Don't worry, they get bazzillians of pounds* thrown at them when they run off to become GPs.
*perhaps not 100% true.
Pre crash house prices
- Thread starter Dr House
- Start date
Don't worry, they get bazzillians of pounds* thrown at them when they run off to become GPs.
*perhaps not 100% true.
naa not as much as people think:
In the most junior hospital trainee post (Foundation Year 1) the basic starting salary is £22,412. This increases in Foundation Year 2 to £27,798. For a doctor in specialist training the basic starting salary is £29,705. If the doctor is contracted to work more than 40 hours and/or to work outside 7am-7pm Monday to Friday, they will receive an additional supplement which will normally be between 20% and 50% of basic salary. This supplement is based on the extra hours worked above a 40 hour standard working week and the intensity of the work.
Salaried GPs employed directly by PCTs earn between £53,781 to £81,158, dependent on, among other factors, length of service and experience.
Well, they do an important job. £81,000 is rather a lot of money considering the talent ceilings of some of them, though!
81k is what a Salaried GP would retire on after working for many many years of working. Don't forget it takes 11 years to become a GP now.
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Estate agents valuations are pretty worthless tbh as they will tell you what you want to hear. Case in point, in my old flat the landlord across the hall had his flat valued at £85k-£90k, valuation from the Home Buyers Report (required in Scotland for house sales) was no more than £60k.
Get a proper company (chartered surveyors) to survey the place, a generic mortgage valuation survey is about £150 or was when we got our new build surveyed. They will do a proper investigation of local house prices of similar builds from the last few years then undertake a survey of the property to give you a valuation.
I used J and E Shepherd who have branches across the country http://www.shepherd.co.uk/Web/contact/contact.htm
My missus started on £22,000 basic (bottom of the grade) as a registered Staff nurse with the NHS. It's not bad pay at all for nursing, and she got a grant of £500pm for the three years she was studying. Mind you for the amount of crap they have to put up with I have to say I couldn't do her job. She's on an orthopaedic and trauma ward and the amount of junkies/idiots they get is ridiculous. So glad to see my taxes pay for them to waste hospital funds.
I just bought my first place........ read into the financial side of the purchase extensively & came to the conclusions:
a) housing is not a reliable investment and should not be treated as such particularly by an amateur such as me
b) we are likely not at the bottom of the market but we likely are at the bottom of the mortgage market, in terms of lowest interest rate available
a) housing is not a reliable investment and should not be treated as such particularly by an amateur such as me
b) we are likely not at the bottom of the market but we likely are at the bottom of the mortgage market, in terms of lowest interest rate available
What are peoples opinions if the shared ownership/equity schemes being launched by the govt currently? They seem to either be taken as a god send for FTB's or a way of artificially propping up house prices, and thus a scam.
Since they are generally for new-builds only I believe they are initially over valued by the builder, as well as having high interest rates associated with the 5% deposit. Even so I currently pay 800/m for a crappy 1 bed in SW London, with the scheme I would be looking at a new build 1bed along the river in a decent area...
Since they are generally for new-builds only I believe they are initially over valued by the builder, as well as having high interest rates associated with the 5% deposit. Even so I currently pay 800/m for a crappy 1 bed in SW London, with the scheme I would be looking at a new build 1bed along the river in a decent area...
Really depends how big your deposit is. But generally if you feel the need for shared ownership, then it is probably better to just keep saving on that deposit until you can afford something properly.
Don't forget with shared ownership you still have to pay rent to the other owner.
Don't forget with shared ownership you still have to pay rent to the other owner.
The firstbuy schemes are not shared-ownership (different type), so you don't pay rent. You don't pay anything for 5 years on the amount the scheme pays in (20%).
it's a good choice if you earn enough to afford the mortgage payments but don't have a big enough deposit.
of course with a 5% deposit the risk of negative equity is higher, which is a consideration if you are aiming at a quick sale.
im looking into exactly that scheme at the moment. Yes, the developer's properties are overprices compared to the local market, but the way I see it as long as the difference between the developer and the local properties is within £10k then it's fine, as I would spend the latter amount on renovating the old place anyway.
We've just bought our first place - a 3 bed link detached.
