Unexpected costs when buying your home
From valuation fees to insurance
As well as your monthly mortgage payments, there are other costs you'll need to cover when buying your home, such as valuation fees and insurance.
Our checklist is a starting point to see what else you might need to pay for, and you can use our budget calculator to see how this could impact your day to day finances.
Other costs to cover
Stamp duty is a tax the government charges on homes costing £125,001 or more (or all properties for second homes or buy to let properties). First-time buyers pay no stamp duty on the first £300,000 for properties worth up to £500,000.
In Scotland Stamp duty is now called Land and Buildings Transaction Tax. This is payable on homes costing £145,000 or more for first-time buyers. You can find full information on the Stamp Duty Scotland website.
Insure your homeOnce you own your own home, it's important to protect it as well as the things you love. We offer cover for inside and outside your home, and it's underwritten by UK Insurance Ltd.
A solicitor or licensed conveyancer will carry out all the legal work when buying and selling your home. Legal fees normally range from £850 to £1,500.
They can also check if there are any local plans or problems that might affect the value, particularly in the future. This could cost another £250 to £300.
Hiring a company to move your belongings usually costs between £300 and £1,200, but this will depend on the size of the property and if you want them to pack and/or unpack for you too.
You could save money by hiring a van and doing it yourself. Just arm yourself with boxes, tape, marker pens and some strong friends.
Make sure you're coveredCover your mortgage with life insurance. This pays out a lump sum that could be used to pay off your mortgage if the worst were to happen. Provided by AIG.