If you have ever thought about buying a house or flat, you will know that it can be a very expensive time in your life!  Here are a few hints about what to expect financially when buying a home.

Upfront Costs

The main costs you will face upfront include the deposit, which is around 5%-20% of the purchase value of the home.  You also need to pay stamp duty, which is a tax by the Government paid on homes costing £125,000 or more.  From April 2016, there has been a 3% increase on rates if you are buying a second home about £40,000.  This includes buy-to-let properties.  Another fee which is paid upfront is the valuation fee.  This is where the mortgage lender assesses the value of the property to decide how much they will lend to you.  The fee can be £150-£1500 depending on the value of the property.  Surveyor’s fees are charged by building surveyors, when they check that the property is safe to live in.  These checks are essential and cost between £250 and £600.  These can save you money in the long term!