First time thinking of buying. Overwhelming. :|

dinkylink

ncmscnc said:

• Finish the exams and wait for better job prospects certainly makes sense. It's the failing feeling when looking around my counterparts whom are already on mortgages and families. This thread has quickly turned into my sob story. lol.

 

•  Maybe I just need a change of location. Could probably do with a move with similar rents elsewhere for a change. I might even apply for a driving licence and get some independence to explore areas.

•  Given the mixed signals about working from home and how unsustainable the business I work for is, It's just all around anxiety and then some. Hoping December goes well!

Doesn't do to compare yourself against others, there's always someone better off!
And it's not a race.
Sounds to me that you've got your head screwed on, and you're in a good position.

kangoora

The difference between part qualified ACCA i.e. bookkeeper and fully qualified i.e. Accountant can be huge, as I am sure you are aware. I would expect, after qualifying, your salary to go up by at least 50% with a few years experience. Then the limit is how good you are at your job. The qualified accountants with some experience in my last firm started around £40k and with a few more years experience were probably pushing £50k if not more. Time to really start saving for that deposit whilst you look at improving your career and salary.

You're still relatively young (presumably), don't stick to one firm out of 'loyalty' - loyalty tends to work only one way in business and not in your favour (95% of the time). I moved firms 4 times in my 20's over about 6 years and increased my salary by almost 50%. A bit more seniority, knowledge & experience each time but essentially the 'same' job. I did end up with a major multinational with great pay scales at the end though. There's a world of difference between plodding along 'safely' getting 1-3% rises each year with a firm OR getting 10-15% pay rises for moving firms - all depends on the salary base you start at and the salary ceiling for your experience/qualifications, of course. These sorts of opportunity are likely to be more limited during and post COVID-19 though

Finally, it looks like you're not discounting moving 'oop north', you may earn say, £5k less, in Northern England but with 4 bed detacheds in my area starting at £200k in a decent-ish area your standard of living is much better although less career opportunities around though. Take a look at the 'Moving to Leeds' thread, they're looking for a 3 bed house for around £170k.

Hope this doesn't come across as preaching - best of luck to you in your career and what you decide to do.

SuperHan

As above, I'm not sure where you're working but I would expect at least a £10k increase in salary on completion of ACCA, and in the right firm with reasonable competence, I would expect steady wage increases from there on in.  

(For context I'm ACA, qualified 4 years ago, my wage has more than doubled from when I was 3 exams away from qualifying and I've moved specialisms which has meant I'm actually behind my peers in terms of pay at the moment). 

Depending on your wider circumstances, I would definitely consider looking further afield than London - there are PLENTY of qualified accountant jobs in the regions, and a lot of my friends have purchased 3 bed houses by themselves in Yorkshire on their post-qualified.

Your situation is certainly not without hope, but with the right salary aspirations and a couple of years you might find yourself much better placed to buy.  

numbercruncher8

MEY010621 said:

Have you thought about Margate? Londoners are moving down here in their droves and you can still buy a cheap flat. Close to Europe and high speed to London. 

Season ticket from Margate to London is £5,800 on the slow train, which takes 1.45 hours to London Victoria. Door-to-door from home to work you could easily be commuting around 5 hours a day. 

The high-speed train is quicker, but isn't really high-speed because of all the stops: it takes 1h40m to London St Pancras. This also costs £7,000 a year.

Both season ticket costs do not include travel from the London Terminal to the place of work.

Sure, it's close to Europe, but for this location, Europe = France, and only if you have a car. Visiting anywhere else, you are better living closer to an airport.

Even if the OP's salary went up to £40,000, it is likely that the train fares would end up being more than the mortgage.

Sure, for some people it may make sense.... those earning substantially more and need to be in the office less.

Anyone would think you have something to sell there.....

[Deleted User]

numbercruncher8 said:

MEY010621 said:

Have you thought about Margate? Londoners are moving down here in their droves and you can still buy a cheap flat. Close to Europe and high speed to London. 

