You've saved your deposit — congratulations! But the deposit is only part of the story. First-time buyers are often shocked by the additional costs of buying a home. This guide ensures nothing catches you off guard. See our deposit saving guide for the foundation.
Upfront Buying Costs
- •Solicitor/conveyancer fees: £1,000-2,500 including searches and disbursements
- •Survey: £250-700 depending on type (basic, homebuyer, full structural)
- •Mortgage arrangement fee: £0-2,000 (can often be added to mortgage)
- •Valuation fee: £0-500 (many lenders offer free valuations)
- •Stamp Duty: First-time buyers pay 0% on the first £425,000 in England (check current thresholds)
- •Electronic transfer fee: £25-50 for transferring the purchase funds
Moving and Setup Costs
- •Removal company: £300-1,500 depending on distance and volume
- •Furniture and appliances: Budget £2,000-5,000 for essentials
- •Decorating: Even basic paint and supplies cost £500-1,000
- •Utility connections and deposits: £100-300
- •Redirecting mail: £60-165 depending on duration
- •New locks: £100-200 (always change locks on a new property)
Ongoing Costs New Homeowners Forget
Building a First-Home Buffer Fund
Frequently Asked Questions
How much extra should I budget beyond my deposit?+
£5,000-10,000 to comfortably cover solicitors, survey, moving costs, and initial setup. This varies significantly by property price and location.
Can I add buying costs to my mortgage?+
Some costs (like the arrangement fee) can be added to the mortgage, but this means paying interest on them for 25+ years. Only do this if absolutely necessary.
Do first-time buyers pay stamp duty?+
In England, first-time buyers pay 0% on the first £425,000 and 5% on the portion between £425,001 and £625,000. Properties over £625,000 don't qualify for relief. Check current thresholds as they change.
Start Your Savings Journey Today
20+ savings challenges, daily tracking, and achievement badges -- all free.
Download on the App Store