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That's not actually a bad idea if available, and gambling on London prices.
In 3/5 years time the property value goes up, you get a much better deal, you shift down to 20/25 years.
It's a bit crap compared to what you want but it's probably better than renting.
aggi-
I have been playing with various mortgage calculators online and at the moment, I could comfortably afford a 25, or even a 20 years mortgage deal with the budget I have in mind, so I don't really see any reason as to why would I want to pay unecessary interest for a 30 years deal? Maybe I am missing sth?
ExTra
A colleague just told me yesterday why don't I look at 30, 35 years + mortgage to make my monthly repayment a bit easier... I truly did not know how to respond... As like you said, my potential monthly repayment would be less or about the same as the rent I am paying now...