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Lloyds Bank has warned buying a home with a mortgage in some major cities across Britain could be cheaper than renting. The analysis by Lloyds compared typical monthly rental costs with potential first-time buyer mortgage payments in 11 major cities.

In nine cities, owning a home could work out less expensive in terms of monthly mortgage payments than renting. Home buyers could potentially save £396 a month, or £4,752 a year, compared with renting, according to Lloyds’ calculations.

Amanda Bryden, head of mortgages at Lloyds, said: “We know that saving for a deposit is one of the biggest hurdles for first-time buyers.

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“With rents having risen sharply over the last two years, many are already managing mont

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