30 year mortgage €100,000 cheaper than renting in Tipp

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Renters in Tipperary could save €100,000 over a 30 year period if they bought instead.

Analysis from Moneysherpa.ie found that the biggest gap in the country was in West County Dublin where there was a difference of €297,000.

Founder Mark Coan told Tipp FM that these findings raise questions about the mortgage lending rules, where people are forced into renting for longer.

He said that changing the rules will not cause housing cost inflation, but will allow more people to buy their own homes.

Speaking to Tipp FM, Mark explained their research.

“We wanted to compare the long term cost of buying versus renting, so we took the monthly rents across the country and compared them with the monthly mortgage you’d pay if you bought and put down a 10% deposit.

“What we found was quite eye opening, in West County Dublin for example, you’d pay €297,000 more in rent than in mortgage payments over 30 years.

“In Tipperary, you’d pay over €100,000 more.”


Link to website moneysherpa.ie