You might think that when you buy a property, all you have to do is secure enough money to pay for the property itself. However, what else do you have to budget for?
To handle the legal aspects of buying and selling property, including property searches and transferring mortgage funds, you will need a reputable solicitor. In general, you can expect to be charged between £1,000 and £2,500 depending upon how much work is involved.
When you purchase a new home, you must pay Stamp Duty Land Tax. The amount varies according to whether you have bought a home in the past and the price of the home. Using the Government's Stamp Duty calculator - GOV.UK you can estimate how much you'll pay.
The deposit you require for the purchase of your property is not technically a mortgage fee, but you will still need to budget for it, which usually ranges between 5% and 20% of the purchase price. In addition to valuation fees and product fees, you might also be required to pay additional fees to your lender. Be sure to check with your lender for any additional charges.