At what point do you leave the renting market and take the plunge into buying your home?

Often the decision is out of your hands for financial reasons. Even if you are paying a lot every month in rent, you still need to have enough money saved for a deposit. So it might seem that you can easily afford to repay a mortgage, but your lender will want to know you have the lump sum as a down-payment too.

But the housing market is on the move again, after a few years of stagnating along with the economy thanks to the credit crunch. As this was started by over-lending to customers who couldn’t afford to pay their mortgages, it’s no surprise that suddenly mortgage lending ground to a halt overnight. However, new schemes such as the government’s Help to Buy are great news for those who need some support in making a purchase, buyers could pay just a 5% deposit under this scheme.

Interest rates are still very low at the moment too, so your mortgage payments are unlikely to exceed your current rent payments. You do need to consider the best type of mortgage, though, as interest rates will inevitably increase again at some point in the future. If you’re worried about this, you can fix your mortgage rate so it won’t fluctuate along with Bank of England interest rates.

But finances aren’t your only consideration. Buying a house is undoubtedly a big commitment, but then it’s yours to do with as you like. Want to paint the walls purple? You can. Fancy a great big chandelier in the living room? That’s entirely up to you. Buying your own place can open doors to a whole new world of creative decor which have previously been closed while you rent.

And perhaps you’ve always wanted a pet dog or a cat to come home to, but renting often doesn’t allow you to keep pets. This is unlikely to be the only reason you buy a house, but it can be an added bonus for animal lovers that they can finally keep any pets they choose.

Buying your home means building equity for your future, so although it can seem daunting to take out a mortgage, you know that your monthly payments aren’t simply being paid to a landlord. They are building up your reserves for when you eventually decide to sell.

To buy or not to buy — it’s really only you who can answer this question.

For help and advice on buying a house in Leicester, speak to Keywest. You can trust us to offer you the right advice, and guide you through the Leicester property market.