'Buying with a low deposit cheaper than renting by thousands of pounds a year'

BUYING a home with a mortgage and a low deposit in Bristol works out thousands of pounds a year cheaper than renting - according to analysis by Lloyds.

- 

The research compared typical monthly rental costs with potential first-time buyer mortgage payments in 11 major cities.

In nine cities - including Bristol - owning a home would work out less expensive in terms of monthly mortgage payments than renting, the research suggested.

People’s individual circumstances will vary and the research made several assumptions, including that a buyer would have a 5% deposit and be paying a 4.78% interest rate fixed for five years, with a 30-year repayment term.