In this article
Buying and moving home is an exciting time, but it can also feel overwhelming once you start to add up the costs involved.
Planning ahead makes all the difference, helping you stay in control and avoid surprises along the way.
Here, we will talk you through the main expenses you need to know about, so you can budget with confidence and enjoy your next move.
Costs of Buying a House
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Your Deposit
The deposit is usually the biggest upfront cost when buying a home. The amount you will need depends on the property price and the mortgage you are applying for.
If you are putting down a 5% deposit, the mortgage lender will cover the remaining 95%.
The more you can contribute towards the deposit, the more competitive mortgage products may be available to you. Your deposit is usually paid at the point of exchange of contracts.
Our team can talk you through first time buyer mortgage options and explain how different deposit amounts might affect your monthly payments and product choices.
Estate Agency Fees
You will only need to pay estate agent fees if you are selling a property. These fees vary widely between agents.
Online estate agents often charge lower fees because they do not run local branches, but some buyers prefer the personal touch of a high street agent.
Traditional agents tend to charge between 1% and 2% of the selling price. In a strong seller’s market, fees are often negotiable, so it is always worth asking.
Estate agency fees are usually paid on completion of the sale.
Survey Costs
When you buy a home, your mortgage lender will usually arrange a basic property valuation to check the value.
Sometimes this is free, but if not, you may need to pay several hundred pounds. Some lenders ask for payment at the mortgage application stage.
You can also choose to upgrade the survey. A Homebuyer’s Report or full Building Survey gives you a more detailed understanding of the property’s condition.
These options are more expensive, but they can help you avoid unexpected repair bills later.
If you are buying an older property or a home that looks in need of attention, it is often worth investing in a more detailed survey.
Mortgage Arrangement Fees
Some mortgages come with fees attached, which can range from nothing at all to a few thousand pounds.
A lower interest rate often comes with a higher arrangement fee, so it is important to weigh up the full cost over the initial period.
Sometimes paying a fee for a lower rate makes sense; in other cases, it might be cheaper to choose a slightly higher rate with no upfront charges.
Some lenders allow you to add the arrangement fee to your mortgage, but this means paying interest on it over the life of the mortgage.
Our mortgage brokers will work out the true cost for you, helping you find the most affordable solution for your circumstances.
Solicitor Fees
A solicitor or licensed conveyancer handles the legal work when you buy or sell a property.
They will check ownership details, any restrictions on the title, and any local plans that might affect the home in the future.
When comparing quotes, always check what is included. Some quotes may not cover VAT or local searches.
It is also important to make sure your chosen solicitor is approved by your mortgage lender, or it could cause delays. Solicitor fees, including the cost of searches, are usually paid just before completion.
We can recommend firms that offer a good service at a fair price and are recognised by all major lenders.
Stamp Duty
Stamp duty is a tax that may apply depending on the purchase price of the property.
The rules change from time to time, and different rates can apply depending on whether you are a first time buyer or moving home.
Because stamp duty is a tax issue, we always recommend speaking with a qualified tax advisor if you are unsure whether it applies to your purchase.
Your solicitor will usually collect any stamp duty due as part of the completion process.
Mortgage Broker Fees
Mortgage brokers often charge a fee for their services, but this varies between companies.
At our company, we only charge a fee once we have successfully secured a formal mortgage offer for you.
This means you can be confident you are getting advice focused on helping you move forward, not just paying a fee for trying.
Broker fees are usually payable once you receive your mortgage offer.
Removal Costs
Moving day itself can bring additional expenses. You might decide to hire a professional removal company, especially if you have large furniture, fragile items, or want packing services included.
Removal costs vary depending on how far you are moving, how much needs to be transported, and whether you choose extras like full packing and insurance cover.
Although it may be cheaper to hire a van and move yourself, many buyers find that professional removals reduce stress and make the move much smoother.
Payment for removals is usually made on or shortly before moving day.
Getting the Right Support Along the Way
Buying and moving home involves several costs, but having the right advice makes it easier to plan ahead.
Whether you are arranging your first time buyer mortgage, looking for moving home advice, or simply checking what you can afford, we are here to help you every step of the way.
Our team will guide you through the process, explain the true costs involved, and help you move forward with confidence.
