Extra costs when buying a home

Learn what to consider before jumping onto the property ladder, what are the extra costs when buying a home that you need to consider.

Buying a home or any kind of property, will quite possibly be one of the biggest financial decisions that we make in our lifetime, so it is important to be aware of the extra costs associated with buying a property before jumping onto the property ladder.

Whilst you may be aware of the bigger expenses, there may also be some additional costs you need to consider. For example, the legal fees, stamp duty or the actual cost of moving.

It’s crucial to make sure you have budgeted for all the different costs when buying a home. Here’s what you need to know.

STAMP DUTY

Stamp duty – or Stamp Duty Land Tax (SDLT) to give it its full name – is a fee charged by the Treasury that’s paid on property purchases. It applies to residential properties involved in sales over £125,000, and all non- residential properties or land in sales over £150,000. If you’re buying a property in Scotland, you’ll pay Land and Buildings Transaction Tax (LBTT) rather than stamp duty, over £145,000.

Conversely, you might have to pay an even higher rate than most homebuyers – it all depends on your own circumstances. In any property sale where it’s required, stamp duty must be paid by the buyer rather than the seller and is liable from the point that the transfer of ownership is completed.

CONVEYANCING

Conveyancers transfer the ownership of a property from one party to another, and you will need one when buying or selling a home. A few common conveyancing fees include land registration fees, transfer fees and local authority searches.

The cost of conveyancing fees can vary depending on a number of factors, such as the value of the property, whether it’s freehold or leasehold and the local searches that need to be completed.

SURVEYS AND VALUATION FEES

Your mortgage lender will carry out a valuation survey that will look solely at the property’s worth – it doesn’t cover structural issues and won’t highlight any problems with the property, and you may be liable to cover the costs as part of your mortgage product. How much a property survey costs can vary hugely depending on the type of survey you get.

A house survey is a detailed inspection of the condition of a property. It’s completed by a surveyor who visits the property, carries out an inspection and prepares a report on what they’ve found. Home buyers generally have a survey done on a property after their offer has been accepted by the seller (but the system works differently in Scotland).

Depending on the property’s value and what type of report you go for, this could cost anywhere from a few hundred pounds to over a thousand pounds.

MORTGAGE ARRANGEMENT AND OTHER FEES

The number of fees and costs associated with buying a property can be overwhelming. There are various mortgage arrangement and other fees you will be required to pay at different stages of the purchasing process. These can range from small administration fees and electronic transfer fees to larger charges that will cover essential services, and they can all have an impact on the true cost of your mortgage.

Any fees associated with the mortgage are set out clearly in the documents your lender provides before you commit to any specific mortgage. All lenders will take a different approach with regard to costs, which is why obtaining professional mortgage advice is essential.

ESTATE AGENT FEES

Estate agents’ fees vary enormously, and can add thousands of pounds to the cost of selling a home. If you sell your property using a traditional high- street estate agent, fees will usually be calculated as a percentage of the price paid by your buyer. This kind of estate agent’s fee is called ‘commission’.

While an estate agent’s fee can seem like an eye- watering sum, it’s not always advisable to choose the company offering to sell your home for the lowest fee just so you can save money. But, if you’re a first-time buyer, don’t worry, the seller will cover these costs!

INSURANCE

A property is likely to be the biggest purchase you’ll ever make. Having insurance can give you a safety net – and peace of mind – if things go wrong. So, it stands to reason that you’ll want to make sure you protect yourself and your home should the worst happen.

Buildings insurance is usually compulsory if you have a mortgage, and could save you a fortune if something damages your home, like a fire or flood. General insurance is used to protect the economic value of your assets against accidents, damages or loss.

Contents insurance protects your belongings too. It may be cheaper to buy buildings and contents insurance together – but you can also buy them separately.

Life insurance covers the cost of paying off your mortgage, if you die before it is paid off. Critical illness cover helps cover the cost of paying off your mortgage if you are diagnosed with a specified life-changing condition. Income protection helps cover your mortgage payments each month if you are unable to work due to an accident, sickness or redundancy.

REMOVAL SERVICES

Moving day can be hugely stressful. You can reduce that stress by booking a professional removals company early in the process. When it comes to removal services, prices range depending on a number of factors.

The cost will vary greatly depending on the size of your property, the amount of items you want moved and how far it needs to be transported.

If you are moving locally removal companies are likely to charge you per hour. It is very unusual to be charged by weight of your belongings or distance travelled.

