will pay £326,849 over 25 years into their mortgage - 11 per cent less than renters, who will pay £364,499.
The difference was more pronounced last year, with renters paying 16 per cent more than mortgage holders, but homebuyers are still significantly better off.
"Clearly, one of the main attractions for buyers is the freedom that comes from having your own property and the ability to renovate, decorate and personalise your own home as you want," said Gary Hockey-Morley, director of mortgages for Abbey.
"The fact that it is also cheaper to buy rather than to rent only enhances the attractiveness of being a homeowner, whilst tenants line their landlords' pockets."
Abbey advises homebuyers to think carefully about buying a home and take care to choose the right mortgage, weighing up the options between fixed and variable rate deals, and the various fees and costs. Click here to compare the best mortgage deals.
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