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Buying a House First Time

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What fees are involved even before you start paying the mortgage? Considering £225,000 house? What do you think mortgage minimum they would require (Actual Mortgage)? Speculate Am i right in th… Read More
kapows Avatar
banned7y, 9m agoPosted 7 years, 9 months ago
What fees are involved even before you start paying the mortgage?
Considering £225,000 house?

What do you think mortgage minimum they would require (Actual Mortgage)? Speculate

Am i right in thinking the deposit will be about 10-30% of the property?

Think i should wait a few months more?
kapows Avatar
banned7y, 9m agoPosted 7 years, 9 months ago
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banned#1
I've just bought a brand new house and fees have come up to about a grand.
#2
i bought my new build a few years ago as far as i know solictor fees and other fees like search fees come to just over a grand and stamp duty is 1% under 250k and 3% over 250k and no stamp duty under 120k. Could be wrong as its been a while and things may have changed
banned#3
Hiya just edited the main bit sorry feel free to edit your answers and thanks so far for the input :)
banned#4
kapows
Hiya just edited the main bit sorry feel free to edit your answers and thanks so far for the input :)


By mortgage minimum do you mean deposit?
banned#5
master_chief
By mortgage minimum do you mean deposit?


my bad, i mean the actual mortgage
#6
Hi
As previously mentioned stamp duty is 1% between 175k & 250k it then jumps to 3%. Therefore if you buy for 225k it would be £2250. Legal costs vary between flats & houses but I'd set aside £750 + although shop around as conveyancers are fighting to get buisness in due to fewer mortgages going through. Valuation/Survey fee this figure will vary depending on whether you get a basic reort & valuation or a homebuyers, it also fluctuates between lenders some offer free basic surveys. I would budget £300 + for a basic, around £500+ for the more expensive homebuyers. One thing to be aware of is deposit and rates. The more you put own the lower the rates and the more options you have. Mortgages for first time buyers start at 90% LTV but xpect to pay 6% plus, 85% gets you a rate strating with a 5, 80% a 4 and put 25% down you can get rates in the 3's or lower depending on length of deal and type of rate ie. fixed or trackers.
Hope this helps.
The more nfo you have the better the idea, guidance I can give you.
banned#7
Ok i really need to know everything before i ask anymore questions im gonna research this.
#8
My sister is in the process of purchasing a house and the actual fee for the solicitor is £350 , but when adding all the extra cost- i.e., searches this that and the other, the total cost will be £1000.. she has had to stump up mega loads of cash and it has to be IN her account as the morgtgage companies are being really strict and checking balances etc (says her broker) she has had to put down A LOT of cash and can only borrow up to 3x her salary (if you find a mortgage broker- some are wheeler dealer types and can get you want you want for a bit extra if you get what i mean..) apparently now's the time to buy as house prices have started to creep back up again (in the south east atleast) but morgages are hard to get hold of..though she's got the rate at 3.5% which is fab (thru abbey national)
[Moderator]#9
You need a full property survey done before they give you a mortgage, costs about £600
Land registry search, about £150
Stamp duty, as mentioned above.
The deposit , depends on who you get your mortgage with.. but most require 10% or more.

I figure you need 25k to 30k all in to see it thru :thumbsup:
#10
don't HAVE to have the 'full' survey.. ours cost £275, sisters is costing abt £350..
land registry search can be done by yourself - just need to pop into the planning dept at your local council and the environmental health dept and building control etc..

25k all in sounds a tad too much. abt 9k is realistic..

stamp duty. such a waste. really ticks me off.
[Moderator]#11
samwants2save;6650341
don't HAVE to have the 'full' survey.. ours cost £275, sisters is costing abt £350..
land registry search can be done by yourself - just need to pop into the planning dept at your local council and the environmental health dept and building control etc..

25k all in sounds a tad too much. abt 9k is realistic..

stamp duty. such a waste. really ticks me off.


me too, forgot to mention solictitor and estate agent fees :oops:
#12
the only thing i can tell you is me and my partner was looking at buying a house priced at £220,000 about 4 years ago we would of had to pay out about £20,000 roughly for all the costs involved but we would of actually been able to put down £40k plus it would of left us with 10k left for improvements as it would of been money made on the house we was selling. 2 things stopped us from buying in the end 1 was too many people was interested in the property and there was no way we could of sold our house in time as the people that bought it took out a bridging loan which means they could afford to pay the morgage on the new place plus there old house till it sold of which we couldnt of afforded to do, and the second reason was we were going to be left with a morgage of £180,000 and over 25 years repayment it was £1,200 per month.

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