Wealth Check: Put the home on hold and do some minor savings surgery

The patient

Doctor Polly Baker, 28, is eager to buy her first property, but uncertainty over job location makes things tricky.

She is based in Brighton, training to be an anaesthetist at the Royal Sussex County Hospital. "But I could be moved to a different hospital somewhere else in the country later in the year," she says. "Hopefully by the summer I will have a clearer idea of where I will end up, and I have requested to remain around this area."

Polly earns £40,000 a year and this salary will rise. She has managed to amass a substantial sum, with £25,000 in cash individual savings accounts (ISA) at Nationwide, paying 5.5 per cent, alongside £5,000 in its Reward Bond at 5.8 per cent.

She has also steered clear of debt, having paid off her student loans and managing to get by without credit cards.

At the moment, she is renting a room for £450 a month in Brighton and says she will buy only when she knows where she will be for the foreseeable future.

For long-term financial security, she has been contributing to the National Health Service pension scheme for four years.

She also has death-in-service benefits of two times salary through her employer.

The cure

With speculation about a housing market slump, Polly may be wise to put off grabbing the first rung of the property ladder for a year, agree our panel of independent financial advisers (IFAs). By then, prices may have slipped a little, and when her job location is confirmed she will be in a great position to appeal to lenders as she has plenty of savings, no debt and good job prospects in her favour.

Savings/investments

Until her job situation becomes clearer, and in light of the current stock market volatility, she should steer any spare cash towards deposit accounts, says Dane Halling from IFA Arcturus Investments.

So she isn't tempted to dip into her savings, she could tie some of the money up in a one-year fixed-rate ISA with Nationwide, adds Anna Sofat of IFA AJS Wealth Management. This pays an attractive 6.15 per cent – and as the base rate is expected to fall further this year, taking advantage of one of high rates currently on offer is a wise move.

Given Polly's surplus income, she should be able to set aside about £500 a month.

Property

Before starting to house- hunt, she should get a mortgage approved "in principle", says Keith Churchouse from IFA Churchouse Financial Planning. This will show sellers she is in a position to proceed quickly.

Polly's current rent of £450 a month equates to an interest-only mortgage of just £90,000 at 6 per cent, so the home loan she will require will eat up far more of her spare cash.

Retirement

The NHS pension scheme is "excellent", says Mr Churchouse. It has a retirement age of 60, and at this point she will be entitled to a maximum pension of 50 per cent of salary, assuming she has 40 years of service.

But she should be aware that the NHS is introducing a new scheme from April this year, adds Ms Sofat. "She will have the choice to remain in the current scheme or switch to the new plan."

One of the differences between the two is that the retirement age rises to 65 under the new arrangements – but Polly would benefit by being able to build a maximum pension of 66 per cent of her salary.

Over time, Mr Halling suggests, Polly could consider starting an alternative retirement plan, such as a self-invested personal pension (Sipp), over which she could have full control.

Protection

As an NHS employee, Polly has generous protection benefits. And as she has no dependants, says Mr Churchouse, she doesn't need more cover.

Interview by Harriet Meyer