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Buying A New Home

If you are going to need a mortgage to help you buy a property, you may want to speak to a mortgage adviser before you start looking, to give you an idea of what price range you can afford, the type of mortgage that might be suitable and any mortgage fees involved - see Useful links.

Don't forget to take into account the costs of buying and moving which typically include:

  • Valuation and/or survey fees - if you are taking out a mortgage, the lender will insist the property is valued. But, especially if you are buying an older property, you may want to hire a surveyor to carry out a more comprehensive survey to make sure there are no hidden problems - see Useful links.
  • Legal costs - A solicitor or licensed conveyancer can manage and guide you through the legal process - see Useful links.
  • Stamp duty – ranges from 1– 4% - on properties of £125,000 and over. Although for 2 years from 25 March 2010, first time buyers will not have to pay stamp duty if the purchase is less than £250,000. A 5% band may be introduced in 2010 for properties worth over £1m.
  • Estate agent's fees - Typically between 1 and 2 per cent of the purchase price. The agent can also arrange a Home Information Pack (see Jargon made clear) for which there is normally a separate charge. Removal firm - Unless you are able to move your belongings yourself.

Buying a home and Mortgages

Cost of a home
If you are buying, calculate:

  • Mortgage arrangement fee.
  • Valuation/survey fee.
  • Legal costs.
  • Removal costs.
  • Regular costs: mortgage, buildings insurance, property maintenance.
  • Stamp duty land tax
  • Re-inspection fee
  • Higher lending charge
  • Telegraphic transfer charge
  • Legal costs

If you are selling, calculate:

  • Legal costs.
  • Estate agents fees.
  • Home information pack.
  • Removal costs.
  • Penalties for paying off the mortgage early

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