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If you can't pay your rent, you have savings to tide you over and you can move somewhere cheaper if it looks to be longer than that. It's hard to do that with a mortgage and presumably you'll have thrown all your savings at the buying the place...
Being a homeowner = taking fewer risks. Thatcher knew this.
hoefla-
In theory, but isn't the reality that would have been your savings have gone to pay off your landlord's mortgage? Also, cheap places to rent in London are hard to find.
The other risk here @amey is that you step off the housing ladder and are unable to get back on it. I wouldn't want to make your decision for you but you need to balance that too. There are also other factors such as how employable you are and what demand is like in your sector/area of specialism. I.e. how easily can you get another job?
Fox
can you elaborate?
The mortgage is £260 less per month than the rent we are paying atm so considering the worst case scenario it'll be harder to pay rent than mortgage. The usual counter-argument is 'there is less risk' .. how? If I stop paying rent I'll get kicked out; if I stop paying mortgage I'll get kicked out. I/we have no friends or family here to move in with so if shit hits the fan (which it wont) it'll be one way tickets back home.