Owning a ยฃ400,000 house with a ยฃ350,000 mortgage in the UK in 2026 means signing a 25-year contract to give the bank around ยฃ2,050 a month, in exchange for the right to maintain a building you'll spend another ยฃ4,000 a year keeping dry, warm and structurally sound.
At a 5% fixed rate, the total interest over the life of the mortgage is around ยฃ264,000. The total mortgage cost ends up at roughly ยฃ614,000.
The price tag on the front door says ยฃ400K. The actual cost of living in it for 25 years is closer to ยฃ750K, before council tax, repairs, insurance and the new boiler.
This is what the country has been calling 'getting on the ladder.'