Quote Originally Posted by Sigurd View Post
Yes, owning is better than renting. Even though renting can be cheaper, it is money down the drain. Paying on a mortgage is paying money to your investment.
At least this is true here in Norway. With the interests being low these days, you can pay more of the actual mortgage reducing future interest peaks.
That is assuming that house prices will not decrease. May be true in Norway, but we have seen housing bubbles burst all over the world. You run the risk of being trapped in negative equity if you bought on a high market and the bubble bursts. Because then you are paying money down the drain, and you can't get out.

There are some forecasts out there that suggest house prices could decrease in the UK in the foreseeable future. Of course it won't be an even development. I would suggest to OP he does some research to assess the risks associated with getting a mortgage, especially for the consequences if the housing market does not develop nicely.