Londoners with a mortgage

[beingnosey]

Not sure if this is the best place to post this but here goes, please be kind this isn't thread to boast, I am genuinely interested.

A London friend commented the other day that another local friend pays over £2000 a month on their mortgage, implying it was a lot! I was really surprised by her thinking this was a lot as she also owns in London (same area)

Question is to Londoners who have a mortgage, is £2000 pm really a lot?

We pay nearly £2,500 a month (zone 2), we overpay and hope to have paid off our mortgage in the next 6-7 years when dh and I will be mid 50's. Our current LTV is 25% so not in a bad position as we bought before property prices went super crazy in London. We wouldn't be able to afford what we have now. Anyway our DC are only 12 and 10 so things are only going to cost more but we're keen to slow down sooner rather than later.

Anyway, I know it's all relative to what we earn etc but are we really paying a lot in London terms? Interested to compare your monthly mortgage and your ages when you hope to have it paid off.

Thanks

It's so relative - mine is only £550 per month basic and I'm in zone 2. I was just lucky to have a very big deposit to loan ratio.

Totally relative.

We pay about £1800 pcm. A third of our post tax income. Too much, and that is only 50% LTV. Had a single childless very frugal relative not died and left me some money towards a deposit. We would still be renting a 'withnail and I' flat above a skunk den. I thank that relative regularly....

Normal people without wealthy parents/ multi-generational capital in the London property market are totally fucked. IMHO.

Twinkletag, it is fab - one of the perks of moving to a cheap area.

Ragusa, how come you struggled to buy without the inheritance? £5400 after tex pcm sounds like a very decent income.

Because it would have given us a mortgage of around £360000 which would but a one bed flat in our unglamorous part of SW London! I was on maternity leave at the time so my income wasn't counted. When I went back childcare costs are counted in the affordability calculation and they were £1400 pcm.

Childcare’s a killer...

Wow, we couldn't afford that. Or could but would be living on toast and beans.

Ours is about 900 a month but we live in zone 4. We are early 30's. We did have a large deposit thought.

Mortgage costs 1,130 per month but we are overpaying 500 per month to reduce the term (and save on the interest) - mortgage currently stands at just under 200k which scares me sometimes, but our 3-bed terrace house (west London zone 4) has literally doubled in value since we bought it 6 years ago, and renting a similar properly in this area would cost over 2.5k per month, so that's what I compare our costs to.