What other costs do I need to be aware of?
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When buying your first home there are other fees as well as your deposit that you will be expected to pay.
You may have to pay stamp duty, please refer to the table below to see how much you may have to pay
|Property or lease premium or transfer value||SDLT rate|
|Up to £125,000||Zero|
|The next £125,000 (the portion from £125,001 to £250,000)||2%|
|The next £675,000 (the portion from £250,001 to £925,000)||5%|
|The next £575,000 (the portion from £925,001 to £1.5 million)||10%|
|The remaining amount (the portion above £1.5 million)||12%|
Example; If you buy a house for £275,000, the SDLT you owe is calculated as follows:
0% on the first £125,000 = £0
2% on the next £125,000 = £2,500
5% on the final £25,000 = £1,250
Total SDLT = £3,750
You will also have to pay for the survey or valuation of the property, the cost of this is relative to the value of the property and can range from £0 to £1,000+. There is also legal work that needs to be done when purchasing a property. This is known as conveyancing and the cost of this is also relative to the value of the property. Your lender may also charge an arrangement/booking fee for your mortgage.
Contact us to find out how much these fees may be.Can I get a Mortgage?