Will £5000 cover fees ?

andrea1968_2

We're looking at getting our first home together and have a total of £30000 saved between us.

House target price is hopefully £95000, we don't have a property to sell and thinking that a deposit of £25000 would leave us £5000 to cover all fees. Is this a sensible to figure to assume ?

We'd obviously have more saved depending on how long it takes us to get somewhere and for everything to go through.

Thanks in advance

ryan86uk

andrea1968 wrote: »

We're looking at getting our first home together and have a total of £30000 saved between us.

House target price is hopefully £95000, we don't have a property to sell and thinking that a deposit of £25000 would leave us £5000 to cover all fees. Is this a sensible to figure to assume ?

We'd obviously have more saved depending on how long it takes us to get somewhere and for everything to go through.

Thanks in advance

More than enough!

I bought my house just under two years ago, similar situation. Infact, almost identical lol. Fees cost around £1500, give or take a few £100 . Good luck :beer:

thelem

A mortgage advisor will be able to give you a personalised quote, but you're probably looking somewhere below £2k for a £95k property - but that can vary a lot depending on what you need the fees to cover. For example:
* Conveyancing (i.e. solicitors)
* Mortgage arrangement fee (you'll have a relatively small mortgage, so probably worth going to lower fee rather than lower rate, although fees can often be added to the loan)
* Survey
* Renovation / decoration costs, if applicable
* Moving costs

Essex22011

More than enough, our solicitor fees are just over 1k!
Valuation and Survey £500
No arrangement fee

Fire_Fox

More than enough unless you have a very high mortgage application fee AND a sale fall through at the last minute. Wise to have that sort of float in case there is a retention from your lender on the mortgage.