Home Buying Mortgage Costs

Deposit

As well as the deposit, there are other costs to take into consideration when working out how much you can afford to pay for your home. This section explores these costs in more detail.

Legal Expenses

You pay for a solicitor or licensed conveyancer to make sure that the property deeds are transferred into your name. This should also include carrying out a local search of the area the property is in, to ensure that there are no special building restrictions or any plans to build a motorway through it. See here for conveyancing quotes from just £399.

In addition there are Land Registry fees making you the legal owner of the property, and Stamp Duty so your rights as the legal owner of the property are recognised.

Mortgage Indemnity Guarantee Premium

This is normally payable if the mortgage is for more than 75% of the property's value. It covers the higher risk that the lender is taking by offering a loan, often added to loan.

Property Valuation & Survey Fees

This must be carried out so the mortgage lender can ascertain the size of loan it is prepared to make for the property. Its cost varies between £180-£580 and is based on the size of the property and detail you require within the report.

Since there is no recourse once you have bought your home, a fuller survey is recommended before buying it to make sure the property is not suffering from structural problems such as subsidence, dry rot or vermin.

We highly recommend that such reports are arranged independent of your lenders one.
 
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