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Longpod's Removals & Storage
01623 703 378 07837 283 318

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Facts Every First Time Buyer Should Know!

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Buying a home for the first time is an exciting process. But it can be an expensive one. Here are the main costs you need to factor in with the home-buying process:

Mortgage Advisors

It’s a good idea to make use of the expert, independent financial advice of a mortgage advisor, but as with all professional services it comes at a cost. Sometimes they’ll be paid a set amount, sometimes they’ll take a commission. Often, however, the advisor will be paid by the mortgage lender, so that is at least one cost you can sidestep!

Mortgage Arrangement Fees

Even if you don’t have to directly pay your mortgage advisor, there may be an arrangement fee for setting up the mortgage. You can choose to pay for this upfront or roll it into your mortgage.

Solicitor’s Fees

With a big purchase like a house, there’s a lot of legal paperwork to deal with, so don’t forget to factor in the services of a specialist solicitor, called a conveyancing solicitor.

Survey Costs

As well as paying for a solicitor, you’ll need to have a homebuyer’s survey conducted to ensure the property you’re buying is structurally sound. Be aware, too, that this is different from the survey a mortgage provider will conduct – the results of which you will not have access to

Stamp Duty

As a first-time buyer, you’ll be exempt from stamp duty for properties up to £300,000. However, you will have to pay 5% of any portion of a purchase cost between £300,000 and £500,000.

Removal Costs

Finally, when it does come time to move, don’t forget to budget for the cost of moving your stuff… even if you don’t engage a removals company, chances are you’ll want to hire a van. Back To List

For more information or to request your free removals quote, Contact Longpod's Removals & Storage on:
01623 703 378 / 07837 283 318

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