Scared That I Will Never Own My Own Home

I am truly scared that I will never own my own home.

Whether it's a flat or a house - I really don't mind - but I just don't seem to be able to save any money whilst renting at the moment.

Most banks want you to have at least 5% (normally 10%) saved as a deposit but I genuinely have reviewed my money and I'm still just breaking even every month :frown:

And that's without luxuries like holidays or proper Christmas presents.

I am fortunate to have a job but it's fixed geographically over 100 miles away from all my family so can't live at home with my parents.

I am so worried about this and the fact I won't be able to have any children before I can't afford to look after them financially. I know money isn't everything but I want to have a roof over their heads and food on the table :smile:

Does anyone feel the same fear? Or is it just me?

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Reply 1

samba

If you're on a new doctors wage and 'just scraping by' something is going wrong.

Reply 2

DoctorInTraining

Original post by samba

If you're on a new doctors wage and 'just scraping by' something is going wrong.

Why? I earn 22K and have London rent to pay

Reply 3

samba

Original post by DoctorInTraining

Why? I earn 22K and have London rent to pay

My brother is in the exact same situation (well a 2nd year) and just bought A £330000 flat with his wife in London.

Reply 4

username234673

Original post by samba

My brother is in the exact same situation (well a 2nd year) and just bought A £330000 flat with his wife in London.

Where does the OP state there is a wife involved?

Reply 5

Limpopo

I wouldnt worry too much. You dont own it until youve made the last payment and you dont own the land it stands on anyway

Reply 6

DoctorInTraining

Original post by samba

My brother is in the exact same situation (well a 2nd year) and just bought A £330000 flat with his wife in London.

Wow!

Really jealous!

I just don't have the money for the deposit…that's the reason why I'm so worried.

Reply 7

samba

Original post by DoctorInTraining

Wow!

Really jealous!

I just don't have the money for the deposit…that's the reason why I'm so worried.

Yea to be fair I think her parents paid a large part or all of the deposit :/ London is kinda harsh. Is it not possible to find a job up north after your first contract?

Reply 8

Eah0691

Maybe the prob is living in London if you go further a field, in theory the prices should go cheaper!!!

Posted from TSR Mobile

Reply 9

DoctorInTraining

Original post by samba

Yea to be fair I think her parents paid a large part or all of the deposit :/ London is kinda harsh. Is it not possible to find a job up north after your first contract?

The area of medicine I want to go into (Paediatric Surgery) has the best opportunities in London and Oxford.

Plus my boyfriend who I've been with for 8 years works in London - so I would like to be near him too!

(edited 9 years ago)

Reply 10

DoctorInTraining

Original post by Eah0691

Maybe the prob is living in London if you go further a field, in theory the prices should go cheaper!!!

Posted from TSR Mobile

Both mine and my other half's jobs are based here. His is fixed to London and my career has more opportunities in the South East.

Reply 11

the bear

this obscene property market will end in tears.

Reply 12

nexttime

Original post by DoctorInTraining

Both mine and my other half's jobs are based here. His is fixed to London and my career has more opportunities in the South East.

You probably will own your own home - a flat about 10-15 years down the line most probably. That's the consequences of the choices you're making though: you want to do one of the most niche specialities in an incredibly expensive city and you don't want to commute in from the sticks. Something has to give. There aren't any easy solutions i'm afraid.

Original post by DoctorInTraining

Why? I earn 22K and have London rent to pay

You'll be earning way more than that even as an FY1, though i suspect you know that and were just exaggerating for effect.

Reply 13

DoctorInTraining

Original post by nexttime

You'll be earning way more than that even as an FY1, though i suspect you know that and were just exaggerating for effect.

Nope - 22k

My jobs are unbanded and not london weighted due to my F1 location.

Reply 14

WaceMindu

Original post by DoctorInTraining

Nope - 22k

My jobs are unbanded and not london weighted due to my F1 location.

Jesus christ... £22,000? thats worse than a paramedics salary and they aren't great.

You could always look to picking up from OOH or UCS work with the ambulance service. They pay their Dr's silly money, though I'm not sure if you need to be a Reg or GP to do that :/

Do you have to stay in the position you're in to get in to paeds then? swap to a normal dr's position with good pay and build up your deposit and then look oto move back to this career oince you're more financially stable and have the house/ mortgage etc. is the viable?

Reply 15

DoctorInTraining

Original post by WaceMindu

I've looked into locuming and tutoring to boost my income (can't believe I'm even having to worry about it tbh)

I think you can do ambulance work when you have more experience - like you said Regs or GPs - I will look into it for juniors :smile:

All junior doctors have to do 2 years through the foundation programme before applying to a specialty and your job banding is determined by your individual hospital. It was advertised that my trust would have unbounded posts - which is the basic 22K.

I am especially worried as paeds surgery is very competitive so it's likely I will need to spend money on doing courses, attending conferences and sitting my exams - all cost a great deal.

Reply 16

Runninground

Well I assume you'll not be on £22k forever.. so why are you worrying now? If you're breaking even now then when you get pay rises you can start saving money, thus buying a house/flat.