First-time buyer guide
First-time buyer costs
See the main costs first-time buyers should budget for, including deposit, property tax, legal fees, surveys, mortgage charges and moving costs.
Your deposit is only one part of the cash you need to buy your first home.
A practical first-time buyer budget should also allow for property tax where applicable, legal fees, survey costs, mortgage fees and moving expenses.
A practical first-time buyer budget should also allow for property tax where applicable, legal fees, survey costs, mortgage fees and moving expenses.
The main costs to budget for
- Deposit
- Property transaction tax
- Conveyancing / legal fees
- Survey or valuation
- Mortgage product or lender fees
- Removals and moving-day costs
Example deposit10% of a £300,000 home = £30,000
Then add buying costsLegal, survey, lender, tax and moving costs sit on top of the deposit.
Why the headline deposit can mislead
A mortgage calculator may tell you the minimum deposit needed for a loan, but that is not the same as the amount of cash you need to complete the purchase.
Your whole move
Bring the numbers together.
Take what you’ve learned here back to MoveBudget and see what you’ll actually need in the bank.
Back to MoveBudget →