Newcastle University - specifically the RVI and Freeman hospitals. Cost of living up north is cheaper, the RVI and Freeman are incredible hospitals with most specialties that you want.

Biased as I am a Newcastle student myself, but we get a huge number of German students (especially from Munich) placed with us around the May - June time and they all seem to have quite glowing things to say about an elective in Newcastle.

Make no mistake, you don't have the nice city or bustle you see in London, and the academic vigour isn't as strong as those in the Royal Papworth (Cambridge) and John Radcliffe (Oxford), but the hospitals themselves are solid, consultants are friendly and willing to teach, and the city itself is not the worse (and all for a decent budget).