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!

Take home £5k per month, mortgage £900 on a 4 bed 1930 semi in a nice part of Z6 (bought it 15 years ago)

Just want to let you know that you can now edit your posts so no need to add a second post. I just found out myself and love the feature, even asking for the ability to edit for ages now.

We don't have a mortgage yet but hoping to do so in the coming months (FTB). Joined income is around £115K, have 1 DC in full time nursery (currently paying £1800 but will go down to £1200 in a few months).
Looking at properties worth around £500K (mostly 2 bed flats/maisonettes, we are in a nice part of zone 6) and mortgage will be anything between £2400 and £2700, depending on rates.
I wish we could have bought a place a couple of years ago :(

this is really helpful cos we have the same kind of income and am hoping to buy a bigger flat in the same area but don't want to stretch too much as we want 1 DC and to pay full childcare for the DC (we bought our current flat for £392k in 2019 and would have £120k equity for the next place minus transaction costs). How much is your deposit given your budget is £500k?

Ours is £2300 per month for a 4 bed in Zone 3. Managed to fix at a good rate until 2027, but also planning to renovate so will have to borrow more at higher rates.

Joint income is c. £250k, 2 kids aged 5 and 3 and still paying £2k/month in childcare as well.

I actually thought our mortgage was really low until I read this thread! The house is worth c.£1.1m (probably less now) and we have 60% equity.

We're also in a bit of a state of flux. Currently just under £2k per month but we only have until June next year remaining on our fix when it would go up by at least £1k if rates are similar. However we're probably relocating so not sure what we'll be paying this time next year. 1 child in Y6 in private about and that will definitely go up next year.

Dh runs his own business so take home varies month to month but average around £11 - £13k between us flexible jobs so hopefully that won't change.

@lavender2023 10%deposit

Wow at some of these amounts!

Ours is about £500 a month on a 4 bed in zone 3.

Zone 5, large 4 bedroom semi. Mortgage just under £300k, house should be worth around £900k, maybe a bit more. We managed to fix a decent rate last year before interest rates were spiralling. Payments of around £2300 per month. Joint income of just over £200k. Were overpaying for a while but now sticking the money into a high interest account instead. Would love to be mortgage free in ten years!

It’s not unusual at all. Current interest rates are an anomaly in recent times but in general, the cost of debt has been much lower than asset growth so why wouldn’t you leverage and hang on to the assets?

@Comedycook when did you buy the house to have payments that low? Or did you have a huge deposit?

A standard terraced house on my (very ordinary and actually not that nice zone 3) street sold for £1.2m in cash so I guess there are plenty of people in London who can afford to do this.

SE London, Zone 4. 4 bedroom semi detached. 2.1k a month. £190k household income. 24 years left on the mortgage. We have to remortgage in 2027.

Two kids but one in school now so no more nursery fees, 2 year old goes 3 days a week but school hours, so low fees. We work around the kids that last hour of the day. I work 4 days a week.

Zone 4, £2.6k pcm. 50% LTV house worth £1.2m. 27yr left overpay £2k pcm
Joint income £280k (plus rental property income)

Bought about ten years ago...for £300k. We had a big deposit due to an inheritance. It's a really nice area but house is 1970s so they aren't particularly pretty so usually the Victorian houses go for a lot more.

@ibizaLover85 have you checked whether you’d be better off putting that overpayment into a savings account? There’s a calculator on money saving expert.

We’re paying 2% interest until 2027 so makes more sense for us to save in a 5% fixed account than to overpay before our fixed rate ends.

I understand your point in terms of historical analogy in relation to lower interest rates but still even so I don’t suppose that there are lots of people who had or have 8k a month interest only mortgage repayments. Even in London. That is an insane amount of money almost 100k p@ so it would take way more than half of many of the posters’ joint salaries on this thread.

but feel free to show me otherwise and i will consider my a thankfully and mortgage free reasonably well paid pleb from the northern hinterlands 😂

I think we might be talking at crossed purposes - it's obviously not usual to have a 8k/month interest only mortgage (even in London). The point I was making is that it's definitely not unusual for people to take on large mortgages despite having the opportunity to buy with cash. It's been very sensible for a long time. Your post was saying it was odd to have a mortgage that size with so much income (and with other assets that would enable the poster to buy in cash) but actually in my experience it's a very normal strategy for people in that situation. Wealthy people often have lots of debt because it's very easy to find people to lend you money when you are wealthy!

E London, zone 3, 4 bed mid-terrace, value about £1m, LTV 31%, monthly payment £1.8k fixed for a couple more years, 16 years left on mortgage. Monthly income about £8.8k.

£475 pm, on a salary of 27000 p.a. Live in zone 3

Around £580 pm which is circa 14% of my monthly net income for a 3 bed terrace in z3. I do overpay by double to clear balance within remaining fixed rate period.

I purchased the house nearly 14 years ago after selling a flat closer to central London. As a single parent at the time I was concerned with not overstretching myself. Which was a good move as I've had some hairy times over the years. Ridiculously, despite earning quite a bit more than I did all those years back, I don't earn enough to buy my current house for what estate agents believe it's worth.

One of the ways I kept my mortgage low by was not upgrading my house, many people would consider my house as a starter home but it's my long-term home, and not completing an extension and adding to the mortgage. I saved years for the work I wanted, then came sodding Brexit and it's nowhere near enough for what I'd like to do. #notfuckingbitter

£1200 but we pay £1555 while we can. I think this is about 30% of our income 🙃

We're out in z4/5 in an ex council house. It's definitely a starter home and all we could afford at the time.

I want to upgrade but between interest rates and upcoming nursery fees it's not looking likely unless I win the lottery or my partner's trading amounts to anything.

Or I should say it's not likely to be anything that would be worth the hassle and cost of moving.

3 bed 1930s semi z4. £2350. FTB in 2019. Fixed till 2026. Hoping to pay down a large amount of it at next remortgage.