What Costs Will I Have To Pay Up Front When Purchasing a House?

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What Costs Will I Have To Pay Up Front When Purchasing a House?

When purchasing a house there will be several upfront costs involved. These include the following, a deposit, stamp duty, valuation fees, legal feels, local search fees, land registry fees, arrangement fees, removals fees. Once you have purchased the property you will have other commitments of ownership such as mortgage repayments, utilities and council tax etc. The deposit payment is the largest initial cost involved in the home buying process. This could range from 5% to 25% of the full purchase value. There are lenders who will offer 100% mortgages depending on your circumstances. Before the lenders will agree the amount of borrowings, they will require an independant assesment towards the security of the loan, you will therefore need to arrange a valuation of the property. This will cost about five hundred pounds, depending on the lender and size of the house. If your home is worth over £125,000 then you will be subjected to paying stamp duty on the property purchase. This will be between 1%-4% of the value of the property. If the property you intend to buy is in what is known as a disadvantage area, then you may not have to pay stamp duty on it. There will be fees for what is known as local searches which your solicitor will carry out on you property through the local council. The cost for this will vary depending on the local area you are buying in. There will also be fees for the land registry which can be calculated on the land registries website. The amount also will be dependant on the value of the property. The lender may charge you what is known as an arrangement fee, this amount will vary from lender to lender and this may be added to your mortgage amount. Removals will be another one of those expenses tied in with getting your own home, what this will cost will be dependant upon the volume you will be transporting and the distance between the locations.

First Time Buyer Mortgages Frequently Asked Questions

What is the first time buyers initiative?	Am I ready to buy my first house?
What help is there for first time buyers?	Should I go for a 100% mortgage?
Should I borrow a high income multiple?	What decisions do I need to make?
What are the costs of buying a property?	What are the first time buyers risks?
How do I get a deposit for my new house?	What's involved in buying your first home?

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