Rent or buy?
Which is cheaper? We weigh up the pros and cons to help you decide whether it's best to rent or buy.
Rent or buy: What’s the difference?
If you rent a home, you live in a house or flat owned by someone else.
If you buy a home, you live somewhere that belongs to you. You’ll have more rights over the property, but more responsibilities too.
Paying rent or paying a mortgage
Whether you rent or buy, you’ll need to pay for the roof over your head.
If you rent, you’ll pay your landlord rent for each month you live in the property.
If you buy, you’ll need to pay your mortgage each month until you've paid off the whole loan. You’ll then own the property outright.
Or if you have enough money, you can pay for a property in cash. This way you’ll own it from day 1.
Is it better to rent or buy?
Is it cheaper to rent or buy a house?
Can I afford to buy a house?
Our mortgage calculator will give you an idea of how much you might be able to borrow to buy a house.
A mortgage broker or lender can give you a more accurate figure based on your situation. When working out if you can afford to buy a house, you need to consider:
the upfront costs of buying a house
the cost of maintenance and repairs
monthly mortgage repayments
how much utility bills such as gas, electricity, water and broadband will cost
The government has several schemes in place to help you buy your first home. These include Help to Buy and shared ownership.
Read more about government schemes.
When should I buy a house?
You should only consider buying a house when you’re sure you can afford it. And that you'll be happy to stay in the property long term.
If you only live in the house for a short time or expect your circumstances to change, renting might be cheaper and more flexible.
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Important info & marketing claims
You may have to pay an early repayment charge to your existing lender if you remortgage. Your savings will depend on personal circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
*The savings figure of £506 is based on Better.co.uk remortgage customers in December 2023. Read more on our marketing claims page.
We can't always guarantee we will be able to help you with your mortgage application depending on your credit history and circumstances.
Average mortgage decision and approval times are based on Better.co.uk's historic data for lenders we submit applications to.
Tracker rates are identified after comparing over 12,000 mortgage products from over 100 mortgage lenders.
As of January 2023, Better.co.uk has access to over 100 lenders. This number is subject to change.
For buy-to-let landlords, there's no guarantee that it will be possible to arrange continuous letting of a property, nor that rental income will be sufficient to meet the cost of the mortgage.