Reason 1
Buying can be cheaper than renting - largely because mortgage interest rates are the lowest they have been over 25 years. According to recent research by Abbey National, even taking into account the costs involved in maintaining a property, on average it is 57% cheaper to buy than rent over 25 years.
Reason 2
Owning your home gives you security. Providing you keep up your mortgage payments, you know that you can stay in your home as long as you like.
Reason 3
When you have paid off the mortgage, you will have acquired a substantial financial asset and a home the costs very little to live in.
Reason 4
Because lenders are so keen to attract new customers, especially first-time buyers, many offer to help out with some of the upfront costs involved in buying a property, such as valuation and legal fees, either by refunding them if the mortgage goes ahead or by providing a cash lump sum.
Reason 5
Providing your property goes up in value, buying your own home can mean that if, in the future, you want to finance home improvements - or any other large purchase, such as a car - you can extend your mortgage rather than using more costly types of loan.
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