Budget for Monthly Mortgage Payments
Apart from your monthly mortgage payments, there are others costs when buying a home.
- Survey costs
- Solicitor’s fee
- Removal costs
- Buildings insurance
- Initial furnishing and decorating costs
- Mortgage arrangement and valuation fees; and
- Stamp Duty (Land and buildings Transaction Tax in Scotland, or Land Transaction Tax in Wales).
First-time-buyers will pay no Stamp Duty on the first £300,000 for properties worth up to £500,000.
The money advice service have lots of useful information here
Land and Buildings Transaction Tax in Scotland.
Land Transaction Tax in Wales.
Money timeline when buying property – England, Wales and Northern Ireland.
Money timeline when buying a property in Scotland.