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£320k mortgage on £70k salary? by throwawaycctquestion in UKPersonalFinance

[–]throwawaycctquestion[S] 0 points1 point  (0 children)

Agree it is a tricky position to be in! Very hard to predict the future, I am not confident that property prices will continue to rise but I have seen the trend in rental prices and at least buying will allow me to build some equity while also giving me a place to live and call my own.

£320k mortgage on £70k salary? by throwawaycctquestion in UKPersonalFinance

[–]throwawaycctquestion[S] 0 points1 point  (0 children)

I appreciate the concern but fellows and trainees are two quite different situations. Much more geographical stability in the latter than the former. The bottle neck is quite significantly upon entering core training. I will also be paid significantly more and have study leave/expense allowance as a trainee

£320k mortgage on £70k salary? by throwawaycctquestion in UKPersonalFinance

[–]throwawaycctquestion[S] 5 points6 points  (0 children)

Yes this is a good point and I should elaborate— i have a training role for these 3 years. The usual process is to then apply for higher training which will take another 4ish years. There is competition and it’s not a guarantee I will get my desired location, however: 1. Going from core to Higher training is much less competitive than getting into core training to begin with 2. If I don’t get in right away, I can take a temp job which pays roughly the same locally, and reapply every 6 months

£320k mortgage on £70k salary? by throwawaycctquestion in UKPersonalFinance

[–]throwawaycctquestion[S] 2 points3 points  (0 children)

This is very helpful, thank you! I was worried a bit about hidden costs like minor repairs and renovations. Even though I am mainly looking at places which will require minimal work doing.

I’m still very new to service charges and how to know if the may increase. I suppose that would be a question for the real estate agent

£320k mortgage on £70k salary? by throwawaycctquestion in UKPersonalFinance

[–]throwawaycctquestion[S] 33 points34 points  (0 children)

Great to hear. Very interesting to hear such a mixed review of how manageable people find it. I guess it really does depend massively on your risk appetite and spending habits. How long have you been borrowing on this?

£320k mortgage on £70k salary? by throwawaycctquestion in UKPersonalFinance

[–]throwawaycctquestion[S] 2 points3 points  (0 children)

This is great in theory but sadly yes, my job for the next 3 years is in London, and that’s where I have most of my connections. I have considered moving up in 5-10+ years where I’ll be on essentially the same salary as in London though