Owning a Β£400,000 house with a Β£350,000 mortgage in the UK in 2026 means signing a 25-year contract to give the bank around Β£2,050 a month, in exchange for the right to maintain a building you'll spend another Β£4,000 a year keeping dry, warm and structurally sound.
At a 5% fixed rate, the total interest over the life of the mortgage is around Β£264,000. The total mortgage cost ends up at roughly Β£614,000.
The price tag on the front door says Β£400K. The actual cost of living in it for 25 years is closer to Β£750K, before council tax, repairs, insurance and the new boiler.
This is what the country has been calling 'getting on the ladder.'