Legal Fees

A solicitor or licensed conveyancer is required to carry out the legal work on the purchase. Their fees can vary, but you should typically budget a few thousand pounds for this part of the process. This cost includes handling contracts, carrying out local searches, and ensuring the property can be legally transferred to you.

Surveys and Valuations

Lenders usually require a valuation to confirm the property is worth the price being paid. You may also want to commission a survey to check the property’s condition, which can highlight costly issues such as damp or structural problems. Surveys range in price depending on the level of detail, from a few hundred pounds for a basic report to over a thousand for a full structural survey.

Mortgage Fees

Some mortgages include arrangement or booking fees, which can run into the hundreds or even over a thousand pounds. In some cases, these can be added to the mortgage balance, but that means you will pay interest on them over time. Always check the small print before applying.

Insurance

Most lenders require you to have buildings insurance in place from the day you exchange contracts. This protects against damage to the structure of the property. You may also want contents insurance to cover your belongings, and life insurance to protect your family if you are unable to keep up with repayments.

Moving Costs

Moving house comes with its own expenses. From hiring a removals van to buying packing supplies, the costs can add up quickly. If you are moving long distance, you may also need to factor in storage or overnight stays.

Ongoing Costs

It is easy to focus on the upfront expenses, but do not forget about the ongoing costs once you are in your new home. Council tax, utility bills, and service charges (if you buy a leasehold property) can all affect your monthly budget.

How to Prepare

The best way to manage the true cost of buying a home is to plan ahead. Create a checklist of all the potential expenses and set aside extra savings beyond your deposit. This way, you will be ready when fees arise, and you will avoid last-minute financial stress.

Final Thought

Saving for a deposit is only part of the story when buying a home. By planning for legal fees, Stamp Duty, surveys, mortgage charges, insurance, and moving costs, you will be better prepared for the realities of homeownership. A mortgage adviser can help you understand what applies to your situation and ensure you go into the process with eyes wide open.

Please contact us if you would like more information.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Approved by the Openwork Partnership 2/9/25

1. • Guarantor requirement. Almost all 100% mortgages are guarantor mortgages, which means a family member or close friend must use their own savings as security.
   • Higher interest rates. Because these loans carry more risk for lenders, interest rates are usually higher than standard mortgages.
   • Stricter lending rules. Buyers with poor credit scores may find it harder to meet eligibility criteria.
   • Limited choice. Options are not as widely available as traditional mortgages, restricting what buyers can access.
   • Risk of negative equity. If property prices fall, you could end up owing more than the property is worth, making it difficult to sell or remortgage.

   If in Doubt, Seek Advice

   A 100% mortgage may make sense for some first-time buyers, but it is not without risks. Speaking to a professional adviser can help you compare different products and government schemes designed to support buyers, ensuring you choose an option that is both suitable and affordable for your circumstances.

   Please contact us if you would like more information.

   Your home may be repossessed if you do not keep up repayments on your mortgage.

Approved by The Openwork Partnership on 17/9/25