Londoners - dare I ask what your monthly repayments are?

[Ilovesnacks]

Not trying to be intrusive. DH and I are doing some life planning and part of that is budgeting whether we can afford to move and renovate. I've lost the plot of what is 'normal' in terms of monthly repayments, possible because we've been lucky to be on a low rate for so long. We are paying £1500 a month for a 3 bed victorian cottage in zone 3/4. Its getting a bit small but to renovate and move, in a few years that monthly amount will be more like £3,500.

I'd be curious to know what your repayments are (or at least, a percentage of your income) and how many kids you have.
Asking with Londoners in mind rather than anyone as obviously this city warps things!

£6,200 per month, which is a stretch but the plan was we'd over pay the max allowed each year. We've not yet made the first over payment so looking forward to the monthly amount decreasing! (5 bed, 3 living room, 4 bathroom - zone 3)

£2250 on a large three bed terrace in zone 3 SE. We renovated most of it two years ago when we bought it but are now struggling to find the money to finish the last bits. Children 2 and 4, so childcare still an issue. Joint income around £100k. We have no car, one UK holiday a year and I often feel poor compared to friends. However, we are so fortunate to have a home we love and indeed a roof over our heads.

We are in a leafy area of zone 6 in a 5 bed semi and we are currently paying £1400 as we are on a 1.14% deal until the end of 2025. I dread to think what it will be after that, I think we’ll probably sell then and buy in a cheaper area of the country and be mortgage free.

2350 fixed for the next 4.5 years thankfully . Took out on 4.01% . 3 bed .

Imagine it will head over 3k at renewal . We'd take a lodger to cover a lot of the gap . Already have an adhoc one around 10 nights a month but would switch to full time lodger which would bring in 700-800 extra.

Income changed from around 190k to 145k ish recently which we had to reevaluate travel expectations

No kids

( just name changed for greater anon)

£5800 monthly repayments, 3 dc, 4 bed Victorian terrace in zone 2. We have a sale agreed on our previous residence which is owned outright, so we'll be able to pay £650k off the balance, which will make a huge difference.

£2.1k on take home of £8k per month. 4 bed semi with 300kish deposit.

Hang on, is that a typing error or are you seriously paying £8k on interest only?!?

London price are stratospheric. 8k only gets you 1.6m at 6%, nice houses in zone 2 often cost in excess of 2m. I imagine OP have substantial bonus at year end so repay the mortgage when such payments occur and keep monthly payment to a minimum with an interest only.

£1300 mortgage payment each month

We live in zone 4/5 in a 2 bedroom split level maisonette with private garden

Total annual household income in just under 90k

We have 2 primary school aged children

Currently seeking the elusive '3 bed semi in zone 5' and not doing very well!

We are currently on the market and have accepted an offer however we just cannot seem to find a reasonably probed property to offer on/move to

Forgot to add we're in SE London

I’m renting (zone 6) but looking to buy a 2 bed flat but with the current interest rate the repayment will be £1700-1800. Half my salary (I’m single with 2 kids). So I’m pretty much decided that once my youngest DC leaves school (she’s year 11) I’m moving out of the South East and buying a house elsewhere for much less. Otherwise I wouldn’t be able to socialise / have much of a life

4 bed Victorian terrace - Zone 2/3 - currently £1650 a month on a joint salary of between £110 - 150k depending on freelance income. No childcare costs. Will probably go up to £2.5 k plus when we need to remortgage.

We do have 50% equity. House also needs some work but we’ve had to put that on hold and try and save up as I don’t want to take on any more debt at the moment as we are already fairly stretched as it is.

We have a mortgage of £240k on a 4 bed house in z2. Currently over pay as on a 5 year fix. Earn about £120k. One dc.

Oops so repay £1800 pcm but only have to pay £1100

1930s terrace in zone 5. Bought 13 years ago so relatively low mortgage of £1200 per month. Though we've overpaid massively and are due to pay off the mortgage this year. DH has retired this year and joint income is just over £100k before tax.

I live in zone 2 London (but certainly not in a £1.6m house, and my mortgage is £1,200), so I am more than aware of the cost of property, but I still find the concept of owing a debt that requires a payment of £8k in interest only an absolutely insane approach to financial planning.

Not an error, no. It jumped by £7,000 per month when we came off our fixed rate.

How so? It’s about 20% of our after-tax salary. What fraction of your salary do you pay for yours?

We have a joint income of £130k, two children and another on the way. We live in zone 5, south London in a 3 bed Victorian terrace. Our current repayments are £1580/month (reduced the term two years ago, have 16yrs left), but about to remortgage and will be going up by £500 a month if we keep the term the same.

planning to move house next year

4 bed semi zone 5, paying £625 (till our fix ends) BUT that means paying it off till age 70, and huge amounts of interest. W

£1020 for a 2 bed flat in north london zone 3, would be £1500 next year based on current rates. Thinking of moving to a 3 bed flat but don't want to overstretch and pay much more than £2000. Might have to wait a while and pay down debt

@sexnotgenders you must in the game for a while then. 1.2k gets you a 200k mortgage which is probably enough in Zone 2 to buy a tiny flat if you have a bit of deposit.

@AnneElliott Oh wow that's incredible!