Saving the deposit is the part most buyers plan for, but completing a purchase and moving in brings a string of other costs. Knowing them in advance helps you avoid a shortfall just as you are ready to buy.
On top of the deposit, budget for Stamp Duty, legal and survey fees, mortgage and removal costs — often several thousand pounds in total — plus the ongoing running costs of the home once you move in.
The largest extra is usually Stamp Duty (or its equivalent in Scotland and Wales), which depends on the price and whether you are a first-time buyer. Use our property tax calculators for an exact figure.
Then come conveyancing or solicitor fees, search fees, a mortgage valuation and often a more detailed survey. A mortgage arrangement fee may apply, which you can sometimes add to the loan or pay upfront.
Removals, or van hire if you do it yourself, can run from a few hundred to over a thousand pounds. Add the cost of any immediate furniture, white goods or essential repairs.
On a leasehold flat there may be ground rent and service charges, and these should be checked before you commit, as they can be substantial.
Once you own the home, budget for buildings insurance (usually a mortgage condition), Council Tax, energy and water, and a maintenance fund for repairs.
Older homes and larger properties tend to cost more to heat and maintain, so factor this into what you can comfortably afford rather than just the mortgage payment.
Stamp Duty may be reduced or zero through first-time buyer relief, but legal fees, a survey and removals can still add a few thousand pounds before you have the keys.
A higher price means a larger Stamp Duty bill and often a fuller survey, so the upfront extras are noticeably bigger than on a first purchase.
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Use calculatorIt varies with price and location, but having a few thousand pounds beyond the deposit for fees, surveys and moving is a sensible starting point.
A mortgage valuation is for the lender, not you. A separate homebuyer or building survey is optional but can reveal costly problems before you commit.
Service charges and ground rent on leasehold flats, buildings insurance, Council Tax and heating costs on larger or older homes are the common surprises.
Some fees, such as a mortgage arrangement fee, can be added to the loan, but you then pay interest on them, so paying upfront is usually cheaper if you can.