What Are The Costs Of Buying A House? - First Time Buyer

Before you start your property search, it’s important to consider all the costs of moving. Unfortunately, there is more than just the cost of the house to consider. Going through your finances early will prevent you getting caught short later down the line!

Manning Stainton

Upfront Costs

House next to a jar of coins

Your deposit will most likely be your biggest upfront cost when buying a home. The amount of deposit you will need depends on the mortgage lender. The usual minimum deposit for first time buyers starts at 10% of the cost of the property.

Stamp Duty

Stamp Duty

For First Time Buyers Stamp Duty Land Tax is paid on any property purchase over £300,000 outside of the Stamp Duty Holiday. Stamp Duty is to be paid within 30 days of the completion of the sale. Your solicitor, estate agent or conveyancer will usually file this for you.

Surveyor’s Fee

Man wearing a hard hat holding a tablet

Once you’ve found a property you love, a survey will need to be carried out to confirm the value of the property and check it’s in good condition before you commit to the purchase. These fees will vary.

Legal Fees

Man in suit holding a pen

As we mentioned buying a property comes with a lot of legal obligations. You will need a solicitor or licensed conveyancer to carry out the legal work for you to help your move run smoothly, which will come at a cost.

Mortgage Fees

Mortgage loan agreement paperwork

When taking out a mortgage you will incur some charges that may include arrangement fee’s, booking fee, admin fees and mortgage broker fee’s. Fee’s are individual to the mortgage lender and need to be discussed prior to committing.

On Going Costs

A laptop surrounded by paperwork

Don’t forget about the costs when you eventually get into your property. You will need to think of insurance, council tax and utility bills along with furnishing and preparing for any unexpected repairs that may occur.

Once you have considered all your costs, you will be in a good position to understand your budget and be on your way onto the property ladder!

Feature Guides & Property Insights