Real cost of buying a house

durham

Hi,

I've been looking around the internet to find the actual costs of buying our first home. Me and my fiancee are looking to buy a house for around £130,000 with a 10% deposit. We're now trying to find out how much more it will costs us in fees and other bits like that on top of the £13,000 deposit.

Thanks for any responses,
Durham

Annisele

Pop over to the "House Buying, Renting and Selling" board. There's a sticky there called "First Time Buyer's Guide to Mortgages", with lots of information about costs in it.

LittleMissAspie

Budget 5k for fees and charges.

Our budget is as follows:

BUYING COSTS
Solicitor.........£1,186 (confirmed)
Mortgage fee......£99 (confirmed but low, budget up to £1000)
Valuation fee.....£160 (confirmed)
Survey............£350 (confirmed)
Stamp duty........£1,500 (1% of purchase price so £1300 for you)
House insurance...£100 (estimate)

MOVING COSTS
Man with van......£50 (if you need to hire a proper moving van it will cost more)
Mail redirect.....£30 (estimate)
White goods.......£400 (we need a cooker and washing machine)
Furniture.........£200 (we need a dining table and a wardrobe)
Change locks......? (I have no idea how much this costs)


This comes to £4075 plus the locks. Your mortgage fee is likely to be much higher than ours so you won't get much change out of 5k.

You would be better off not spending more than 125k, as you won't pay stamp duty on that.

g_attrill

LittleMissAspie wrote: »

Solicitor.........£1,186 (confirmed)

Seems a little on the high side, worth getting another few quotes, even from local companies if you don't want to use an online company (which, IMO is worth doing if you aren't selling too). Also check that the land registry fees and filing of the the return is included.

JA1000

10% deposit = higher interest rate so look at the cut off points to get that lower rate and save for 15%

LittleMissAspie

g_attrill wrote: »

Seems a little on the high side, worth getting another few quotes, even from local companies if you don't want to use an online company (which, IMO is worth doing if you aren't selling too). Also check that the land registry fees and filing of the the return is included.

We got quotes from 3 local companies and he was the middle quote I think. It includes everything, he gave us a breakdown of the charges. He's also no completion no fee.