My experience of buying a house
OUR TIMELINE
1. 11th March : Got a call from Barratts that the house we are interested in has been released
MONEY I HAVE SPENT ON RENT
Slough ( January, 2016 to August 2017) - 18 months, 900 GBP per month
Harrogate ( August 2017 to 2018) - 12 months, 840 GBP per month
York ( August 2018 to 2019) - 12 months, 1000 GBP per month
Scarborough ( August 2019 to 2020 ) - 12 months, 500 GBP per month
Beverley ( August 2020 to date ) - 40 months, 1000 GBP per month
Which makes a total of 80,000 GBP!!!
80K for rent!!!!
IS THIS THE CASE FOR EVERYONE?
I enjoyed my CMT so much due to various reasons :
1. Had my daughter during that - it made everything better!
2. As I had already passed my MRCP 1 and 2 , I just had PACES to pass in my 2 years of CMT so it was not very stressful
3. The teams in Harrogate and York were lovely.
4. As I was living just 10 min away from these trusts, I spent plenty of time with my family.
Hence, I decided East Yorkshire was the place to settle!
I applied for specialty training in acute medicine and started my ST3 in Scarborough.
OUR MEETING WITH THE SALES TEAM
We met the sales team and went through the details.
This is what they were offering
TAKE YOUR TIME
WADROBES
SOLICTORS AND MORTGAGE ADVISORS
QUALITY OF BUILD
1. 11th March : Got a call from Barratts that the house we are interested in has been released
2. 12th March: Booked an appointment with a sales team
3. Reserved the house the same day
4. 14th March: contacted mortgage advisers , provided scanned documents via email.
5. 15th March: contacted Solicitors , provided scanned documents via email.
6. 22nd March - property surveyed by solicitors
7. 29th March - mortgage approved
4. 14th March: contacted mortgage advisers , provided scanned documents via email.
5. 15th March: contacted Solicitors , provided scanned documents via email.
6. 22nd March - property surveyed by solicitors
7. 29th March - mortgage approved
8. 24th March - paid the 5% deposit to our solicitors and exchanged contracts
9. 11th May - Had a choices appointment to add options ( upgrade kitchen, flooring, carpets, etc) and paid 25% of the extra options we went for.
10. 18th August - had the first viewing of the house ( at this stage, the initial coat of paint was done)
9. 11th May - Had a choices appointment to add options ( upgrade kitchen, flooring, carpets, etc) and paid 25% of the extra options we went for.
10. 18th August - had the first viewing of the house ( at this stage, the initial coat of paint was done)
11. 20th August - Booked a snagger:
https://www.tonge-robinson.co.uk/
https://www.tonge-robinson.co.uk/
12. Booked a second viewing of the house on the 18th of September to measure spaces for cupboards. We were allowed to take pictures.
13. We received an email on the 16th of October confirming the legal date of completion for the 27th of October
14. 19th October - asked to make remaining payment by solicitors.
15. 23rd October - had a tour of the house but the site manager, were allowed to spend an hour later taking pictures, making a list of any cooncerns.
15. 23rd October - had a tour of the house but the site manager, were allowed to spend an hour later taking pictures, making a list of any cooncerns.
16. 27th October- house legally ours. Received keys
17. 28th October- snagger inspection
18. 6th November - meeting with site manager, went through each and every snag raised,extra set of keys handed over to rectify the snags ( we could still continue to relocate)
18. 6th November - meeting with site manager, went through each and every snag raised,extra set of keys handed over to rectify the snags ( we could still continue to relocate)
COSTS
Mid March - £500 reservation fees to take property off the market
Mid April - £250 to solicitors as an initial payment
Mid March - £500 reservation fees to take property off the market
Mid April - £250 to solicitors as an initial payment
End April - £22 thousand to solicitors for the 5% deposit
Mid May - £7 thousand to Barratts for payment of 25% of the cost of options we chose
Mid May - £7 thousand to Barratts for payment of 25% of the cost of options we chose
Mid October - £20 thousand to Solicitors for remainder of solicitor fees (around £850) and the remaining (75%) payment for the options.
