Cashback Remortgages · First-time buyers
The Full Cost of Buying Your First Home
The deposit is only part of what a purchase needs. Budgeting for the other costs early prevents a shortfall close to completion.
Costs to plan for
- Deposit — usually at least 5% of the price.
- Valuation and any survey you commission.
- Legal and conveyancing fees, plus searches.
- Property tax (SDLT, LBTT or LTT depending on the UK nation).
- Mortgage product or arrangement fees, if you pay them upfront.
- Removals and immediate essentials after moving in.
Keep a buffer
Emptying your savings into the deposit can leave you exposed. Keep an emergency buffer for early repairs and unexpected costs. Confirm the exact property-tax position with your conveyancer.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.