So I teach Vy climb to 1000 AGL as altitude is your friend so you want to get to an altitude where you have options as quickly as possible, and in the event of an engine failure below 1000, it is nose down to the glide and only turning enough to avoid major obstacles.
The examples I gave earlier (Southampton and Bembridge) have the problem that the "major obstacles" are all in front and to the side of you so the only real option may be a turn back (or at least a turn of over 90 degrees), if you CAN land straight ahead then I certainly agree with not turning back, but what to you do when that option is just not realistically there?