First time basic buyer questions (Buying alone - finances etc...)

SideWinder

SideWinder

SideWinder

Consigliere
Joined
12 Jun 2004
Posts
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Location
SW17
Hello hello,

I have quite a specific query so decided to separate it from the other house buying threads.

So I know that 'the bigger the deposit the better' and I am aware it is possible to purchase somewhere with a 10% deposit if I am a first time buyer and all that, could someone provide a guideline as to how much the additional fees/things excluding furnishings would be?

Apologies for my lack of understanding here and do explain things politely. :p

EDIT: My OP was causing confusion so I removed the mortgage query. I have been provided calculators - these have been helpful so ty!
 
Last edited:
Our mortgage is sub £700 a month on a two bed in Bucks, 15 mins from Milton Keynes.

We had £14k deposit, but also used Help to Buy.

Solicitors about £1600 (online solicitors), mortgage advisor fee £400.

It's a weird process, all I can say is get on to a mortgage advisor who will be able to do all the checks for you and work out things.
 
SideWinder said:
Also, I am wondering what I could be expecting as a single guy to pay each month on the mortgage? £800?
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You asking the wrong questions. Nobody can answer that because there are things that will affect how much you pay. It depends on multiple things for example.

How much you put down,
How much your % interest is,
How much the house costs that you buy.
etc
 
Bouton Aide said:
You asking the wrong questions. Nobody can answer that because there are things that will affect how much you pay. It depends on multiple things for example.

How much you put down,
How much your % interest is,
How much the house costs that you buy.
etc
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I know that however I am asking for people to share their experience. I'll rephrase it. Delvis answered how I expected. :)
 
Delvis said:
Our mortgage is sub £700 a month on a two bed in Bucks, 15 mins from Milton Keynes.

We had £14k deposit, but also used Help to Buy.

Solicitors about £1600 (online solicitors), mortgage advisor fee £400.

It's a weird process, all I can say is get on to a mortgage advisor who will be able to do all the checks for you and work out things.
Click to expand...

Ok this is helpful, thank you. :)

I am aware it is SO tricky to compare and I edited the OP.

The 'extra fees' are less than I thought at least.
 
Most (if not all?) banks have mortgage calculators on their websites, you put in the house price and your deposit amount / mortgage needed etc - then it tells you the rates % they offer and the monthly repayments over the 25-35 yr term whatever you specify... Too many variables as mentioned for the actual mortgage costs.

As for the other fees, we moved house last year - solicitor fees for buying/selling combined was about £1650 (Lincolnshire area). If you're just buying and have no property to sell, then I would expect around the £800-1200 mark for your sol bill (depends if you're in a pricey area) - if it's much more then you should seek other quotes imo.

Removal company charged us just over £500 to load up our old home (also took down and rebuilt our bed). Then Stamp Duty (SDLT) was £0 as it was during the gov stamp duty holiday at the time we moved. If you're a FTB and the property is less than £300k you won't have this to pay (assuming you're in England, Scotland/Wales have different thresholds).
 
throwaway4372 said:
If it's a new build you'll want a professional snagger.
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I don't think that's always necessary. If you have done your research, have decent attention to detail and you're buying from a reputable builder, having seen the quality of their work/aftersales care then you should be able to avoid that cost. A lot of pro snaggers raise things that a) you'd have noticed anyway and b) that your builder won't entertain fixing. Now if we're talking TW new builds that's a different game..

Some other costs to consider if they're not included or need replacing:
Flooring
Alarm
Any white goods. Washing machine, dryer etc.
Blinds/curtains
Patio/turf
Home insurance
 
ChrisD. said:
That's an unnecessary expense.
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Agreed, all advisors I've used have been on commission with the lender so you as the customer don't pay anything. As long as you're happy with the deals they're finding and they are competitive.
Bouton Aide said:
These are after costs though, the most important thing is getting that foot into the door with been accepted for a mortgage in the first place.
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True, apart from home insurance. He will need that as part of his lender's agreement.
 
Bouton Aide said:
Nobody knows the other costs though. That's all up to you.
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I am simply asking for guidance/ball park figures/people to share their situation. :confused:

I get you're trying to say it is dependent and I am well aware of this hence why I am asking for a bit more information about the extra costs to factor in. Some of which have been mentioned above.
 
Bought 4 years ago so forgive me if the figures aren't exactly accurate.
Survey was about £300/400.
Solicitors fees about £1.5k (we were going to buy a different place first).
Rented a van for the day so for us removals was about £60?

Mortgage is ~£700 a month on a £180kish mortgage.
 
You can search for a solicitor online, most will offer a fixed price for buying unless something crazy unexpected crops up.

When people talk of solicitors fees its often includes a load of other stuff (searches and indemnities) and as such you can't compare.

Same with survey, its level and house price dependant as such best just to research with your proposed mortgage company.

Do you have any loans and outstanding debts, these will hurt, they will be deducted from your affordability and as such you want to ideally clear them first
 
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