Costs to consider: It's more than the deposit

Stamp Duty Land Tax (known simply as 'Stamp duty' or 'SDLT') is a government tax that you have to pay when buying property over a certain price in England or Northern Ireland.

The amount you pay depends on:

• When you bought the property

• How much you paid for it

• Whether you’re eligible for relief or an exemption

Use the SDLT calculator to work out how much tax you’ll pay.

There are several fees that you will need to pay as part of your house purchase:

Valuation fees

Your mortgage company will require a valuation survey to be carried out on your new home to make sure it's worth the amount you want to borrow – this is likely to cost about £250.

Solicitor fees

You will need to pay for a solicitor.  They will carry out all the legal work that is involved in buying a new home and will charge around £1,000 for this.

Mortgage arrangement fees

These are fees charged by your bank for setting up a mortgage.  It’s usually an upfront cost, but can also be added to your mortgage repayments with interest and typically costs £2,500.

It’s not easy to predict what other costs may come up. As each house purchase is different, you may be charged fees for notice of mortgage, mortgage approval or a mortgage reservation fee.  Speak with your solicitor to understand any extra costs.

Once you have the keys to your brand new home you will be committed to a number of ongoing monthly payments. Additional costs to consider are:

• Mortgage repayment

• Buildings and contents insurance

• Gas and electricity

• TV, broadband and phone

• Water

• Council tax

Let us help you find the home to fit within your budget - call us free on 0808 196 1532 or start your Persona journey here.