A Guide To Budgeting For Your Dream Home

4-July-2018

 

If you are looking for your dream home, it is wise to consider all aspects of the move long before you start packing boxes. Buying a new property can be a costly business but by budgeting effectively and understanding the fees involved, you can enjoy peace of mind throughout the process. Pete Chappell, our expert mortgage adviser, summarises some of the costs to consider within your budget.

 

Deposit

We all know that the more you save towards your deposit, the better off you will be long-term but this can be challenging for many people. A deposit of 10% is usually required when applying for a mortgage but we have helped customers secure competitive deals with as little as 5%. Family-gifted deposits are also accepted by many lenders. It is always good practice to speak to a qualified mortgage adviser for best advice.

 

Stamp Duty

Stamp duty is an unavoidable land tax you must pay if the property you are purchasing is worth more than £125,000. You will be required to pay between 2% and 10% depending on the price of the property.

 

Home Buyer’s Report/Survey

Unless you are a building expert, we would always advise you consult a professional surveyor to evaluate the condition of your property before you complete the purchase. There are three types of surveys available, each going into more detail about the structural condition of the property.

 

Conveyancing

Solicitors or licensed conveyancers are employed to transfer the legal title of a property from one party to another. You will therefore incur some costs for this service.

 

Land Registry Fee

This fee is charged by the government for changing the records of ownership.

 

Buildings and contents insurance

You will need buildings and contents insurance at your new property but it is also worth looking into protecting your assets during the move. You can also purchase insurances to protect against gazumping, seller withdrawal and other challenges within the chain.

 

At D&G Independent, we can offer whole of market advice and identify the right mortgage to suit your exact needs. Our initial consultation is free of charge and, should you decide to go ahead, our fees are transparent from the outset of our relationship. To arrange an appointment, please call us on 01352 770292.

 

 

 

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