DISCOUNTS:
Around 21K due to keyworkers discount
( https://www.barratthomes.co.uk/offers/key-worker-deposit-contribution/ )
PLUS
Free carpets , flooring ( which we decided to upgrade) - so saved around £2500 on options
( https://www.barratthomes.co.uk/offers/key-worker-deposit-contribution/ )
PLUS
Free carpets , flooring ( which we decided to upgrade) - so saved around £2500 on options
MORTGAGE
Paid 5% - hence to pay off around 370,000
£250 Cashback from bank upon completion of house
Paid 5% - hence to pay off around 370,000
£250 Cashback from bank upon completion of house
1800 per month
For 34 years
4.53% fixed for first 5 years , then variable.
WHY I BOUGHT A HOUSE 7 YEARS AFTER COMING TO THE UK:
We decided to buy a house quite late in my career for the following reasons
I was working as a non trainee in Slough from January 2016 to August 2017 and hence had not decided where we wanted to settle.
I applied for CMT (now replaced by IMT) in East Yorkshire and worked as a CMT 1 in Harrogate and CMT 2 in York from 2017 to 2019.
At that time, we had a baby and because we were on a visa, I did not have enough savings to even think of saving up for a deposit for a house.
Also, because I have always been full time with on calls, I did not want to drive and preferred walking to work in my first 3 years in the NHS - then I slowly developed the confidence and even now, I never drive more than 1 hour. We have all heard about colleagues passing away while driving post on calls:
You can search on Google for ' NHS doctor died in car accident' to read the dozens of stories.
Due to this fear, I never started looking for a house till later on.
I applied for speciality training in acute medicine in East Yorkshire and started my ST3 training in Scarborough, when the pandemic hit. At that point, buying a house was the least of my worries due to the high risk of not surviving it ( A reminder - https://www.bmj.com/covid-memorial ).
I started my ST4 and ST5 training in Hull and we relocated to Beverley. Where we decided that we wanted to settle.
However I had to pay around 9,000 GBP for ILR , naturalisation and citizenship for the three of us in 2022.
I started locuming to save up and when I had the deposit to buy a house in November, 2022 - the interest rates, cost of living, mortgages shot up making it unaffordable.
So I continued to save and got lucky in March 2023.
We decided to buy a house quite late in my career for the following reasons
I was working as a non trainee in Slough from January 2016 to August 2017 and hence had not decided where we wanted to settle.
I applied for CMT (now replaced by IMT) in East Yorkshire and worked as a CMT 1 in Harrogate and CMT 2 in York from 2017 to 2019.
At that time, we had a baby and because we were on a visa, I did not have enough savings to even think of saving up for a deposit for a house.
Also, because I have always been full time with on calls, I did not want to drive and preferred walking to work in my first 3 years in the NHS - then I slowly developed the confidence and even now, I never drive more than 1 hour. We have all heard about colleagues passing away while driving post on calls:
You can search on Google for ' NHS doctor died in car accident' to read the dozens of stories.
Due to this fear, I never started looking for a house till later on.
I applied for speciality training in acute medicine in East Yorkshire and started my ST3 training in Scarborough, when the pandemic hit. At that point, buying a house was the least of my worries due to the high risk of not surviving it ( A reminder - https://www.bmj.com/covid-memorial ).
I started my ST4 and ST5 training in Hull and we relocated to Beverley. Where we decided that we wanted to settle.
However I had to pay around 9,000 GBP for ILR , naturalisation and citizenship for the three of us in 2022.
I started locuming to save up and when I had the deposit to buy a house in November, 2022 - the interest rates, cost of living, mortgages shot up making it unaffordable.
So I continued to save and got lucky in March 2023.
MONEY I HAVE SPENT ON RENT
Slough ( January, 2016 to August 2017) - 18 months, 900 GBP per month
Harrogate ( August 2017 to 2018) - 12 months, 840 GBP per month
York ( August 2018 to 2019) - 12 months, 1000 GBP per month
Scarborough ( August 2019 to 2020 ) - 12 months, 500 GBP per month
Beverley ( August 2020 to date ) - 40 months, 1000 GBP per month
Which makes a total of 80,000 GBP!!!
