What other costs do you need to be aware of?
It is also worth remembering the additional costs payable on top of your deposit and mortgage that you will be expected to pay.
As a first time buyer, you get a discount (relief) that means you pay less or no tax if the purchase price is £500,000 or less and you complete the purchase after 22.11.2017. You can claim a discount (relief) so you don’t pay any tax up to £300,000 and 5% on the portion from £300,001 to £500,000 – if the purchase price is above £500,000 then normal stamp duty rules would apply.
Plus you will have to pay for the valuation and possibly a survey of the property along with solicitor’s fees.
You may also have fees to pay to the lender for your mortgage. These could be an arrangement fee and/or booking fee. Contact us to find out how much these fees may be.