If your property is worth more than £1m, how much is your monthly mortgage?

[someoneiou]

Because honestly, I'm looking at rentals and the they're about £3,800-£4,500pcm for a house around that value (1-1.5m) and can't believe so many people would be paying this as a mortgage every month.

So if your property is worth over £1m what's your monthly mortgage payment? Did you buy it decades ago, or recently?

Just being nosey

why focussed on the mortggage you are paying for use of the whole property mortgaged or not including any land - bigger houses are generally better value fopr renting but obv have a larger overall price tag.

My husband and his mate bought our ramshackle house 20 years ago. Husband paid two-thirds deposit, mate paid one-third. Both at the start of academic careers, so low paid. The house is now worth three times what they paid and we have no mortgage. For those saying “oh how the other half live” there are ways of doing things, like pitching in with a friend on a fixer upper, to get on the property ladder that don’t involve being rich or highly paid.

Like others here we bought our house 14 years ago in London. Fast forward and prices have gone up a lot.

The first million pound house has been sold in our street a few weeks ago.

Couldn’t afford a two bed flat in our area now if we were getting a mortgage from scratch.

The real question who are all the people in can afford to buy these houses in the next decade. Certainly in my area of SW London it's been quite difficult to build equity if bought in the last 5 yrs.

@Toilenstripes a three bed fixer upper around here would be upwards of £600k so still need to be pretty well off.....

@BananaMaltLoaf

I think it comes into a few categories-bought early, good deposit, good or excellent salary, low cost of living (e.g. minimal holidays etc.)

You’re right, if I hadn’t had that week in Benidorm in 2005 I could be rolling in equity rn.

It’s either that or the avocado toast (though I’m quite sure I didn’t eat an avocado until about 2015).

I think our only category was salaries.

Bought £800k house with 10% deposit in 2016. Now worth £1.1m

Mortgage was £2650 pcm now could be £2300 due to overpayments. Overpaying £2-4K per month

DH earns £150k, I earn £90k

Pure curiosity but what kind of jobs pay £150k ?
@LividLiving like when people say they can only scrape the money together for private schools because they don't have flash cars, fancy holidays or big houses

@Juliettbravo

Pure curiosity but what kind of jobs pay £150k ? *@LividLiving* like when people say they can only scrape the money together for private schools because they don't have flash cars, fancy holidays or big houses

A lot of my cousins are dentists, they easily make £150k and they often run it as a company so don't pay as much tax as if they were employed. Often employ a spouse to do the bookkeeping/admin to be more tax efficient too.

My parents pay £200 per month, bought their house in 2004 for 500k and is now worth 1.4mil. I think that a lot of people currently living in nice areas of London bought their houses years ago and actually have a fairly reasonable mortgage. But those same people starting now will be totally priced out as most of the house increases came on the back of interest rate cuts and will not be seen again

House was bought for £1.25 mil and mortgage payment is £1900 but lots of equity in it.

@Juliettbravo

Pure curiosity but what kind of jobs pay £150k ? *@LividLiving* like when people say they can only scrape the money together for private schools because they don't have flash cars, fancy holidays or big houses

Directorships & ‘C Suite’ roles in medium/large businesses A lot of sales jobs (easily get into six figures with commission when basic salary is good in industries like IT and pharma) Specialist IT Banking/financial services/insurance Some areas of law Consultants (medics) who also do private work, or solely do private work. Lots of self employed people who will generate that as a passive income with very little daily input (the dream but lots do it!)

There are a lot of jobs and industries.

@bathmatty

The real question who are all the people in can afford to buy these houses in the next decade. Certainly in my area of SW London it's been quite difficult to build equity if bought in the last 5 yrs.

Yes agree!! I think it will be a lot of BLT owners who have created a nice little portfolio over the last 15+ years and have collateral to borrow against. Even on DHs high income, it's really hard to save when we're forking out £££ in rent.

@blowinahoolie said, “How the other half live 😂”

One of my parents was a child refugee, and one was orphaned as a teenager.

Growing up, my siblings and I lived in the shadows of their trauma, which manifested itself in addiction, violence, and chaos even though we were also, to onlookers, monied and respectable.

We all did extremely well at school and university and all of us are high-earners.

I don’t recommend adversity as a child-rearing strategy but it’s very effective for wealth generation. I know that from my clients, many of whom have made millions despite mind-boggling early circumstances.

It’s also why rich people are actually rarely obnoxious, but people who have known only middle class stability think it’s luck.

If dp gets to their goal salary within the next 3-4 years, we'd be looking at houses in that sort of region and worked out we'd be paying 3k pm. Almost double what we pay now.

Tbh, I think I'd rather have a smaller house with a lower mortgage and more disposable cash, but we'll see in a few years.

@MNChkn agree - both DH and I had (for different reasons) very difficult childhoods.

We’ve both been finically very successful because we had to be.

[quote MNChkn]@blowinahoolie said, “How the other half live 😂”

One of my parents was a child refugee, and one was orphaned as a teenager.

Growing up, my siblings and I lived in the shadows of their trauma, which manifested itself in addiction, violence, and chaos even though we were also, to onlookers, monied and respectable.

We all did extremely well at school and university and all of us are high-earners.

I don’t recommend adversity as a child-rearing strategy but it’s very effective for wealth generation. I know that from my clients, many of whom have made millions despite mind-boggling early circumstances.

It’s also why rich people are actually rarely obnoxious, but people who have known only middle class stability think it’s luck.[/quote]
That's grim to read of your parents early circumstances. I suppose money is just a band aid, to make life comfortable. It's not a comparison to being emotionally buoyant though. You cannot put a price on this.

No desire to be wealthy, personally. Happy to just live within my means. Each to their own 👍