Extra Home Buying Costs & Fees | NatWest

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Buying your first home:
Extra costs

Costs you may not have considered until now

 

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Your home may be repossessed if you do not
keep up repayments on your mortgage.

NatWest mortgages are available for over 18s.

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So... you’ve managed to get together a deposit for your first home. That’s great but don’t forget there are some extra costs that you’ll need to budget for.

There are no fixed rules about these extra costs – how much you pay all depends on the house or flat you’re buying, where you live, your mortgage deal etc.

This isn’t full list of all the costs that could be involved but it’s starting point to help you work out what you can realistically afford.

Property valuation

It can be hard work but getting into the regular habit of saving will show mortgage lenders that you can manage your finances. Decide what type of property you’re looking for and start looking around. Work out how much deposit you’ll need. If you have a NatWest savings account and are registered for Online Banking, you can use our Savings Goal tool to track your progress.

Buildings insurance

Could you borrow some money from your mum and dad? Or could you move back home to save money on rent? If that’s not ideal, could you buy with a friend or family member? There are also Government-backed schemes specially designed to help first-time buyers. Work out the right option for you.

Survey costs

Are there any little luxuries that you could cut back on to reach your goal quicker? Cancel unused gym memberships, stop buying things like bottled water and new clothes if you don’t need them. Cut out the mid-week takeaways. Scrutinise your food shopping. Switch to cheaper brands for the products you’re not fussy about. You’ll be amazed how quickly all the little savings add up. 

Legal fees

Take a look at how much money you have coming in each month and write down all your monthly expenses to get an accurate picture of exactly what you’re spending your hard-earned cash on. Use our budget calculator to work out if you could be saving more.

Removal costs

Set up a standing order to transfer money to savings account as soon as you’ve been paid. That way you won’t be tempted to treat yourself or overspend every payday. The more savings you have to put towards your deposit the better because a larger deposit could mean you could get a mortgage deal with more affordable monthly payments.

Stamp duty

Set up a standing order to transfer money to savings account as soon as you’ve been paid. That way you won’t be tempted to treat yourself or overspend every payday. The more savings you have to put towards your deposit the better because a larger deposit could mean you could get a mortgage deal with more affordable monthly payments.

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