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I pay less than that with my mortagage and council tax together now,it's just that i can't afford to do my place up or generally have any spare cash as i'm on my own.
I could rent my place out and live elsewhere but i wouldn't be any better off financially,If i sell up and invest the money the interest i'll earn will pay my higher costs in rent etc and still leave me with a tidy amount in the bank for my auld age and wee girl.
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don't do it would be my advice - you'll never ever get back on the ladder with a mortgage that small and the amount you see being set aside for your old age, is fuck all compared with another 30 years property appreciation. i'd say don't do it unless you literally can't put food on the table.