Owning your own home

I don't understand the point you're making. That I can rent at £625 a month and save a similar amount - then in 30 years buy a house outright? How can I rent and save that much at the same time? And what about the 30 years wasted rent? That's some very flawed thinking there.

My simple point is that people who off-handedly write "wasted rent" or "throwing money away on rent" often aren't really aware of what they are really doing when they own a house.

Ignore the principal repayment issue for a second.

NORMALLY the rental costs are pretty close to the interest cost for the same house.

This is the key to understanding my point. Interest rates are very low now so it may well be cheaper to buy TODAY than rent - but you have to be prepared for the rise in rates.

So for example, a £100k house might cost £5k to rent a year, which is the equivalent of a 5% (interest only) mortgage (no deposit).

So you paying £5k per annum to the bank or to your landlord is exactly the same thing.
It isn't throwing money away - it's a cost of living.

Finally on the principal repayments - IT IS JUST SAVING MONEY.
You have enough over your interest payment or over your rent to save.
Good for you.
Whether you choose to pay off the mortgage or put it in an ISA or a pension or whatever is just a simple investment choice.

You could rent and save and then have a nest egg with which to buy a house.

Principal repayments aren't some magic beans investment!

Also I wasn't having a go about renting I just think that your rent would be a lot higher if your proposals went through and that's an odd thing to want!

I'm not worried about paying interest - it's a necessary evil.

EXACTLY - just like paying rent!