First time thinking of buying. Overwhelming. :|

ncmscnc

kangoora said:

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. 

Thanks.
My last four moves (Industry roles, transactional) within relatively short period - only resulted in working for a bigger company which seems to have helped during furloughs/home working/layoffs but with the same pay. 

ncmscnc

Finding a better paying job and/or saving more for deposit seems to be only way. H2B Equity loans are also capped typically at 4.5 times my salary which means London is chewing me out. £126,000 I am going to have to shut up and take it on the chin.

It looks like I need to fix my bike and get cycling again to work from tomorrow (45 minutes each way, just like before lockdown)
Season tickets have gone up to £1124.00 per year and I have put on weight in the last six months! 

[Deleted User]

OP, you are definitely not alone.....

Also studying for ACCA (4 more paper left), aged 34 & have no driving licence. Renting a small two bedroom flat in london with dad (but he refuses to pay any rent since I completed my degree and started working. I cannot really move out or move to another area because I need to look after him & other relatives are living nearby- a very long story....).

So every month I am paying £1,400 just for rent. I normally have to travel to city to work and that costs me another £200 a month. I was umemployed for a year last year and only managed to get a fixed term contract (6 months) this March but the contract will be ended in early Sept. I'm currently actively looking for a new job but to no avail.

My very first job only paid about £16k and I am currently on £26k per annum pro rata (no medical no benefits). I have saved up £3500 so far and honestly do not know if I'd be ever able to get on the property ladder.... 

steve866

[Deleted User] said:

OP, you are definitely not alone.....

Also studying for ACCA (4 more paper left), aged 34 & have no driving licence. Renting a small two bedroom flat in london with dad (but he refuses to pay any rent since I completed my degree and started working. I cannot really move out or move to another area because I need to look after him & other relatives are living nearby- a very long story....).

So every month I am paying £1,400 just for rent. I normally have to travel to city to work and that costs me another £200 a month. I was umemployed for a year last year and only managed to get a fixed term contract (6 months) this March but the contract will be ended in early Sept. I'm currently actively looking for a new job but to no avail.

My very first job only paid about £16k and I am currently on £26k per annum pro rata (no medical no benefits). I have saved up £3500 so far and honestly do not know if I'd be ever able to get on the property ladder.... 

You earn £26k, pay £1400 in rent and £200 in travel and still managed to save £3500?!

mattyprice4004

Don't panic yourself, 5 years ago I owned nothing and struggled day to day - now I have 2 houses (one owned outright for letting out, and one with a small amount of mortgage left that I live in). 

Life has a way of sorting these things out; however I will say I'm 'up north' so the market is a lot less inflated. 
While I love London, I'd see if you can find anywhere else that takes your fancy. I get the charm of the city, but for day-to-day life there's a lot more to be had when you look further afar than the M25. 

Good luck! 

ncmscnc

[Deleted User] said:

I was umemployed for a year last year and only managed to get a fixed term contract (6 months) this March but the contract will be ended in early Sept. I'm currently actively looking for a new job but to no avail. 

Whoa. I can feel your pain. 

All the luck to you! 

I have had my colleagues switch jobs in the June though CV library, Linkedin and indeed Jobs. Someone even suggested a paid membership for LinkedIn as a long term career option. 

But for now, CV library is coming back to life with new postings. If they can do it in June, it’s not impossible now. 

Hope you don’t mind transactional roles like Purchase Ledger or Sales Ledger or Accounts Assistant for a start. These are industry roles but I am sure if you are after accountancy firms, there should be some. 

[Deleted User]

steve866 said:

[Deleted User] said:

OP, you are definitely not alone.....

Also studying for ACCA (4 more paper left), aged 34 & have no driving licence. Renting a small two bedroom flat in london with dad (but he refuses to pay any rent since I completed my degree and started working. I cannot really move out or move to another area because I need to look after him & other relatives are living nearby- a very long story....).

So every month I am paying £1,400 just for rent. I normally have to travel to city to work and that costs me another £200 a month. I was umemployed for a year last year and only managed to get a fixed term contract (6 months) this March but the contract will be ended in early Sept. I'm currently actively looking for a new job but to no avail.

My very first job only paid about £16k and I am currently on £26k per annum pro rata (no medical no benefits). I have saved up £3500 so far and honestly do not know if I'd be ever able to get on the property ladder.... 

You earn £26k, pay £1400 in rent and £200 in travel and still managed to save £3500?!

Hi steve866,
Thank you for your reply! I do not want to hijack this thread but just in case if anyone might be misled.
Yes I save £3500!
 
Because I am paying the rents/travels using credit cards  .............
 

mattyprice4004 said:

Don't panic yourself, 5 years ago I owned nothing and struggled day to day - now I have 2 houses (one owned outright for letting out, and one with a small amount of mortgage left that I live in). 

Life has a way of sorting these things out; however I will say I'm 'up north' so the market is a lot less inflated. 
While I love London, I'd see if you can find anywhere else that takes your fancy. I get the charm of the city, but for day-to-day life there's a lot more to be had when you look further afar than the M25. 

Good luck! 

Really thank you for sharing this with us! 

hazyjo

You have several grand on a credit card too?! That (and more) will probably be taken off what anyone will lend you.

Murphybear

macman said:

ncmscnc said:

macman said:

There are studio flats on Rightmove in S. London for around the £140K mark, but not many.

You are raising my hope macman. I see only garages. 
Do you mean way south, beyond Croydon or near Gatwick? 

No, Streatham. Auction sale.
https://www.rightmove.co.uk/property-for-sale/property-71237619.html
There are a few more at up to £140K if you filter out the shared ownership and retirement only properties.
Mind you, some of the garages may well have more floor space than the studios.

I bought an ex council flat in that area a few years ago.  Not the nicest area.  My flat was a one bedroom with only 22 flats in the block.  The ones in Aldrington Road were horrible back then.

steve866

[Deleted User] said:

steve866 said:

[Deleted User] said:

OP, you are definitely not alone.....

Also studying for ACCA (4 more paper left), aged 34 & have no driving licence. Renting a small two bedroom flat in london with dad (but he refuses to pay any rent since I completed my degree and started working. I cannot really move out or move to another area because I need to look after him & other relatives are living nearby- a very long story....).

So every month I am paying £1,400 just for rent. I normally have to travel to city to work and that costs me another £200 a month. I was umemployed for a year last year and only managed to get a fixed term contract (6 months) this March but the contract will be ended in early Sept. I'm currently actively looking for a new job but to no avail.

My very first job only paid about £16k and I am currently on £26k per annum pro rata (no medical no benefits). I have saved up £3500 so far and honestly do not know if I'd be ever able to get on the property ladder.... 

You earn £26k, pay £1400 in rent and £200 in travel and still managed to save £3500?!

Hi steve866,
Thank you for your reply! I do not want to hijack this thread but just in case if anyone might be misled.
Yes I save £3500!
 
Because I am paying the rents/travels using credit cards  .............
 

mattyprice4004 said:

Don't panic yourself, 5 years ago I owned nothing and struggled day to day - now I have 2 houses (one owned outright for letting out, and one with a small amount of mortgage left that I live in). 

Life has a way of sorting these things out; however I will say I'm 'up north' so the market is a lot less inflated. 
While I love London, I'd see if you can find anywhere else that takes your fancy. I get the charm of the city, but for day-to-day life there's a lot more to be had when you look further afar than the M25. 

Good luck! 

Really thank you for sharing this with us! 

Seems like a tough situation. Is there any reason why you are deciding to get into debt in order to save money? Surely you’ll be paying more in interest?