Many consumers `reluctant to get a mortgage`

The majority of consumers would rather rent a property than take out a mortgage, the results of a recent survey indicate.

A poll of people in Leeds conducted recently by Adfero found that 58 per cent felt that, given the current economic circumstances, they would not be able to purchase a home.

Many revealed that they believed now is a good time to enter the property market but said that they were not in a financial position to do so.

One of those questioned stated: "There`s no way I could afford to take on a mortgage at the moment, as much as I would like to."

Another commented: "Maybe someday [I will purchase a house], but not right now. Rent is all I can afford."

However, Abbey recently reported that in most areas of the country, it is cheaper for first-time buyers with a deposit of more than 25 per cent to purchase a property than it is to rent one.

Tags: mortgage, mortgages, mortgage news

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