First time buyer, amount needed?

ktcoil

Hi we are currently saving for a morgage, me and my parter both took out a govourment isa in Dec and currently have over £2000 in each isa minus the govourment amount we should receive as voucher at end

We are looking at a £90,000 morgage prince if when we go for a morgage and if we get that amount

What amount would I need to save before going for the morgage with the bank?

Also how much money would I need roughly for fees and moving etc?

Thanks

Andy_St

I think most lenders will expect minimum deposit of 5% but to get the best rates you should be looking at 10-20%

Moving costs will depend on the company and if you can move directly from one property to the next or if you need storage. As for fees it will depend on what solicitor you use and what mortgage product you take. Stamp duty will depend on the price of the property. Anything below £125,000 and you don't pay stamp duty. between £125,001 and £250,000 you will pay 2%

Smedders11

The minimum deposit you could get away with is 5% (£4,500). It won't be the best rate though, and you'll need to account for the fees.

EDIT: Didn't see the bit about fees. As a rough guide:

Broker (if used): £0-£500
Solicitor: ~£1,000
Lender: £0-£1,500 (can usually be added to mortgage)
Survey: £200-£800

ktcoil

Thanks guys

Also moving shouldn't be a prob as when we moved into this flat we used a small van we hired ft the day and we have about the same amount of goods to transfer to a new house

Also any new washer, cooker, fridge we have to buy we would prob get delivered by company while we paint or clean the house I am guessing and thinking of not moving in for a few weeks of finally getting a house so that way can clean, paint or repair and get things delivered in slow