What other costs do I need to think about when I am buying a home?

We frequently get asked... What other costs do I need to think about when I am buying a home?

Well here is a list and approximate costs you may incur when buying a new home:

Broker Fees - Payable to the mortgage broker for arranging your mortgage, usually on application

Solicitor costs - Usually paid in two parts with the first part paid on account early in the process so that the solicitor can start local searches, and the rest nearer to completion

Valuation costs - A requirement with any mortgage and are often free but some lenders still charge for these

Surveys - These are optional, and the cost ranges depending on the house value and level of survey undertaken.

Estate Agent Fees - Applicable if you are selling and vary between agents. These are paid when the sale goes through

Stamp Duty - Tax you pay when buying a home and will vary on your circumstances and house value

Deposit - This is a minimum of 5% of the purchase price. You need to evidence this upfront, but it will be paid nearer completion

Removal Company - You may not want to move your belongings yourself and want a removal company to help you

Some of the above costs are optional and may not be applicable to all. We suggest that to get a more accurate breakdown of your costs, speak to a Mortgage Broker who will be able to go through these with you. We would be happy to assist.

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

*Content was accurate at point of publication and is subject to change – 16/04/2024