Should you buy a house or rent?

by Aaron Strutt

Aug 15 2025

Trinity Financial Guide: Should You Rent or Buy Your Next Home?

Deciding between renting and buying isn’t one‑size‑fits‑all. Your decision depends on your financial situation, lifestyle, flexibility needs, and future plans. At Trinity Financial, we’re here to help you weigh the pros and cons and make an informed choice.

Many people aspire to own their own home, while others prefer renting for the flexibility it offers. Ultimately, many want the long-term security and hope to benefit from future house price growth.

1. Cost Comparison: Renting vs Buying

Renting

• Lower entry costs — Typically, a rental deposit is far smaller than a house deposit, making it easier to move in sooner.

• Short‑term flexibility — Renters can adapt quickly to changes in job location or life circumstances.

• Fewer upfront obligations — You won’t pay stamp duty, solicitor fees, or property maintenance costs directly.

Buying

• Building equity — Every mortgage payment increases your stake in a valuable asset. If property values rise over time, so does your equity.

• Long‑term ownership — Mortgage repayments eventually end. Once the mortgage is paid, you're free from rent.

• Personal control — Own your space, decorate as you please, and keep pets if you want.

However, buying requires:

• A sizeable deposit (often 10–25%).

• Legal and insurance costs.

• Responsibility for maintenance, potentially including monthly service charges and lease extensions.

• Stability and readiness to stay put longer.

2. Pros and Cons at a Glance

3. Key Questions to Consider

• What’s your budget? Buying involves more than just the deposit. Factor in solicitor fees, insurance, stamp duty, and service charges.

• How long do you intend to stay? Short stays usually favour renting; longer-term plans may make buying more viable.

• Flexibility vs control? Renting offers ease of exit; owning offers personal freedom and customisation.

• Can you handle maintenance and unexpected costs? Homeownership means being prepared for repairs and ongoing upkeep.

4. Renting: What to Keep in Mind

• Affordability — Aim for around 35–45% of your take‑home pay on rent, though average spending can vary across the UK.

• Budget holistically — Include utilities, council tax, broadband, insurance, and a buffer for seasonal or unexpected costs Halifax.

• Make the most of your money — Consider shared housing or being flexible with location or style to improve affordability Halifax.

5. Renting Well

When viewing or applying for a rental:

• Ask about landlord and tenant responsibilities, state of condition on moving in, utility setups, EPC rating, available concierge or parking, and transport links.

• Prepare references, proof of right to rent, and address/employment documents. Some landlords may request a guarantor if your credit history is limited.

6. Buying: Foundation of Ownership

If you're leaning toward buying, consider these advantages:

• You gain equity and ownership.

• Your home is your project—extend, decorate, and live as you wish.

• You could benefit from increasing property values (though the market always carries risks).

But keep in mind:

• The proper deposit (often at least 10%, sometimes more).

• Fixed-rate mortgages offer repayment certainty; variable rates do not.

• You’re fully responsible for repairs and any unexpected maintenance costs.

7.  Renting in Retirement:

People who expect to rent in retirement could need an extra £398,000 in savings compared to those with no housing costs, £7,000 more than last year.

According to an analysis by Standard Life using projected rental costs over 20 years from the Office for National Statistics (ONS), those renting in retirement could need a larger financial cushion depending on where they rent.

The research suggested that renters in Southern regions, particularly London and the South East, will need more than those in areas like the North East, Wales and Northern Ireland. According to Standard Life, renters in London might need as much as £833,000 saved to afford renting in the capital during retirement, falling to £508,000 in the South East.

Final Thought from Trinity Financial

There’s no universal answer—renting gives flexibility and lower upfront costs; buying builds equity and offers long-term stability. We recommend starting with a clear budget, knowing how long you intend to stay put, and assessing your readiness for the responsibilities of ownership.

Renting in retirement is something people need to consider, as well as the possibility of future house price rises. 

Aaron Strutt, product director at Trinity Financial, says: "There is a lot going on in the mortgage market at the moment with better affordability rules, more homebuyer schemes and lower rates. There are lots of opportunities for people who want to buy no matter the size of their deposit."

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage