It might not be for everyone but there are options. I took the decision years ago to hold on to the house (4 bed detached £650k) despite not having the level of income required to support it when I left a well paid IT career to fly. That meant an interest only mortgage, even adding to the mortgage during the lean years.
I think on balance with the rise in property prices that's been a sensible decision. If I'd moved to a smaller property in order to remain on a repayment mortgage or even sold up to pay for Oxford in cash I'd be unable to afford such a house now even on a full time BA salary given the ludicrous house prices in the South East. If I never pay another penny off it I could still sell up and buy a decent home outside the South East with the £300k+ of equity.
The point is when you have kids you only get one shot at being there for them and you only get one shot at life. Spending your whole time at work to acquire wealth you may never spend is futile.
I'm certainly not suggesting that I have all the answers, just that many many people spend their whole life maximising their earnings and miss what's important and what makes them happy whoever you work for. I have a Brother in law who is a very successful corporate coach - one of the things he said to me is that people spend more time thinking about which new sofa to buy or what TV or car to get than really thinking about what makes them happy in life and how they might achieve it.
I'm only seeking to give a different approach to the 'must earn as much as I can' model. If I'd wanted to be rich I would have stayed in IT but I'm very very glad I didn't! I'd be sitting in a stuffy office right now writing project plans instead of sitting by a pool!