Alternatively, if you opt for the DIY approach, this will increase the amount of time required, however can reduce the costs when buying a home.

Whether you’re an existing client or you’re simply researching your options, we’ll help you find the right mortgage deal for you. To discuss your mortgage options, contact Yes Mortgage Services Limited – telephone 0800 6125596 – email [email protected] and one of the team can talk you through the whole process without charging a broker fee.

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At Yes Mortgage Services, we offer a comprehensive range of products from across the market.

Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.

Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.

We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.

Yes Mortgage Services

Contact Us

YES Mortgage Services Limited
The Old Barn
Brooklands Farm
Mannington
Wimborne
BH21 7JU

Hours
Monday – Friday 0900 – 1700

Contacts
0800 612 5596
[email protected]

We don’t charge a broker fee

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We believe in providing quality financial advice to everyone, regardless of their financial status. ⁣
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That's why we don't charge a broker fee 🤩⁣
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We'll look after you for the lifetime of your mortgage/home ownership, ensuring you never pay more than you should on your loan. Whether you're remortgaging, moving home, or making any subsequent property purchase, we've got you covered.⁣
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Visit our website (🔗 in bio) to learn more.⁣
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
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#mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

We believe in providing quality financial advice to everyone, regardless of their financial status. ⁣

That`s why we don`t charge a broker fee 🤩⁣

We`ll look after you for the lifetime of your mortgage/home ownership, ensuring you never pay more than you should on your loan. Whether you`re remortgaging, moving home, or making any subsequent property purchase, we`ve got you covered.⁣

Visit our website (🔗 in bio) to learn more.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
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Being self-employed has its perks, but when it comes to getting a mortgage, things can get a little tricky. But you don't have to navigate this process alone.⁣
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We have access to a wide range of lenders and a deep understanding of what each one looks for when it comes to self-employed mortgages. Meaning we can find the most appropriate lender for your circumstances and needs!⁣
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And the best bit? We don't charge a broker fee 🤩⁣
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If you'd like to chat with one of our advisors about self-employed mortgages give us a call on 0800 612 5596 or send us a DM⁣
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Your property may be repossessed if you do not keep up repayments on your mortgage.  Yes Mortgage Services Limited do not charge a broker fee.⁣
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...⁣
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#selfemployedmortgage #selfemployedmortgages #selfemployed #dorsetbusiness #bournemouthbusiness

Being self-employed has its perks, but when it comes to getting a mortgage, things can get a little tricky. But you don`t have to navigate this process alone.⁣

We have access to a wide range of lenders and a deep understanding of what each one looks for when it comes to self-employed mortgages. Meaning we can find the most appropriate lender for your circumstances and needs!⁣

And the best bit? We don`t charge a broker fee 🤩⁣

If you`d like to chat with one of our advisors about self-employed mortgages give us a call on 0800 612 5596 or send us a DM⁣
...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#selfemployedmortgage #selfemployedmortgages #selfemployed #dorsetbusiness #bournemouthbusiness
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A JSPB mortgage enables you to accept the financial support of your family while retaining a sense of independence through sole ownership of your property.⁣
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If you'd like to chat with one of our advisors about Joint Borrower Sole Proprietor Mortgages or buying your first home, give us a call on 0800 612 5596 or send us a DM⁣
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
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...⁣
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#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips #JSPBmortgage

A JSPB mortgage enables you to accept the financial support of your family while retaining a sense of independence through sole ownership of your property.⁣

If you`d like to chat with one of our advisors about Joint Borrower Sole Proprietor Mortgages or buying your first home, give us a call on 0800 612 5596 or send us a DM⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips #JSPBmortgage
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Life throws curveballs, don't let a leaky roof be one! Building insurance provides peace of mind knowing your home's structure is covered. Talk to Kelly, our insurance advisor, to find the right coverage for your mortgage.⁣
⁣
Get in touch on 0800 612 5596 or tap the link in our bio.⁣
⁣
...⁣
⁣
#buildingsinsurance #protectyourhome #dorsetlife #insurancebrokers #insuranceadvisor #dorsetbusinessowners

Life throws curveballs, don`t let a leaky roof be one! Building insurance provides peace of mind knowing your home`s structure is covered. Talk to Kelly, our insurance advisor, to find the right coverage for your mortgage.⁣

