Budget for the other costs of buying a home

Budget for Monthly Mortgage Payments

Apart from your monthly mortgage payments, there are others costs when buying a home.

These include:

• 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

Stamp Duty.

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.

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