Its more than the depositCosts to consider

Buying a new home is a big expense, but its more than just the mortgage. Make sure you've done your sums and understand all the costs.

Pause for thought


It’s great that you have made that decision to buy a new home, and you may have already saved your deposit.  There are other costs to consider as part of your house buying adventure - let us share them with you so there are no nasty surprises.

Pause for thought


It’s great that you have made that decision to buy a new home, and you may have already saved your deposit.  There are other costs to consider as part of your house buying adventure - let us share them with you so there are no nasty surprises.

Stamp duty

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.

Fees

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.

Other costs

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.

Moving forward

Once you have the keys to your brand new home you will be committed to a number of ongoing monthly payments. Additional costs to consider are:

  • Mortgage repayment

  • Buildings and contents insurance

  • Gas and electricity

  • TV, broadband and phone

  • Water

  • Council tax

Good to go?

Let us help you find the home to fit within your budget, give us a call on 0800 030 8888 or
start your Persona journey here.

Keen to find out more?

Whether you’d like to book a viewing or simply have a quick introductory chat, our helpful advisory team would love to hear from you.