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JonD
I don't get this at all.
I pay £300pcm for an interest-only mortgage (we're doing the repayment part separately).
So for £300pcm I get to effectively rent a 3 bed flat in a nice part of London. I don't call that bad at all.
Separately I get to buy the flat interest-free (if you consider the interest component as rent) over 25 years. Not only that, I'm buying it at the price it was when I moved in, not at the price it will be at the end of those 25 years (which will be more than double).
It's a bargain if you think about it that way.