The Cost of Buying a House

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June 14, 2019

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The Cost of Buying A House

Buying a new home can be expensive, let’s us run through the all of the costs you are likely to come across.

Buying Costs

  • Mortgage Broker Fee – Expect to pay around £495 but it does vary by firm – this is usually paid up front.
  • Mortgage Valuation Fee – The amount you need to pay will depend upon the value of the house but around £350 is typical although some lenders will offer this for free. – this is usually paid up front.
  • Mortgage Arrangement Fee – This is charged by the lender, the good news is that most lenders will let you add this fee to your mortgage.  Expect to pay around £995 but again some mortgages don’t charge this fee.
  • Legal Fees – Again, the amount you pay depends on the value of the house you are buying but expect to pay around £1,200 to £1,500
  • Stamp Duty – This is free for First Time Buyers buying up to £300,000 and for everyone else up to £125,000.  Above these amounts the amount of Stamp Duty depends on the value of the property.

Selling Costs

If you have a home to sell then expect to pay some additional costs.

  • Estate Agents Fees – This an vary greatly between High Street agents but now we have a few online only agents disrupting the market place.  High Street Agents charge from 1%+vat of the selling price whilst Online Agents can be a lot cheaper starting at just £795+vat.
  • Legal Fees – Depending upon the sale price but expect to pay around £600.

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