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  • FIRST POST
    • CheBee
    • By CheBee 17th Jun 17, 11:30 AM
    • 28Posts
    • 43Thanks
    CheBee
    Single buyer: DIP and extra fees?
    • #1
    • 17th Jun 17, 11:30 AM
    Single buyer: DIP and extra fees? 17th Jun 17 at 11:30 AM
    Hi All!

    I don't know what I would do without this forum, its a life saver!

    I went to Nationwide this morning to speak to someone about mortgages etc. I hope to purchase a flat in Croydon this year and so far I have saved 40k. I will buy purchasing the property on my own and I have been told that I can borrow £190k so I can look at properties for £230k max it seems. (I work as a nurse and I am on 40k and my increment in November will take me to 42k)

    I was advised to go and start looking and once I have found the property I should apply for the DIP which will take 45 minutes to complete. I completely forgot to ask about extra fees and that sort of thing.... how much will I need for surveys, solicitors and so on (roughly) as I didn't take those additional costs into consideration?

    Any help or advice will be greatly appreciated
    Single, FTB, 2017. Property viewed 30th Sep. Offer accepted 2nd Oct. Mortgage application 6th Oct. Mortgage accepted 23rd Oct // The 'Save £12k in 2017'... Goal reached, 15% deposit saved over 5 years
Page 1
    • alex_163163
    • By alex_163163 17th Jun 17, 11:59 AM
    • 205 Posts
    • 133 Thanks
    alex_163163
    • #2
    • 17th Jun 17, 11:59 AM
    • #2
    • 17th Jun 17, 11:59 AM
    Depending on the survey you go for I'd say approx £500.
    Solicitors fees £1000-1500.
    Stamp duty on £230k = £2100.
    Removal costs - dependant on if you go with professionals, man with van, or hire a van and do it yourself with a friend.
    • CheBee
    • By CheBee 17th Jun 17, 12:07 PM
    • 28 Posts
    • 43 Thanks
    CheBee
    • #3
    • 17th Jun 17, 12:07 PM
    • #3
    • 17th Jun 17, 12:07 PM
    Hey Alex,

    Thank you!
    Single, FTB, 2017. Property viewed 30th Sep. Offer accepted 2nd Oct. Mortgage application 6th Oct. Mortgage accepted 23rd Oct // The 'Save £12k in 2017'... Goal reached, 15% deposit saved over 5 years
    • Lolly88
    • By Lolly88 17th Jun 17, 1:04 PM
    • 233 Posts
    • 714 Thanks
    Lolly88
    • #4
    • 17th Jun 17, 1:04 PM
    • #4
    • 17th Jun 17, 1:04 PM
    This website might help you budget: https://www.moneyadviceservice.org.uk/en/articles/estimate-your-overall-buying-and-moving-costs
    House Fund - £28142.19
    Save 7k in 2017 #6: £5142.19/£7,000
    Save 12k in 2016: £14,750/£12000 - Save 6k in 2015: £8250/£6000
    • ACG
    • By ACG 17th Jun 17, 1:15 PM
    • 15,751 Posts
    • 8,046 Thanks
    ACG
    • #5
    • 17th Jun 17, 1:15 PM
    • #5
    • 17th Jun 17, 1:15 PM
    It depends on the level of survey and whether you go for cheap and cheerful solicitor or something a little more expensive.
    One of my colleagues put together an article with all of the fees - http://mortgagesuccess.co.uk/the-costs-of-buying-your-first-home/ (I am associated with that site, so my cards are on the table. But I thought it covered everything off you may need).
    Last edited by ACG; 17-06-2017 at 1:19 PM.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 17th Jun 17, 6:02 PM
    • 32,204 Posts
    • 17,247 Thanks
    kingstreet
    • #6
    • 17th Jun 17, 6:02 PM
    • #6
    • 17th Jun 17, 6:02 PM
    Are you looking to purchase a newbuild, or a second hand property?

    Typically, a newbuild flat will see a lower maximum loan to value. In Nationwide's case it's 75%.

    Did you tell them the estimated ground rent & service charges? These are a cost against affordability and will reduce what you can borrow. They are a 'normal' feature of flats.

    If it's second hand, what's the remaining lease term?

    Many lenders, Nationwide included, pay the valuation fee for FTBs but this is the least of your concerns as you will pay stamp duty and legal fees of at least £3k, possibly £4k.

    The best advice anyone could give you is to appoint an independent broker as no-one who has undertaken the initial stages of a purchase with a broker would need to go online to a forum like this and ask such questions.

    People have multiple accounts with one institution and automatically assume that institution has the best products and gives the best advice. That simply isn't the case.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • CheBee
    • By CheBee 2nd Jul 17, 10:03 AM
    • 28 Posts
    • 43 Thanks
    CheBee
    • #7
    • 2nd Jul 17, 10:03 AM
    • #7
    • 2nd Jul 17, 10:03 AM
    Thanks for all the links and advice. I will most definitely check them out and look into speaking to an independent broker.
    Single, FTB, 2017. Property viewed 30th Sep. Offer accepted 2nd Oct. Mortgage application 6th Oct. Mortgage accepted 23rd Oct // The 'Save £12k in 2017'... Goal reached, 15% deposit saved over 5 years
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