Moving To London

tempacc432

Hi all,

Thought I'd post here while I also get help from financial advisors.

My situation is as follows. I am 19 and have got an apprenticeship in London (I live with my parents outside of London). I will be getting paid £45,000/year and the apprenticeship starts in September and runs for 18 months. I have about £20,000 saved. I will also be moving with my girlfriend who would also be getting a job.

I just wanted some advice or pointers on what to do. I will be given about 2 months in Corporate Housing to settle in but I want to know what people's advice is for after those 2 months.

My options seem to either rent until I have more saved or look into the Help To Buy options like Shared Ownership.

Any help or advice would be greatly appreciated and if you need any more information on my circumstances please let me know.

Thank you.

moneysavinghero

Are you guaranteed a job with the same company at the same location after the apprenticeship finishes? If not it might be better to just rent and leave buying a house until you are sure where you will be working in the long term.

bouicca21

Even if OP is guaranteed a job, £20k deposit and £45k income won't be enough to buy in London.

AdrianC

£45k apprenticeship...?

But, yes, rent. You don't know if you'll want to stay in that job, with that employer, in London... or if they'll want you.

strawb_shortcake

Would love to know what apprenticeships pay £45k pa, not many graduate schemes pay that kind of money

FTB_Help

Another one for renting.

Unless your partner secures a job similar pay to yours and buy together, it would be difficult to find something half decent on the deposit/ single wage.

Find your feet in London before buying, you don't want to be stuck in a small flat in an area you dont know well.

AdrianC

Anyway, if it IS £45k apprenticeship, what on earth are they going to be paying afterwards?

pbartlett

well nwide are offering 5.5 times salary so maybe 250k - might get you something somewhere in or near 'london'

AnnexeRegular

I'd imagine it is in the banking sector if it's paying 45K for an apprenticeship. I was paid a massive 12K for mine in London. No idea how I survived.

ratechaser

AnnexeRegular said:

I'd imagine it is in the banking sector if it's paying 45K for an apprenticeship. I was paid a massive 12K for mine in London. No idea how I survived.

True apprenticeships in banking aren't all that common - the high paying entry jobs in sales/trading/research/origination are more for graduates and those with PhDs (and you could expect well above £45k for tier 1 institutions). 

I did have an apprentice a few years back in a more supporting role, but they were paid not much more than half what the OP is getting (that said, they have had a couple of very chunky uplifts since!)

So without wanting to go OT further, I'm equally curious where the £45k starting salary for a 19 year old apprentice comes from. Nicely done by the way...

And yes, rent for now.