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Mortgages are generally cheaper than rents right now in the UK, provided you have capital put down for a mortgage

But how much capital? You also have to consider opportunity costs of putting down that capital.

Maybe if I put down one million and borrow another 300k, I can get a low mortgage. But I also lost one million.

Total return on the housing market has kept pace with the stock market in the UK for 20 years so there hasn't been much opportunity cost over here.