The Costs of Buying Your First Home
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The costs at a glance
Beyond your deposit, here are the main costs most first time buyers need to budget for. The figures below are typical ranges for a straightforward purchase and will vary by property, location and circumstances.
| Cost | Typical range | Notes |
|---|---|---|
| Conveyancing / legal | £1,000 to £1,500 + disbursements | Leasehold usually a little more |
| Survey | From a few hundred pounds | Optional but often worthwhile |
| Mortgage fees | £0 to around £1,500 | Some deals are fee-free |
| Broker fee | One fixed, transparent fee | Told to you upfront |
| Buildings insurance | Varies | Required from exchange |
| Moving costs | A few hundred pounds up | Removals and essentials |
| Stamp Duty | Often £0 for first time buyers | Depends on price and thresholds |
Some of these you cannot avoid, some you can reduce, and a few, like Stamp Duty, may not apply to you at all as a first time buyer. We go through each below.
Your deposit
The largest upfront cost. Most first time buyers need at least 5% of the purchase price, though some lenders now offer products needing as little as £5,000, and a few offer no-deposit options for renters. A bigger deposit unlocks better rates. We cover this fully in our guide to how much deposit you need.
Stamp Duty Land Tax
Stamp Duty Land Tax is a government tax on property purchases in England and Northern Ireland. First time buyers get relief, so many pay nothing at all, but there is a threshold above which it applies.
As a first time buyer you currently pay no Stamp Duty on the first portion of the price up to the first time buyer threshold, with tax due on the amount above it, provided the property is below the upper limit for relief. Thresholds change at fiscal events, so the exact figures should always be checked at the time you buy. Because property prices across much of Lancashire sit below the England average, many first time buyers here fall within the relief and pay no Stamp Duty at all.
You can check the current position with our Stamp Duty calculator, or we will work it out for you as part of your advice.
Note for Scotland and Wales: different taxes apply (LBTT in Scotland, LTT in Wales) with their own thresholds and first time buyer treatment.
The other costs to budget for
Conveyancing and legal fees. The solicitor or licensed conveyancer who handles the legal side of your purchase. For a straightforward purchase, budget around £1,000 to £1,500 in legal fees, plus disbursements such as searches and Land Registry fees, which can add several hundred pounds more. Leasehold properties usually cost a little more.
Survey. A check on the property's condition. A basic condition report starts from a few hundred pounds; a fuller homebuyer or building survey costs more but gives more detail. Not compulsory, but often money well spent, as it can flag problems and even help you renegotiate the price.
Mortgage valuation and arrangement fees. The lender may charge a valuation fee and a product arrangement fee. Some deals are fee-free, and part of our job is weighing a lower fee against a lower rate to find the best overall deal for you.
Mortgage broker fee. Our fee for advising on and arranging your mortgage. We charge one fixed, transparent fee, and we tell you exactly what it is upfront.
Buildings and life insurance. Buildings insurance is a lender requirement from the day you exchange. Life cover and income protection are not required but are worth considering, so your mortgage could still be paid if something happened to you. See our insurance page.
Moving costs. Removals, and any furniture or essentials for your new home. Easy to forget, but worth setting aside a few hundred pounds for.
Which costs can I reduce or avoid?
Stamp Duty. As a first time buyer you may pay nothing, depending on the price and current thresholds.
Mortgage fees. A fee-free deal, or one with cashback, can offset arrangement and valuation costs. We compare the true overall cost, not just the headline rate.
Survey. Choosing the right level of survey for the property, rather than the most expensive by default, keeps this in check.
Conveyancing. Fees vary between firms, so it pays to compare quotes line by line rather than on the headline figure alone.
Frequently Asked Questions
What are the costs of buying a first home besides the deposit?
Beyond your deposit, budget for conveyancing and legal fees (around £1,000 to £1,500 plus disbursements), a survey (from a few hundred pounds), any mortgage valuation and arrangement fees, your broker fee, buildings insurance, and moving costs. Some first time buyers also pay Stamp Duty, though many pay none. We give every client a full breakdown upfront.
Do first time buyers pay Stamp Duty?
Many do not. First time buyers get Stamp Duty relief, meaning no tax on the price up to a set threshold, with tax due only on the amount above it, provided the property is below the upper limit for relief. Thresholds change at fiscal events, so check the current figures when you buy. Because many Lancashire properties sit below the England average price, a good number of local first time buyers pay no Stamp Duty at all.
How much are solicitor fees for buying a house?
For a straightforward purchase, legal fees are typically around £1,000 to £1,500, plus disbursements such as local searches and Land Registry fees, which can add several hundred pounds. Leasehold properties usually cost a little more. It pays to compare quotes line by line rather than on the headline fee alone.
Do I need a survey when buying my first home?
A survey is not compulsory, but it is often money well spent. It checks the property's condition and can flag problems before you commit, sometimes even helping you renegotiate the price. The right level of survey depends on the property, and choosing appropriately keeps the cost sensible.
How much does it cost to buy a house in total?
On top of your deposit, all-in buying costs for a straightforward first purchase often come to a few thousand pounds once legal fees, a survey, mortgage fees, insurance and moving costs are added up, before any Stamp Duty. The exact figure depends on the property and your circumstances. We will give you a precise breakdown for your purchase.
What is a mortgage arrangement fee?
It is a fee some lenders charge to set up a mortgage product. It can sometimes be added to the loan, though that means paying interest on it. Some deals are fee-free. Part of our job is weighing a product's fee against its rate to find the lowest overall cost for you, not just the lowest headline rate.
When do I pay all these costs?
They fall at different points. Some, like search fees, are paid early in the process; others, like the balance of legal fees and your deposit, are due around exchange and completion. We will set out the timeline so you know what you need and when, with no last-minute surprises.
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