Owning your own home

But renting is cheaper.

Interest only mortgage is often cheaper still with these interest rates (assuming you have the appropriate deposit and you hold on to the place long enough for the stamp duty hit to be spread over the years) and you retain the capital increase when you do come to sell.

~£1200 interest a month on a £750k loan at current rates. What kind of rent are you going to pay on a £750k flat/house?

(We have an interest-only mortgage but treat it like a repayment mortgage, but the flexibility is there if we need it. We only got it because at the time we moved house my wife was between jobs and so, based on my salary alone, all they would give us was an interest-only mortgage. It has worked out well though.)