![\"Woman](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/02\/GettyImages-1962759583.jpg\")
\n\t\tRachel feels unable to buy a home, despite her high income and savings (Picture: Getty Images)<\/p>\n
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\n\t\tRachel feels unable to buy a home, despite her high income and savings (Picture: Getty Images)<\/p>\n
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\n\t\t\t\t\t\tCreated with AI assistance. Quality assured by Metro editors.\n\t\t\t\t\t<\/p>\n
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The median annual wage in the UK now sits at \u00a339,039, with the average Brit\u2019s savings pot<\/a> amounting to \u00a316,000 (although 39% have less than \u00a31,000 put away).<\/p>\n Both in terms of income<\/a> and savings<\/a>, this week\u2019s Money Problem<\/a> reader, Rachel, is far better better off than most people.<\/p>\n But despite earning \u00a3100,000 a year with a nest egg worth \u00a375,000, the 32-year-old from London<\/a> still feels as though she\u2019s struggling financially<\/a>.<\/p>\n After her hopes of buying a home were recently dashed by a mortgage<\/a> broker, Rachel got in touch with Metro<\/strong>\u00a0consumer champion, Sarah Davidson, to work out where she\u2019s going wrong.<\/p>\n The problem\u2026<\/p>\n \t\t\t\tReady to start your homebuying journey?\t\t\t<\/p>\n You can access completely fee-free mortgage advice with London & Country (L&C) Mortgages, a partner of Metro. Customers benefit from:<\/p>\n \u2013 Award winning service from the UK\u2019s leading mortgage broker<\/p>\n \u2013 Expert advisors on hand 7 days a week<\/p>\n \u2013 Access to 1000s of mortgage deals from across the market<\/p>\n Unlike many mortgage brokers, L&C won\u2019t charge you a fee for their advice.<\/p>\n Find out how much you could borrow online<\/a><\/p>\n Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.<\/p>\n Before I start, I appreciate this is a first world problem but it\u2019s hard not to feel genuinely annoyed about it.<\/p>\n I come from a fairly ordinary background. Decent school<\/a>, parents who were comfortable and owned a modest home but no real wealth to pass on. After university I worked hard, built a career and ended up in London, which is where my job and industry is based.<\/p>\n I\u2019m now 32, debt-free and earning \u00a3100,000. I enjoy my job and I\u2019m very aware that this puts me in a fortunate position. I can afford my rent, bills and general lifestyle without much stress and I have a good quality of life<\/a>, which I\u2019m grateful for.<\/p>\n \t\t I have around \u00a342,000 in cash, \u00a325,000 invested in a global equity tracker and \u00a38,000 in a LISA. I could potentially borrow around \u00a310,000 from family, but I\u2019m not in the position where parents can gift a significant deposit.<\/p>\n Despite all this, I recently saw a mortgage broker who told me, bluntly, that I don\u2019t earn enough to buy on my own<\/a>. I\u2019m in the top percentage of earners in the country and yet I\u2019m still London poor. Friends in the north earn less than half of what I do but live in nice houses with gardens. My job is very London-centric, otherwise I\u2019d seriously consider moving away.<\/p>\n At this point I\u2019m not really sure what the sensible next step is and I\u2019m feeling a bit deflated by it all. Do I give in and look at shared ownership? It feels like my options are change career, leave London or marry a rich man.<\/p>\n \t\t\t\t\tWhat would you do if you were in Rachel’s position?<\/p>\n Buy a smaller property in London.Check<\/p>\n<\/li>\n Consider shared ownership.Check<\/p>\n<\/li>\n Change jobs to increase income.Check<\/p>\n<\/li>\n Wait and save more money before buying.Check<\/p>\n<\/li>\n<\/ul>\n \t\t\t\t\tSign up to Metro\u2019s The Key newsletter for must-read property stories, DIY hacks and tips for buying a home.<\/p>\n The answer\u2026<\/p>\n Okay Rachel, when you say you can\u2019t afford to buy a home in London<\/a> are you actually saying you can\u2019t afford to buy a four-bed house in Clapham?<\/p>\n Most lenders will let you borrow up to five times your salary and still get a mortgage with a 10% deposit. You\u2019ve got a \u00a375,000 deposit and five times your salary is \u00a3575,000. <\/p>\n Do not be ridiculous. Of course you can afford to buy a place in London.<\/p>\n \t\t\t\tDon’t miss our Money tips! Add us as a Preferred Source\t\t\t<\/p>\n At Metro Money, we’re here to bring you all the latest news and advice on personal finance, cost of living, saving and investing. As part of our vibrant community of highly engaged readers, we want to make sure you never miss our articles when searching for stories.<\/p>\n Click here<\/a> and tick\u00a0Metro.co.uk\u00a0to ensure you see stories from us first in Google Search.<\/p>\n \t\t I\u2019ve just looked on Rightmove and you could purchase yourself a one-bed flat in Shepherd\u2019s Bush for \u00a3300,000. You can walk to Kensington and Notting Hill in under 20 minutes for heaven\u2019s sake.<\/p>\n With your deposit, you can get a two-year fixed rate mortgage from Halifax with a 3.9% rate and 25-year term, making your monthly mortgage repayment \u00a31,099. You won\u2019t even need to pay any stamp duty.<\/p>\n Let\u2019s say you want a two-bed \u2013 I\u2019ve just found one for \u00a3300,000 a \u2018stone\u2019s throw\u2019 from Dulwich Park. That\u2019s a very nice part of London.<\/p>\n \t\t\t\tMore Metro Money Problems\t\t\t<\/p>\n Okay, okay. For argument\u2019s sake you don\u2019t want a flat, you want a house. For \u00a3550,000 you can scoop a three-bedroom house in Hither Green \u2013 another very nice area. Even though your new place is over half a mill, you\u2019ll still have change after you pay the stamp duty at \u00a317,500.<\/p>\n I am going to be straight with you, Rachel, get a grip.<\/p>\n Your options are not, as you say, change job, leave London or marry a rich bloke to buy your mansion for you. Don\u2019t be so melodramatic and don\u2019t be a brat.<\/p>\n You need to change your expectations. This is your first home, not your dream home. That comes later.<\/p>\n Do you have a story to share?<\/strong><\/p>\n Get in touch by emailing MetroLifestyleTeam@Metro.co.uk<\/a>.<\/strong><\/p>\n Arrow Arrow Arrow![\"Personal](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/02\/GettyImages-2251384814.jpg\")
\n\t\tHer friends living in the North seem to be better off (Picture: Getty Images)<\/p>\n\n
![\"\"](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/02\/SEI280784796-2946.png\")
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