Its more than the depositCosts to consider

Stamp duty is a government tax that you have to pay when buying property in England.  The amount you pay is dependent on the value of the property and is tiered.  The good news is that if you are a first-time buyer you don’t have to pay any tax at all on the first £300,000 of the value of your new home.  For more information on stamp duty visit the government website.

Also - if you complete on your new home, you're unlikely to pay stamp duty on any of our homes priced under £500,000.

There are several fees that you will need to pay as part of your house purchase:

Valuation fees

Your mortgage company will require a valuation survey to be carried out on your new home to make sure its worth the amount you want to borrow – this is likely to cost about £250.

Solicitor fees

Unless you are lucky and have a very good family friend who is a solicitor, you will need to pay for one.  They will carry out all the legal work that is involved in buying a new home and will charge around £1,000 for this.

Mortgage arrangement fees

These are fees charged by your bank for setting up a mortgage.  It’s usually an upfront cost, but can also be added to your mortgage repayments with interest and comes in around £2,500.

It’s not easy to predict what other costs may come up, as each house purchase is different, you may be charged fees for notice of mortgage, mortgage approval or a mortgage reservation fee.  Speak with your solicitor to gain an understanding of any extra costs.

Let us help you find the home to fit within your budget,

give us a call on 0808 196 1532 or start your Persona journey here.