BUYERS’ GUIDE
ADULTING, BUT MAKE IT PROPERTY
Buying your first home can be scary stuff.You’ve done all the hard work saving for a deposit and now you are entering what is for many the unknown.This is where it can feel very serious and regardless of your age (because we can be an FTB at any age) it can feel like you are entering a world of adulthood that no one prepared you for!
with no fee works out better. Be sure to investigate costs now so that there are no surprises down the line. It is always advisable to speak to an Independent Financial Adviser who knows and understands the mortgage market. MOVING COSTS Why: Because someone’s got to do it! And if it’s not you wanting to do all the heavy lifting you will have to account for a removal company, packing materials or van hire, all things that might not have made it on to the budget! What to do: Get quotes early and consider flexibility with your moving date to reduce costs. Call on friends and family to help, especially if they own a bigger car!
Here FTB investigates the hidden costs and why they may arise on your homebuying journey and gives you practical tips on what to do to stay ahead to make this process as easy as 1,2,3! STAMP DUTY Why: Stamp Duty is a tax. This can be one of the biggest upfront costs depending on your budget and buyer status.You will have to pay it if you a buying a property worth over a certain threshold. What to do: Check current thresholds early and use online calculators so there are no surprises when you’re ready to offer. It is good to note that as a first time buyer you will often pay less Stamp Duty.
CONVEYANCING & LEGAL FEES
Why: Everyone needs a little help, and solicitors help to handle contracts, searches and the legal transfer of ownership. What to do: Get a few quotes upfront from different companies and check what’s included within each fee so you can budget for it accurately.
SURVEY COSTS
Why: A survey gives you peace of mind about the condition of the property. What to do: Choose the right level (basic to full structural) depending on the property’s age and condition. It is not as necessary with a new build as those come with warranty periods from the builder but it’s something you will need to account for in your budget. MORTGAGE FEES Why: Getting the mortgage is not the final stop. Fees will include arrangement fees, valuation fees, or broker costs. What to do: Compare mortgage products carefully, sometimes a slightly higher rate
SDLT rate Up to £125,000
BUILDINGS AND CONTENTS INSURANCE
Zero
The next £125,000 (the portion from £125,001 to £250,000) The next £675,000 (the portion from £250,001 to £925,000)
2%
Why: Look after your purchase from the start! Buildings insurance is usually required before completion and contents insurance protects your possessions. What to do: Shop around and arrange buildings insurance cover to start on exchange of contracts so that you have peace of mind from day one. FURNISHING Why: Decorating your new space and making a house a home will need to be added to the budget. What to do: Prioritise essentials first and remember there’s no rush to finish everything at once. BILLS, BILLS, BILLS Why: It gets serious. If you were renting before then you are used to bills but if this is your first time it can feel overwhelming. Knowledge is power, so make a note that council tax, utilities, and general upkeep are part of homeownership. What to do: Ask developers/sellers or agents for typical monthly costs to plan realistically and look at this yourself online so that you know what to expect.
5%
120 First Time Buyer June/July 2026
Made with FlippingBook flipbook maker