Season ticket from Margate to London is £5,800 on the slow train, which takes 1.45 hours to London Victoria. Door-to-door from home to work you could easily be commuting around 5 hours a day. 

The high-speed train is quicker, but isn't really high-speed because of all the stops: it takes 1h40m to London St Pancras. This also costs £7,000 a year.

Both season ticket costs do not include travel from the London Terminal to the place of work.

Sure, it's close to Europe, but for this location, Europe = France, and only if you have a car. Visiting anywhere else, you are better living closer to an airport.

Even if the OP's salary went up to £40,000, it is likely that the train fares would end up being more than the mortgage.

Sure, for some people it may make sense.... those earning substantially more and need to be in the office less.

Anyone would think you have something to sell there.....

It was merely a suggestion as loads of people are moving there from London.
Wasn’t asking to be royally shut-down.

Loads of Londoners work from home or have set up businesses here. You can get the train to Ashford, Dover etc. Unless you live here you wouldn’t have a clue what it’s like or what opportunities are here. Way too easy to look up some statistics and think you know everything. 

Yes, I am selling my house but it’s way above OP’s budget so that has nothing to do with it, thanks.

numbercruncher8

Made no comment on Margate as a place, but the transport costs and times are pretty much fact. And they are not likely to work out for the OP are they? They don't seem to be working at home, or setting up a business. 

There are lots of nice places that I like, but I haven't mentioned them here because they are of no use. I mean, I could suggest Mornington Crescent - OP could walk to work then! But the price for a property there make it a non-starter.

If everyone made good-mannered suggestions without taking into account the limitations set, threads would end up being pretty useless wouldn't they?

AdrianC

MEY010621 said:

numbercruncher8 said:

MEY010621 said:

Have you thought about Margate? Londoners are moving down here in their droves and you can still buy a cheap flat. Close to Europe and high speed to London. 

Season ticket from Margate to London is £5,800 on the slow train, which takes 1.45 hours to London Victoria. Door-to-door from home to work you could easily be commuting around 5 hours a day. 

The high-speed train is quicker, but isn't really high-speed because of all the stops: it takes 1h40m to London St Pancras. This also costs £7,000 a year.

Both season ticket costs do not include travel from the London Terminal to the place of work.

It was merely a suggestion as loads of people are moving there from London.
Wasn’t asking to be royally shut-down.

There's a difference between "being royally shut-down", and having the rather glaring fly in the ointment pointed out.

A £7k train season ticket is just about a full third of the OP's income post-tax.

Hannimal

NameUnavailable said:
Presumably you rent somewhere at the moment so I would advise you to keep saving and keep renting, but, if the market crashes later this year which some people are predicting, look to invest your money in a property outside london and let it out. 

Where on earth can you buy a buy-to-let with a £10k deposit and £28k income whilst renting? Is that in La La Land?

numbercruncher8

There are places you could do it. But it would be a long way away.
I mean, look at this guy.  
Not really sure it makes sense for OP in their position. If the market does fall and they have saved hard, maybe doubling their deposit, there could be better opportunities to get something in the outer travelcard zones, maybe on the mainline to London. This wouldn't be so possible if your money was tied up elsewhere.

ncmscnc

MEY010621 said:

Have you thought about Margate? Londoners are moving down here in their droves and you can still buy a cheap flat. Close to Europe and high speed to London. 

https://www.youtube.com/watch?v=Zx06XNfDvk0
Margate!
Probably if my earnings are a little higher or switch jobs to somewhere in Kent and a driving licence, or a combination of these. 
The idea of Margate sounds appealing for a nice family setting but I think I will miss all the noise and the hurry which helps me to keep mind off things when I am on my own. 
I have tried quite towns and villages before. Letchworth, Arlesey and Hitchin. Struggled a lot without public transport links!