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@NickCJ
This is very true. Almost any spending decision you make is a 'investment' of sorts - it isn't possible to opt out, so you might as well think about it properly.
For me though, having a mortgage (indeed a scarily large one), allows me to make more return on property through leverage. I'll always need to live somewhere, so the downside of buying a house at the top end of what I can afford is small - I'm effectively hedged because you can live in a house, but you can't live in a portfolio of FTSE 100 shares.