Cheaper to own a home than rent Yes, it’s official! News this month confirms it’s cheaper to own a home and pay mortgage repayments than to rent. Research from Santander Mortgages reports potential first-time buyers could save in the region of £2,268 a year if they were able to purchase a property over renting. The cost of renting now outweighs that of monthly mortgage repayments by an average of £189 a month with average rents at £912 per household, compared to £723 for repayments.