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How much more money on top of the deposit do I need to buy?

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ruvaa
ruvaa Posts: 11 Forumite
First Anniversary First Post
edited 17 December 2017 at 12:38PM in House buying, renting & selling
I am currently saving for a deposit for my own place, I am looking at prices between £60,000 and £90,000 I don't have much knowledge about the costs at the moment apart from what I need for a deposit as I am only saving, I just wondered how much more money I need roughly on top of the deposit to buy my own place.
I am starting to wonder if it is worth it after going into some research about it :(.

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  • CommitedToChange
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    Solicitors fees, possible mortgage valuation fees, survey fees, possible broker fees, buildings insurance, moving fees + emergency fund.

    Rent/mortgage overlap

    I'd say £2,000 min £3,000 + is better in case there are unexpected costs.
  • RM1985
    RM1985 Posts: 16 Forumite
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    It's worth you doing some quotes on the type of fees described above as they can vary.

    I recently paid £995 for my mortgage fee which included the valuation fee and booking/arrangement fees. I chose to add this to my mortgage, so I didn't pay this up front. My legal fees were about £900. but the mortgage lender I used (Virgin) was offering £500 cashback upon completion, so that knocked it down. I sorted the mortgage myself so didn't pay any broker fees.

    I like the compare the market website for mortgage comparisons because it gives a really clear breakdown of any costs included (i.e product fee, booking fee, valuation fees etc). There are also loads of conveyancing comparison websites out there for you to get a general idea of costs for legal work. With regards to homebuyers reports, costs depend on which type of survey you want.

    If you want to try and save some money, you could look out for mortgage lenders offering cashback (provided they're offering you a good deal in the first place.)

    If you can sort the mortgage out yourself, obviously you won't pay any mortgage broker fees. An estate agent once referred me on to their in-house broker who wanted to charge £600 in fees. Pointless for me personally, as the mortgage was straightforward and I organised directly with the lender.
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