Hey there! Sign in to join this conversationNew here? Join for free

Scared That I Will Never Own My Own Home Watch

    • Thread Starter
    Offline

    2
    ReputationRep:
    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 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

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

    3
    ReputationRep:
    If you're on a new doctors wage and 'just scraping by' something is going wrong.
    • Thread Starter
    Offline

    2
    ReputationRep:
    (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
    Offline

    3
    ReputationRep:
    (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.
    Offline

    17
    ReputationRep:
    (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?
    Offline

    15
    ReputationRep:
    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
    • Thread Starter
    Offline

    2
    ReputationRep:
    (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.
    Offline

    3
    ReputationRep:
    (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?
    Offline

    0
    ReputationRep:
    Maybe the prob is living in London if you go further a field, in theory the prices should go cheaper!!!

    Posted from TSR Mobile
    • Thread Starter
    Offline

    2
    ReputationRep:
    (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!
    • Thread Starter
    Offline

    2
    ReputationRep:
    (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.
    Offline

    20
    ReputationRep:
    this obscene property market will end in tears.
    Offline

    20
    ReputationRep:
    (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.
    • Thread Starter
    Offline

    2
    ReputationRep:
    (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.
    Offline

    11
    ReputationRep:
    (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?
    • Thread Starter
    Offline

    2
    ReputationRep:
    (Original post by WaceMindu)
    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?
    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

    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.
    Offline

    17
    ReputationRep:
    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.
    Offline

    19
    ReputationRep:
    (Original post by DoctorInTraining)
    Nope - 22k

    My jobs are unbanded and not london weighted due to my F1 location.
    So a monthly take home of about £1450?

    Food: £200
    Bills: £100
    Council tax: £100
    Transport: Get a bike

    Your rent is almost £1050 a month?? Move.
    Offline

    19
    ReputationRep:
    (Original post by Reue)

    Your rent is almost £1050 a month?? Move.
    Move to where?
    Offline

    19
    ReputationRep:
    (Original post by Alfissti)
    Move to where?
    http://www.spareroom.co.uk/flatshare...e_low_to_high&

    http://www.spareroom.co.uk/flatshare...e_low_to_high&

    Etc
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    What newspaper do you read/prefer?
    Useful resources
    How much money do you spend a week?The ultimate guide to tax!Guide to student bank accounts

    Sponsored features:

    Web Legend

    Win a Macbook Air!

    Blog about setting up a website for a chance to win in our Web Legend competition.

    Quick link:

    Unanswered money and finance threads

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.