Lenders 'look favourably on renting'
News Category: Industry News
Published: 15-Jul-2008
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Renting a home can be a great stepping stone to buying a first home, it has been claimed.
According to Helen Bridge, director of Menai Bridge-based estate agents Sheridan Jones, lenders frequently look favourably upon tenants who are able to show they have coped with rent payments when considering them for approval for buying a first home.
She told the North Wales Chronicle: "People think that renting a house is a poor relation to getting a mortgage but it's a great stepping stone to buying your first house.
"Lenders like it because they can see that someone has already got a commitment to their monthly finances."
She added: "Tenants usually share the costs and this gives them the chance to save for a deposit. The other benefit for tenants is they can experience an area and try before they buy."
Ms Bridge's company currently has 50 properties available to let.
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