Okay, fate has forced my hand.

I was planning on continuing to save until I'd secured a stable job after my training and then going for a house. The situation at home has reached a point where I'm moving out. Parents aren't getting along and it looks like they're separating. My grandad has said he'll help with the deposit, so that's become less of an issue. With his help, I should have my hands on something like £30k or so. Based on my income, apparently I should be able to borrow in the region of £160k (pessimistic).

I know there are other charges and things to think about. What else haven't I considered?

I've thought about renting but TBH I'd have very little left over to save, so I don't see this changing drastically. I'd be in a similar situation in a year's time.

I'm going to contact my car insurer and see if there are any areas they wouldn't be happy to cover with the car on a driveway rather than in a garage.

Any help/advice is welcome.

Buy a house you can't afford and a car you can afford to throw away.

I take it this will be a first time property for you. That means you can purchase up to 250k without stamp duty, otherwise the 1% range is from 125-250k.

I think anybody buying now is absolutely mental, but that's just me. I get the impression most people think I'm mental for renting. I've just bought a load of shares in premier foods, so I'm obviously someone who goes against the grain!

Yup first time buyer.

Confused about "house you can't afford" comment.

It's an old saying that may not have much relevance at the minute. It's basically suggesting that houses appreciate and cars depreciate.

On the one hand, if you buy now and the pound economy tanks (and you can hold onto your job), you will be paying "less" for your mortgage, because of inflation.

On the other hand, if you don't have a permanent job and, once your training is finished, you will be moved elsewhere, it may be better to rent first.

Don't forget solicitor's fees. You are lucky, here in Germany, the purchaser has to pay the estate agents fees (another 2.5%).

And don't forget to calculate in electric, gas, water, phone, food and TV licence every month, on top of your mortgage. Inconsequentials, like Sky, gaming subscriptions, magazines etc. can come later, once you have settled into the new burden.

Bills aren't difficult - I've already factored them in. Things like telephone and internet can be delayed.

I can locum after training and certainly there's enough demand that it's something some doctors have chosen to go with rather than enter a steady job because it's so well paid. But a steady job is a steady job, even if it's less well paid.

As a first time buyer earlier this year...
I had to rustle up just over 25% deposit.
despite a quote the legal was more than expected.
It all seemed to take an age and for no good reason. The impression I got was that The mortgage company felt that they were taking an enormous risk and I had to jump through many, many hoops. Providing all kinds of paperwork which they had not originally asked for.
I am self employed so that was probably why. As an NHS employee I feel that your experience may well prove easier.
My mortgage for a 2bed/bath flat is equivalent to that which I paid to rent a room. So for me it was a good idea. Plus I am adding value whilst not working so much but still paying the mortgage...
As Caroline points out, spare cash seems to go into the house....

The banks may prefer a steady job.

I agree there are always some costs you forget about – inc solicitors fees / stamp duty etc




You don’t need these any more that you need them for renting.
Life Insurance – why – if there is only you and you have no one to leave the house to then if you die – it gets sold and the residual goes to / from your estate. If you have no other half then don’t bother
Income protection – if you didn’t take it out for renting (where if you lost your job you would be unable to pay rent and be evicted) then no need when Buying.



But that can be factored in – i.e. buying something that just just been done up v buying a “doer upper” which is cheaper but needs money spending on it



Individual circumstances – I bought in 2007 and yes the house has lost a small amount of value but (thanks partly to low interest rates) my mortgage is now around £300 / month cheaper than the cost of renting “my House” in the same estate and I know that I won’t be kicked out on the whim of some landlord

On the income protection/life insurance bit. Check what your employer offers. It can be included as part of the benefits package (if you are in a permanent job of course).

I'm in a job at the moment, might be a training one. I know others who've had mortgages whilst in a similar situation, though they've bought houses earlier in their training.

Even if I'm in a salaried role, my contract would be up for renewal every twelve months. There is no longer the stability in medicine there once was.

To resurrect an old thread (instead of starting a new one), I've been in touch with a mortgage advisor with my own bank.

With a 10% deposit, I could get a £250k mortgage over 20 years at 4.79% APR fixed over first five years at £1621/mth. For a first time buyer. Thoughts?

Simply that this is far beyond my monthly income!

Never, ever spend to the limit on a mortgage because it leaves you too vulnerable to changes in interest rates & etc. Too many people find that out the hard way. If I were you I'd be setting my budget at £200K.