What is the difference between paying a mortgage and rent?

The major difference between paying a mortgage and a rental is equity and expense. A mortgage payment is an investment, but rent is a cost. It means that every time a homeowner makes a mortgage payment, it increases the value of their home and reduces the mortgage amount.

Interest expense, an expense rather than equity, may be included in mortgage payments. However, the majority will be mortgage equity or principal payments. When a renter pays rent, on the other hand, it is a non - recoverable expense. So if you have any concerns, then visit Mountview Financial solutions, a professional mortgage advisor in London, United Kingdom to guide you properly.