Father in law managed to get them to gift us a 5% deposit and addition to our 10% and they also reduced the price by £19,950.
We were looking at the firstbuy scheme but the extra £250 a month after 5 years would have made things difficult for us.
Developers at the minute are offering some good reductions if you can talk them down.
They also did free carpets throughout for us.
Father in law managed to get them to gift us a 5% deposit and addition to our 10% and they also reduced the price by £19,950.
We were looking at the firstbuy scheme but the extra £250 a month after 5 years would have made things difficult for us.
Developers at the minute are offering some good reductions if you can talk them down.
They also did free carpets throughout for us.
Soldato
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Shared ownership is a scam preying on people who cant raise the deposit (Like me)
Typically the mortgage monthly payment plus "rent" to the part owner works out as more than a mortgage on its own
Vendor gifted deposit was much more interesting but the only lender who provided it have pulled out (Halifax) probably because no fat cats were getting rich off it as it was a genuine scheme to help people out who were struggling to raise the impossible deposit needed these days
Typically the mortgage monthly payment plus "rent" to the part owner works out as more than a mortgage on its own
Vendor gifted deposit was much more interesting but the only lender who provided it have pulled out (Halifax) probably because no fat cats were getting rich off it as it was a genuine scheme to help people out who were struggling to raise the impossible deposit needed these days
And the steadily rising service charge that ends up being way more than the original quote.
Shared Ownership - the worst parts of renting plus the worst parts of a mortgage in one handy package.
don't you just love the UK financial services industry, always coming up ways for the young to get themselves into massive debt on, just to get a small amount of comission.
TBH the vendor deposit thing is a complete joke and basically fraud. What they are doing is over valueing the house and then giving you some back, this then technically means you have a bigger deposit
which of course you haven't because the house is not worth what you paid for it. All this means however that the purchaser can claim a bigger deposit than they actually have and hence are more likely to get a loan.Banks should not do this as it adds risk to the loan which has been underwritten under a false pretext. Of course, the financial advisor and the builder want it all to go through as the builder sells his house and the FA gets his comission.
The one who loses out the most is the bank as it ends up with a riskier loan than it intended.
Soldato
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Exactly, as someone trying to save up this kind of money on their own I can tell you its extremely frustrating knowing that £10k deposit will get you the very bottom of the barrel in Manchester and even then you have all the charges of the buying process on top.
Just thinking about it really ****** me off.
Just thinking about it really ****** me off.
You dont, you will be exempt from stamp duty. The other costs are minimal. Try paying £40k+ in stamp duty on a single transaction then start moaning about how unfair transaction "charges" are....
Tell me about it, they are ridiculous. My mate's parents sold a 3 bedroom terrace for over £360k the other day!
It wasn't even in that nice of an area. Going to have to move to be able to afford to live I think.
So been looking into the London FirstSteps scheme a little more today, think I'll be giving it a miss...
Rent and 'service' charge which can be increased at the will of the builder as well as the difficulty of selling unless you own anything but 100% of the property.
Shame that a scheme aimed to help people in my position will actually end up severely handicapping me after a few years. Pretty damn hard to save a deposit while renting in London I must say, guess I'll just have to deal with paying off other peoples rent until some relative die off.
Rent and 'service' charge which can be increased at the will of the builder as well as the difficulty of selling unless you own anything but 100% of the property.
Shame that a scheme aimed to help people in my position will actually end up severely handicapping me after a few years. Pretty damn hard to save a deposit while renting in London I must say, guess I'll just have to deal with paying off other peoples rent until some relative die off.
Soldato
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News today was average selling price has dropped again this month, average buying price is still flat according to rightmove. IE people are slowly starting to lower asking prices, the actual prices paid are static.
The average house price is anything upto 40% below this asking price, yikes!
Certainly watching property near me sensible priced houses are selling, those that are refusing to accept house prices are devaluing are just sitting on the market.
linky
http://www.bbc.co.uk/news/business-14526324
The average house price is anything upto 40% below this asking price, yikes!
Certainly watching property near me sensible priced houses are selling, those that are refusing to accept house prices are devaluing are just sitting on the market.
linky
http://www.bbc.co.uk/news/business-14526324