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@dst2
Also mortgage rate is made up of interest and capital repayment. The capital repayment goes back to you. I like to think of it as interest payments vs rental cost as apposed to mortgage vs rent. Interest payments vs rent is about 1:2 for me.
If you are really worried try to buy somewhere that you think you can live in for 10 years or more. This way you can ride out a volatile market or reduce the risk of negative equity through capital repayments. Don't get an interest only mortgage. Do get somewhere you can afford the repayment on.