80K for rent!!!!
IS THIS THE CASE FOR EVERYONE?
No, you can certainly choose cheaper accommodation but for me, safety, cleanliness, safe parking and a nice accomodation was key. Working as a doctor can be quitre stressful and the last thing I wanted was to come to an accomodation with problems. People can choose to live in shared accomodations and pay 400 GBP per month in rent. Do not get me wrong - there are nice accomodations for 400 GBP per month as well. However with a family I always wanted a nice accomodation which had atleast 2 bedrooms which was safe, clean and near the hospital.
WHY BEVERLEY
When I was a non trainee SHO in Slough, my wife and I used to go to London almost every weekend. It was lovely. However it is very expensive.
Compare houses and apartments on Rightmove to get an idea.
Plus London is so busy. I spent an hour on the road to get to a city 10 miles away.
So London was out - we spent 18 months there and the charm of London quickly faded away.
So this left us with other areas when I applied for CMT:
1. Wales- silly reason but I found it wet and windy. I was wrong though. It is a lovely place to live. But that was my reason when I was a SHO deciding on where to settle.
2. Ireland and Scotland - out for the same reasons
3. London and South - out as too expensive
4. East Midlands - For some odd reason, it never appealed to me.
5. Manchester - Did not like the traffic , again silly reason.
6. North - too cold
So this left me with Yorkshire. At that time ( in 2017, for CMT), we were given details of rotations. Since I had not decided which speciality of medicine I wanted to train in as a registrar, I wanted to do rotations in Respiratory, Stroke, Neurology, Gastro and Renal. So When I narrowed it down, I was left with a handful of jobs - one of which had Harrogate and York. At that time, we were expecting so I went for the trust which had the best maternity services ( in 2017 it was Harrogate from the options I had)
So I chose that as one of my prefernces and luckily, got in.
When I was a non trainee SHO in Slough, my wife and I used to go to London almost every weekend. It was lovely. However it is very expensive.
Compare houses and apartments on Rightmove to get an idea.
Plus London is so busy. I spent an hour on the road to get to a city 10 miles away.
So London was out - we spent 18 months there and the charm of London quickly faded away.
So this left us with other areas when I applied for CMT:
1. Wales- silly reason but I found it wet and windy. I was wrong though. It is a lovely place to live. But that was my reason when I was a SHO deciding on where to settle.
2. Ireland and Scotland - out for the same reasons
3. London and South - out as too expensive
4. East Midlands - For some odd reason, it never appealed to me.
5. Manchester - Did not like the traffic , again silly reason.
6. North - too cold
So this left me with Yorkshire. At that time ( in 2017, for CMT), we were given details of rotations. Since I had not decided which speciality of medicine I wanted to train in as a registrar, I wanted to do rotations in Respiratory, Stroke, Neurology, Gastro and Renal. So When I narrowed it down, I was left with a handful of jobs - one of which had Harrogate and York. At that time, we were expecting so I went for the trust which had the best maternity services ( in 2017 it was Harrogate from the options I had)
So I chose that as one of my prefernces and luckily, got in.
I enjoyed my CMT so much due to various reasons :
1. Had my daughter during that - it made everything better!
2. As I had already passed my MRCP 1 and 2 , I just had PACES to pass in my 2 years of CMT so it was not very stressful
3. The teams in Harrogate and York were lovely.
4. As I was living just 10 min away from these trusts, I spent plenty of time with my family.
Hence, I decided East Yorkshire was the place to settle!
I applied for specialty training in acute medicine and started my ST3 in Scarborough.
I then moved to Beverley to work in Hull as a ST4 and 5 trainee.
Luckily, the house I got to rent was a 3 bed detached new build from Barratts in a lovely location in Beverley.
My daughter started nursery and then preschool which was across the road. Our neighbourhood was fantastic and we made loads of friends.
She then started school and luckily got into one of the best schools in the area in September, 2022 which was again within walking disctance/ 2 minute car ride. She settled in and hence we decided that we will not move from here.
