Costs of moving?

Stan11

Hi everyone,

When we moved into our current house it was on a government backed scheme whereby we own 30% and the government/housing association own the other 70%.

So for the past 3 years we've been paying £300 mortgage and £300 rent.

It was great for us to get onto the property ladder and didn't need much of a deposit but I feel now that I want to be clearing the whole of the mortgage and not just 30%.

We've been to the bank and can get a good amount on the mortgage for our new house and we can afford the higher monthly payment.

I have saved £15000 and aim to put £12000 down as a deposit and keep £3000 for the costs of moving.

Becuase of how the purchase of our current house happened through the housing association etc these moving costs didn't really come into play.

Could someone give me an idea of the things I will have to pay out for before completion?

Many thanks.

nick12

So is £12K a 10% deposit on a £120K property? If so you don't have to worry about stamp duty (0% up to £125K).

£3k should be enough for other costs/fees (actually the exact same amount that we're budgeting) although it varies quite a bit and if a purchase falls through the costs can creep up.

A useful summary of potential fees here:

https://www.moneyadviceservice.org.uk/en/articles/estimate-your-overall-buying-and-moving-costs

Stan11

No £12000 is a deposit for a £225000 house so will be 5%.

amnblog

Then your big cost will be £2250 stamp duty land tax.