Rubbish mortgage deal, help?

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My gut feeling is that you were probably ill advised and for sure you are paying way over the odds but I think you have to look at the practicality rather than your situation relative to the market in general.

Simply, you needed a 100% mortgage or you were paying rent. You could never have obtained the low interest rate mortgages you so obviously feel jealous towards. However, you would just be chucking rent down the toilet for 5 years because with no savings, and no chance of accumulating any it would seem on your salary, this may prove to be a once in a lifetime gift horse.

Compare it to my potential situation. No cash in the UK I can save at the rate of £1500 a week. The property I want is around £500k. I need to save £150k so it will take me 2 years. In that time, if properties go up by 10% a year, it will cost over £600k and I would have "lost" over £100k. Now if someone would give me that £150k now, I would have £250k equity in 2 years time and not £150k.

You may well end up in a similar position. The start choice was between renting and taking this offer. You may have been badly advised and the terms not fully explained but that is why they do not give mortgages to children. You should have been asking all these facts before signing up.