My daughter started nursery and then preschool which was across the road. Our neighbourhood was fantastic and we made loads of friends.
She then started school and luckily got into one of the best schools in the area in September, 2022 which was again within walking disctance/ 2 minute car ride. She settled in and hence we decided that we will not move from here.
So Beverley was the place to settle then.
CHOOSING A HOUSE
When we decided to buy a house in Beverley, we started to look around. Luckily there were a lot of new builds in this area so we visited a few and narrowed down to a few options.
The one we wanted was from Barratts, a 5 min walk from our daughters school and in the catchment area of the secondary school we like.
It was also just a 10 min drive from where we live.
It was also just a 10 min drive from where we live.
The only issue - it was a future build and even the price was not released. However the salesperson very kindly gave us a rough estimate.
WHY DID WE LIKE THIS PARTICULAR HOUSE
My silly reason:
I wanted a detached garage.
Our genuine reasons
1. South facing garden
My silly reason:
I wanted a detached garage.
Our genuine reasons
1. South facing garden
2. 4 bedrooms so that we have plenty of space for family members visiting from abroad/other cities
3. The size of the rooms was bigger - unlike most houses we see here
4. Separate study downstairs
4. Separate study downstairs
5. Reasonably sized entrance and hallway - not cramped
6. One neighbour on one side, lining of trees at the back which are also away from the back lawn.
7. Spacious driveway
WHY BARRATS
We were renting a house which was actually a Barratts show home for the past 3 years. Now we have all heard about the shady quality of new builds but we did not have any issues in this particular developers house. We were aware that it varies from site manager to site manager and even Barratts has had a few dodgy builds in the development we were renting.
However we felt satisfied as that particular house was meeting our requirements, some friends had bought houses in the same development and were happy with the site team, we decided to go ahead with this.
6. One neighbour on one side, lining of trees at the back which are also away from the back lawn.
7. Spacious driveway
WHY BARRATS
We were renting a house which was actually a Barratts show home for the past 3 years. Now we have all heard about the shady quality of new builds but we did not have any issues in this particular developers house. We were aware that it varies from site manager to site manager and even Barratts has had a few dodgy builds in the development we were renting.
However we felt satisfied as that particular house was meeting our requirements, some friends had bought houses in the same development and were happy with the site team, we decided to go ahead with this.
WHY NOT AN OLD BUILD?
We preferred to get a new build which has not been used by anyone else. We had been renting various properties ( Slough, Harrogate, York, Scarborough and then Beverley) and wanted a hassle free move to a new unused property.
Also, we did not want to go through the hassle to renovating an old build.
Also, we did not want to go through the hassle to renovating an old build.
WHY NOT AN ALREADY COMPLETED NEW BUILD
We wanted a few options like an upgraded kitchen, more downlights, upgraded tiles in the bathrooms, more electric points outside and hence decided to go for a build which was about to start so that we could choose options we always wanted. These 7 years of patience, plenty of experience with rental properties helped us get an idea of what we wanted and now that we had a choice, we wanted a house built around what we wanted.
We wanted a few options like an upgraded kitchen, more downlights, upgraded tiles in the bathrooms, more electric points outside and hence decided to go for a build which was about to start so that we could choose options we always wanted. These 7 years of patience, plenty of experience with rental properties helped us get an idea of what we wanted and now that we had a choice, we wanted a house built around what we wanted.
THE WORRY WITH NEW BUILDS
As you might be aware, new builds can have a lot of issues. Luckily, a few friends of ours bought their house in the same development and were quite pleased and did not have major issues.
As you might be aware, new builds can have a lot of issues. Luckily, a few friends of ours bought their house in the same development and were quite pleased and did not have major issues.
So it depends on your developer and the area.
DISCUSSIONS WITH OUR MORTGAGE ADVISOR
Now that we had decided about the house, had a rough idea of the cost, we decided to talk to a mortgage advisor.
We spoke to Wesleyan ( https://www.wesleyan.co.uk/ ) as they frequently deal with doctors, understand locums, include that in the financials to help get the mortgage approved.
