New research from Mortgage Advice Bureau (MAB) has revealed that the behaviour of aspiring homebuyers has reached a tipping point, with nearly half of renters saying they would buy tomorrow if monthly mortgage payments matched what they currently pay in rent.
The findings highlight a shift in how aspiring homeowners assess affordability, with monthly costs increasingly shaping decisions alongside, and in some cases ahead of, deposit requirements.
The research shows that 47% of renters say they would buy immediately if mortgage payments matched their current rent, and 31% say the possibility of paying the same or less than rent is one of their biggest motivations for buying a home.
This suggests that many renters are held back by the perception that buying is significantly more expensive than renting on a month-to-month basis.
Despite this, the desire for homeownership remains strong, driven by both lifestyle and financial ambitions. 41% of renters want the freedom to decorate or own pets, while 37% are focused on building long-term wealth.
Relatively few say they actively prefer renting, with just 17% citing flexibility as a key benefit. This highlights that for most, renting is not a long-term choice, but rather a position shaped by affordability perceptions.
While saving for a deposit and rising property prices remain well-established challenges, the research indicates that monthly affordability is a critical psychological barrier for many prospective buyers.
Rather than focusing solely on upfront costs, renters are increasingly concerned that homeownership isn’t comparable to renting in terms of regular outgoings and are delaying their decision to buy as a result.
The findings suggest that greater awareness of how mortgage payments can align with, or in some cases be lower than, rental costs could act as a key trigger for many aspiring buyers, unlocking pent-up demand among those who are ready to take the next step.
Rachel Geddes, strategic lender relationship director, Mortgage Advice Bureau, said: "For many renters, the key calculation is no longer just the deposit, it’s whether the monthly mortgage payment could match what they already pay in rent. What we’re seeing is a shift in mindset, with buyers increasingly focused on their monthly outgoings and whether homeownership feels manageable in the context of their current finances.
"Without clear comparisons between renting and owning, it’s easy for many to assume that buying is out of reach. Digital tools such as our affordability calculator can help give buyers a clearer idea of what they may be able to borrow and what their monthly payments could look like.
"With the support of an expert mortgage adviser, understanding what’s possible, particularly in terms of monthly costs, can be the difference between holding off and taking that first step onto the property ladder. For many, that clarity could be the ‘sign’ they’ve been waiting for to kickstart their homebuying journey."
Carlo Pileggi, head of mortgage products, Nationwide, added: "As this research shows, when renters realise that mortgage payments could be comparable to what they already pay each month, homeownership can suddenly feel achievable, and renters might be surprised at how much they can borrow and how the monthly costs compare to their rent.
"At Nationwide, we’ve continually focused on giving first-time buyers a helping hand to tackle the affordability challenge. By enabling prospective homeowners to borrow more, we’ve been able to help them turn long-held homeownership aspirations into a realistic and affordable route onto the property ladder. Using online affordability calculators and seeking expert advice will help a lot of renters see that buying may not be as far off as they think."
