Costs involved in buying a home

We recommend you complete the table opposite with your adviser to help you work out what you may have to pay when you buy your home.

This table should only be used as a rough guide and in some cases the expenses may be more than the amounts agreed between you and your adviser. This chart is an indication of your ‘upfront’ costs. In addition to these, you will need to take into account your monthly mortgage repayments and any insurance payments.

Application/Arrangement FeesThe costs your lender will charge you for arranging your mortgage
Solicitors' FeesAs well as paying a solicitor or licensed conveyancer for the work he or she does, you'll have to pay land registry charges and local search fees.
Stamp Duty Land Tax

Residential Property
(Purchase Price)
Rate of Stamp Duty Land Tax First time buyers and home movers
Upto £125,000No Stamp Duty Land Tax will be paid on the first £125,000 of a property
£125,001-£250,0002% will be paid on the portion upto £250,000
£250,001-£925,0005% will be paid on the portion upto £925,000
£925,001-£1.5million10% will be paid on the portion upto £1.5million
Over £1.5million12% will be paid on anything above that
Stamp duty on second homes• If you already own a home and are buying another property, either to rent out, use as a holiday home, or for any other purpose, you’ll usually have to pay 3% on top of the normal stamp duty rates. This surcharge will also apply even if the main home you currently own is overseas.
• If you purchase a house for your child, and are named on the deeds of the property, whilst already owning a property, the surcharge will be payable.
• If you already have a buy to let property, and are selling your main residence and buying a new main residence for you to live in, you will not have to pay the surcharge.
• If you complete on your new property while still owning your old home you will have to pay the surcharge. However, if you sell your old home within 36 months you can reclaim the extra tax.
Valuation and Survey FeesYou may need to pay for a valuation or survey. The amount you will pay will depend on the type of valuation or survey you choose.
Mortgage Advice FeesSome advisers may charge you for the advice they give you. Your adviser will explain any fees they may charge. In some cases an adviser fee may be charged even if your mortgage doesn't go ahead. This is something you can ask your adviser about as they'll be more than happy to explain their charging structure, if they have one, to you.