Rent is money gone, but so is mortgage interest and upkeep. Compare the truly non-recoverable cost of each, and see how much of a mortgage builds equity you keep.
"Dead money" is what you pay and never get back. For renting that's all of your rent. For owning it's the mortgage interest plus maintenance, because the part of a repayment mortgage that clears the balance builds equity you keep.
We work out your monthly repayment on the mortgage (price minus deposit, at your rate and term), split the first payment into interest and equity, and add maintenance at the percentage you set. Comparing rent against owning's dead money is the fair "am I wasting money renting?" test. The full monthly outlay of owning is usually higher than rent, but a chunk of it is savings, not cost.
Illustrative only. It compares ongoing costs and ignores house-price growth, the investment return on your deposit, and one-off buying and selling costs (stamp duty, legal and moving fees), which usually mean you need to own for several years to come out ahead.
Illustrative only, not financial or mortgage advice. Compares ongoing monthly costs; it ignores house-price changes, the return on investing your deposit, and one-off buying and selling costs. Maintenance is an estimate. Always check the details with a mortgage adviser.
See what you could borrow, the stamp duty you'd pay, or the full mortgage calculator.