The advisor gave us the good news that yes, we can afford to buy a house we wanted to BUT the mortgage rates were very high. So high at that time that the mortgage was almost doubled.
Hence we decided to wait.
OUR LUCK
A few weeks later, Barratts announced a 5% deposit scheme. The interest rates also started to fall. So I called Barratts and asked about the property we were interested in - they still had not released it.
In March, I received a call from the salesperson that the property had just been released. It was in build stage 1 ( ie the foundations were being laid) and they had a few offers on it.
I contacted Wesleyan regarding an agreement in principal but since this 5% deposit was only available through Barratts and not through a lender, they suggested to talk to Barratts directly.
Now that we had decided about the house, had a rough idea of the cost, we decided to talk to a mortgage advisor.
We spoke to Wesleyan ( https://www.wesleyan.co.uk/ ) as they frequently deal with doctors, understand locums, include that in the financials to help get the mortgage approved.
The advisor gave us the good news that yes, we can afford to buy a house we wanted to BUT the mortgage rates were very high. So high at that time that the mortgage was almost doubled.
Hence we decided to wait.
OUR LUCK
A few weeks later, Barratts announced a 5% deposit scheme. The interest rates also started to fall. So I called Barratts and asked about the property we were interested in - they still had not released it.
In March, I received a call from the salesperson that the property had just been released. It was in build stage 1 ( ie the foundations were being laid) and they had a few offers on it.
I contacted Wesleyan regarding an agreement in principal but since this 5% deposit was only available through Barratts and not through a lender, they suggested to talk to Barratts directly.
OUR MEETING WITH THE SALES TEAM
We met the sales team and went through the details.
This is what they were offering
1. 5% deposit.
https://www.barratthomes.co.uk/offers/deposit-unlock/
2. NHS discount
https://www.barratthomes.co.uk/offers/key-worker-deposit-contribution/
3. Free flooring and carpets
They gave us a few contact details of a mortgage advisor and a few Solicitors.
https://www.barratthomes.co.uk/offers/deposit-unlock/
2. NHS discount
https://www.barratthomes.co.uk/offers/key-worker-deposit-contribution/
3. Free flooring and carpets
They gave us a few contact details of a mortgage advisor and a few Solicitors.
MORTGAGE ADVISOR
We spoke to https://gledhills.mortgage/ who regularly deal with Barratts customers, know about the 5% deposit unlock scheme Barratts had just started offering and also dealt with doctors on a regular basis - so understood main salaries, locum pay slips and the fact that trainees rotate to new trusts each year. This conversation was all on the phone.
They stated that will not charge us and will take commission from Barratts directly.
The advisor asked for scanned copies of:
We spoke to https://gledhills.mortgage/ who regularly deal with Barratts customers, know about the 5% deposit unlock scheme Barratts had just started offering and also dealt with doctors on a regular basis - so understood main salaries, locum pay slips and the fact that trainees rotate to new trusts each year. This conversation was all on the phone.
They stated that will not charge us and will take commission from Barratts directly.
The advisor asked for scanned copies of:
Our ILR
My job contract
Bank statements
My job contract
Bank statements
Pay slips
Current tenancy agreement
Details of cars on PCP , etc
Details of cars on PCP , etc
I emailed it all across and he gave an agreement in principal.
SOLICITOR
https://www.janebrookslaw.co.uk/
I took quotes from the various solicitors I was given details for by the Barratts sales team. I checked for their costs online beforehand so I knew what the baseline quotes were. I went for the one which had the best reviews and was most reasonably priced.
https://www.janebrookslaw.co.uk/
I took quotes from the various solicitors I was given details for by the Barratts sales team. I checked for their costs online beforehand so I knew what the baseline quotes were. I went for the one which had the best reviews and was most reasonably priced.
