How much will you need?

Unexpected costs when buying your home

From stamp duty to insurance

As well as your monthly mortgage payments, there are other costs you'll need to cover when buying your home, such as stamp duty and insurance. 

Our checklist is a starting point to see what else you might need to pay for, and you can use our budget calculator to see how this could impact your day to day finances.

Other home buying costs

  1. 1

    Valuation fees

    During a valuation, the mortgage lender will assess the value of the property to establish how much they are prepared to lend you. The cost can be £250-£1,500 based on the property’s value.   

  2. 2

    Stamp duty

    Stamp duty is a tax the government charges on homes costing £125,001 or more (or all properties for second homes or buy to let properties). First-time buyers pay no stamp duty on the first £300,000 for properties worth up to £500,000.

    In Scotland Stamp duty is now called Land and Buildings Transaction Tax. This is payable on homes costing £145,000 or more for first-time buyers. You can find full information on the Stamp Duty Scotland website.

  3. 3

    Home insurance

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    Insure your home

    Once you own your own home, it's important to protect it as well as the things you love. We offer cover for inside and outside your home, and it's underwritten by UK Insurance Ltd.
  4. 4

    Survey costs

    A survey will help identify any problems with the property before you take the plunge and buy. Surveys range from a basic home condition survey costing around £250 to a full structural survey costing around £600 or more.

    You can read more about different types of surveys in our guide.

  5. 5

    Legal fees

    A solicitor or licensed conveyancer will carry out all the legal work when buying and selling your home. Legal fees normally range from £850 to £1,500.   

    They can also check if there are any local plans or problems that might affect the value, particularly in the future. This could cost another £250 to £300.

  6. 6

    Removal costs

    Hiring a company to move your belongings usually costs between £300 and £1,200, but this will depend on the size of the property and if you want them to pack and/or unpack for you too.   

    You could save money by hiring a van and doing it yourself. Just arm yourself with boxes, tape, marker pens and some strong friends.

  7. 7

    Life insurance

    Make sure you're covered

    Cover your mortgage with life insurance. This pays out a lump sum that could be used to pay off your mortgage if the worst were to happen. Provided by AIG.
  8. 8

    Leasehold property

    If you're buying a leasehold property, you'll need to pay a service charge (normally monthly) and ground rent. These are paid to the freeholder of the property.

    There are also additional costs associated with the property purchase, such as a Notice of Charge that tells the freeholder you are buying it. You can read more about leasehold properties and charges on the Money Advice Service website. 

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