EXTRAS:
We upgraded:
The carpets
The flooring
The Kitchen
Bathroom and WC tiles
We went for more downlights
We had more electric points for sockets, external lights
We upgraded:
The carpets
The flooring
The Kitchen
Bathroom and WC tiles
We went for more downlights
We had more electric points for sockets, external lights
WHY WE OPTED FOR IKEA WARDROBES
The developer was offering built in wardrobes for a very high cost. As we were renting a show home built by the same developer 10 years ago and had exactly the same wardrobes, we knew that we could get better quality ones which met our requirements. We decided to design our own on the IKEA website and got some brilliant choices for almost half the price!
Issues with external wardrobes:
1. You need to ensure the measurements are accurate. Luckily we had the exact floor plans and also measured the spaces in the rooms for these.
The developer was offering built in wardrobes for a very high cost. As we were renting a show home built by the same developer 10 years ago and had exactly the same wardrobes, we knew that we could get better quality ones which met our requirements. We decided to design our own on the IKEA website and got some brilliant choices for almost half the price!
Issues with external wardrobes:
1. You need to ensure the measurements are accurate. Luckily we had the exact floor plans and also measured the spaces in the rooms for these.
2. The wardrobes are not exactly made to fit perfectly. There is some space on top of them ( which we intend to fill with boarding later on)
3. You need to book deliveries and then hire an assembly team if you do not intend to assemble these on your own. We went for:
https://www.facebook.com/flatpackinstall/
https://www.facebook.com/flatpackinstall/
4. You need to ensure the items are delivered as soon as you get the keys and then book the assembly team - you are given an official handing over date a week or 2 in advance and at that point, IKEA had same day to upto 4 weeks in advance deliveries.
HOUSE VISITS:
We visiting the property twice.
The first visit which was offered by the developer was when the structure was complete, walls were painted. It was term break at that time so we took turns to go inside to visit the property whilst one parent stood outside with our daughter.
Hence it was a rushed visit. Neither of us could measure the areas for IKEA wardrobes. Also, we were awestruck when we stepped into our first house we had bought so we could not really focus on what we had actually come here for.
Therefore we booked another visit and luckily, it was at a time when our daughter was at school.
We visiting the property twice.
The first visit which was offered by the developer was when the structure was complete, walls were painted. It was term break at that time so we took turns to go inside to visit the property whilst one parent stood outside with our daughter.
Hence it was a rushed visit. Neither of us could measure the areas for IKEA wardrobes. Also, we were awestruck when we stepped into our first house we had bought so we could not really focus on what we had actually come here for.
Therefore we booked another visit and luckily, it was at a time when our daughter was at school.
By this time , the kitchen counter was fit, bathroom tiles were also fit and the internal wiring and lights were done.
We were allowed to take pictures and spent a good 30 minutes going through each room.
We were allowed to take pictures and spent a good 30 minutes going through each room.
I had a checklist for the optional extras we had opted for ( ie extra downlights, sockets, upgraded kitchen, etc ) so I ticked them off my phone as we went from room to room along with taking pictures for future reference.
The first visit was with the site manager who was very patient and explained everything in detail.
The second visit was with the saleslady who was dealing with us since we booked the property and again, she noted down any concerns we had.
From the 1st of October, the access road to the property was open hence we walked there on a daily basis to have a look and get ideas for external lighting, etc.
Had a tour with the site manager on the 23rd of October and then were allowed to stay to take pictures, make a list of any concerns.
SNAGGER
As we are clearly clueless when it comes to snagging, we hired a professional snagging team:
https://www.tonge-robinson.co.uk/
From the 1st of October, the access road to the property was open hence we walked there on a daily basis to have a look and get ideas for external lighting, etc.
Had a tour with the site manager on the 23rd of October and then were allowed to stay to take pictures, make a list of any concerns.
SNAGGER
As we are clearly clueless when it comes to snagging, we hired a professional snagging team:
https://www.tonge-robinson.co.uk/
We went for the top package as we wanted to ensure we are able to get everything sorted beforehand.
We booked their service on the day after our legal completion date. They informed us about urgent issues to raise immediately which included
1. Leak from shower door
1. Leak from shower door
2. Leak from shower over bath screen
3. Dishwasher hose not connected properly.
3. Dishwasher hose not connected properly.
And they prepared a more detailed report of other issues.
They sent an official report within 4 days which we sent to the developer.
We met the site manager soon after and they have satrted working on the issues raised.
We met the site manager soon after and they have satrted working on the issues raised.
MOVERS
As we resided less than a mile away from the new property, we could easily move most items ourselves.
So we spoke to this team:
https://www.facebook.com/ManWithVanCan/?locale=en_GB
As we resided less than a mile away from the new property, we could easily move most items ourselves.
So we spoke to this team:
https://www.facebook.com/ManWithVanCan/?locale=en_GB
We booked an appointment with him a few weeks in advance and he checked all the items and gave a very reasonable quote for all heavy items for unassembling, moving and reassembling.
Anyvan was quoting more than double!
SECURITY
https://www.adt.co.uk/
https://www.adt.co.uk/
I felt we shold get a good quality security system. The costs depend on what products you choose and we went for a detailed security system. We have a few cameras covering all sides of the house with motion sensors.
OUR MOVE IN DATES
We kept renting for 4 weeks extra.
In that time, we got all the deliveries for furniture sorted, curtains, blinds, security system, snagging , etc
We kept renting for 4 weeks extra.
In that time, we got all the deliveries for furniture sorted, curtains, blinds, security system, snagging , etc
And since we lived just a few minutes away, we slowly started moving in.
FUNDS
This is the most important topic. The costs of houses are more than what they used to be a few years ago and the interest rate has gone up significantly.
So the 1,800 per month mortgage that I have to pay now was less than 1,000 7 years ago.
Have a look at the bank of England interest rates here:
https://www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate
https://www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate
In order to save this amount ( which comes to be around 50,000 GBP for the deposit, choices, extra expenses over the past 6 months), I have had to locum. Due to rising costs of living, I have not been able to save from my main salary.
This has meant that I have had to spend every weekend working in a hospital which offers me better rates ( from 85 to 100/hour) - However even then I do not get to take the whole amount home, almost 45% of this is taxed.
So I have had to locum almost every weekend for the past few years. First it was visa costs ( which luckily have now come down ), then ILR and British Citizenship costs ( around 9,500) and then the expenses for the house.
So I have had to locum almost every weekend for the past few years. First it was visa costs ( which luckily have now come down ), then ILR and British Citizenship costs ( around 9,500) and then the expenses for the house.
I recognized that I would not be able to afford anything with my base salary and hence have had to work extra hard.
It is by no means an easy journey - I have managed to save up enough for the house but it has come at a cost- the cost of spending time away from family - my wife and my daughter. I have missed out on taking her on her friends birthdays, taking her to the park, reading a bedtime story. I have tried my best to compensate for this by taking leaves during weekdays to take her to school and spend time with her when she comes back home.
Luckily, I have found trusts and the right people in those trusts who offer me escalated rates but it does take a toll.
And this is why we are striking:
https://www.bma.org.uk/our-campaigns/junior-doctor-campaigns/pay/junior-doctors-guide-to-industrial-action-in-england-2023
And this is why we are striking:
https://www.bma.org.uk/our-campaigns/junior-doctor-campaigns/pay/junior-doctors-guide-to-industrial-action-in-england-2023
It is no doubt worth it in the end but if you ask your consultants who CCT'd a few years ago, things were much easier back then and most of them bought houses early in their careers in the UK due to low costs of living, low mortgage rates and less costs of houses.
WHEN IS THE RIGHT TIME FOR ME?
Whenever you feel ready - both financially and are settled in a region.
What you do not want is to buy a house and not be able to afford the mortgage.
Or buy a house and have to travel 2 hours one way to a trust where you have got your training.
Whenever you feel ready - both financially and are settled in a region.
What you do not want is to buy a house and not be able to afford the mortgage.
Or buy a house and have to travel 2 hours one way to a trust where you have got your training.
I bought a house 7 years after I came to the NHS so please do not rush.
1 MONTH DOWN THE LINE....
Just an update after a month - the developer has fixed all snags including minor cosmetic changes. I have the contact number and email address of the site manager and he responds promptly to any queries. It has helped that the developer is still building houses in the area and as a result the whole team is available for any concerns.
So far, I am very impressed with the builder and cannot fault the site team.
SOME TIPS
HAGGLING:
HAGGLING:
Negotiate with the developers. Ours offered NHS discount and some offer more perks as well like
- free flooring and carpets which you can upgrade
- upgraded kitchen and bathrooms tiles
- offer to pay mortgage for the first few months
- Solar panels
- Solar panels
- electric car charger port
- mortgage contribution : upto 1k per month for the first year
You can get upto 50k discount this way!
- mortgage contribution : upto 1k per month for the first year
You can get upto 50k discount this way!
So shop around to get a general idea.
TAKE YOUR TIME
Do not rush into making a decision. We had the money for a deposit but waiting for the right house and the 6 months extra was worth it.
The mortgage rates are sky high right now and we got lucky with a rate of 4.53% ( the rates increased 2 weeks later)
WADROBES
Check the quality of items like wardrobes, etc from the developer and compare it with furniture stores like ikea. Other local companies are also worth checking.
You can save a massive amount. We saved around 4k.
You can save a massive amount. We saved around 4k.
SOLICTORS AND MORTGAGE ADVISORS
Shop around for solicitors and mortgage advisors. If the developer recommends someone, ensure you check their reviews.
QUALITY OF BUILD
The property's quality of build varies from developer to developer and is mostly dependent on the site manager so make sure you ask people living in that area how they have found the property.
USING YOUR LOCAL GROUPS
Local Facebook groups are a very useful resource to get information about where to get furniture from, where to find handymen , electricians, etc
USING YOUR LOCAL GROUPS
Local Facebook groups are a very useful resource to get information about where to get furniture from, where to find handymen , electricians, etc
BASIC SPECS
Be aware that you will get a house with very basic things like a standard kitchen and half tiled bathrooms. When you start adding choices the cost goes considerably higher. We spent around 20k on getting an upgraded kitchen, flooring , carpet , extra sockets , Silestone for kitchen top , tiles for the bathrooms. So you need to look into these costs as well and don't think it will just be the standard cost of your property you will be paying.
In some cases , like ours , you may have to pay a certain amount of the extras you have chosen on the day you finalize these with the developer.
EXTRA COSTS
Keep around £10,000 extra for various costs which include
Relocation
Security system
Furniture
Etc
RAISE CONCERNS
Get a snagger. I cannot fault these guys:
https://www.tonge-robinson.co.uk/
Get the site manager to go through the snags with you.
Our site manager spent 2 hours with us going through each and every snag mentioned in the PDF emailed to us. We would have easily missed these issues and they would would have caused a massive issue later.
This is their job. Remember, you have spent a huge sum of money and now is your time to raise issues.
Having said that, in most cases the site team are still around especially if there are more new builds in the same development which are being built- so please raise any issues you have with the site team.
Get a snagger. I cannot fault these guys:
https://www.tonge-robinson.co.uk/
Get the site manager to go through the snags with you.
Our site manager spent 2 hours with us going through each and every snag mentioned in the PDF emailed to us. We would have easily missed these issues and they would would have caused a massive issue later.
This is their job. Remember, you have spent a huge sum of money and now is your time to raise issues.
Having said that, in most cases the site team are still around especially if there are more new builds in the same development which are being built- so please raise any issues you have with the site team.
OTHER RESOURCES
Talking to colleagues at work
Talking to mortgage advisors
Google!
Talking to colleagues at work
Talking to mortgage advisors
Google!
Some useful groups
https://www.facebook.com/groups/384022348622653/?ref=share
https://www.facebook.com/groups/400826031956239
https://www.facebook.com/groups/400826031956239
Various Instagram posts by searching for keywords like " new build " , " barratts " , etc
I hope this blog helps. At the time of posting this , the mortgage rate was 5.4% and this is very high- If you are thinking of buying, you may want to wait or consider a smaller property with the view of paying off the mortgage early. But I am no expert here so please do get an opinion from a professional.
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