Get in touch on 0800 612 5596 or tap the link in our bio.⁣

...⁣

#buildingsinsurance #protectyourhome #dorsetlife #insurancebrokers #insuranceadvisor #dorsetbusinessowners
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Connor joined our team back in July 2017!  He's lived all around the Southwest, from Cornwall to Bristol, and now he's found his sweet spot in Wellington, Somerset—right between the two!⁣
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When he's not crunching numbers, you'll find him whipping up some delicious dishes, hosting get-togethers with friends and family or enjoying the delights at his local cider farm🍺🌿⁣
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All of our mortgage advisors (Connor included) are ready to help you whether you're looking to remortgage, buy your first home, or upgrade to a new one. The best bit is we don't charge a broker fee! Get in touch on 0800 612 5596 or send us a DM⁣
⁣
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...⁣
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#ukmortgage #mortgagesuk #wellingtonsomerset  #mortgageexperts #westcountry

Connor joined our team back in July 2017! He`s lived all around the Southwest, from Cornwall to Bristol, and now he`s found his sweet spot in Wellington, Somerset—right between the two!⁣

When he`s not crunching numbers, you`ll find him whipping up some delicious dishes, hosting get-togethers with friends and family or enjoying the delights at his local cider farm🍺🌿⁣

All of our mortgage advisors (Connor included) are ready to help you whether you`re looking to remortgage, buy your first home, or upgrade to a new one. The best bit is we don`t charge a broker fee! Get in touch on 0800 612 5596 or send us a DM⁣


...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry
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We're flying the flag for Somerset! ⁣
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With a team spread across the Southwest, we're proudly celebrating #SomersetDay and sending a special shoutout to our amazing mortgage advisor, Connor, who's lucky enough to live there.⁣
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Let's have a bit of fun - how many of these places can you name? Share your score in the comments 👇⁣
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...⁣
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#somersetlife #loveforsomerset #visitsomerset #somerset #somersetday

We`re flying the flag for Somerset! ⁣

With a team spread across the Southwest, we`re proudly celebrating #SomersetDay and sending a special shoutout to our amazing mortgage advisor, Connor, who`s lucky enough to live there.⁣

Let`s have a bit of fun - how many of these places can you name? Share your score in the comments 👇⁣


...⁣

#somersetlife #loveforsomerset #visitsomerset #somerset #somersetday
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4 0
So you've found your dream home and now it's time to apply for a mortgage. Here's what a lender will usually want to know:⁣
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👉 Your income, including any pensions, investments or financial support you receive (e.g. child benefit)⁣
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👉 Your other financial commitments like household bills, overdraft payments and whether you have any children.⁣
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👉 Any potential lifestyle changes that might affect your ability to make repayments in the future, such as having a baby, taking redundancy, or returning to education.⁣
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👉 To prove your incomings and outgoings, you'll need to provide payslips, tax forms, and details of any financial arrangements you have (e.g. car payments, paying off your student loan, pension contributions). You'll also need to show household bills, council tax bills, insurance paperwork, and any invoices for childcare.⁣
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Don't worry if this sounds overwhelming - our team of experts is here to guide you through the process. Give us a call at 0800 612 5596 or visit our website (🔗 in bio) to learn more.⁣
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...⁣
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Your property may be repossessed if you do not keep up repayments on your mortgage.  Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips

So you`ve found your dream home and now it`s time to apply for a mortgage. Here`s what a lender will usually want to know:⁣

👉 Your income, including any pensions, investments or financial support you receive (e.g. child benefit)⁣

👉 Your other financial commitments like household bills, overdraft payments and whether you have any children.⁣

👉 Any potential lifestyle changes that might affect your ability to make repayments in the future, such as having a baby, taking redundancy, or returning to education.⁣

👉 To prove your incomings and outgoings, you`ll need to provide payslips, tax forms, and details of any financial arrangements you have (e.g. car payments, paying off your student loan, pension contributions). You`ll also need to show household bills, council tax bills, insurance paperwork, and any invoices for childcare.⁣

Don`t worry if this sounds overwhelming - our team of experts is here to guide you through the process. Give us a call at 0800 612 5596 or visit our website (🔗 in bio) to learn more.⁣


...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips
...

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Just because your current mortgage lender worked for you in the past doesn't mean it's still the best fit for your current needs...⁣
⁣
By exploring what other lenders have on offer, you might discover better deals that are more suited to your current needs!⁣
⁣
Whether you're looking to save money, release equity, or consolidate debt, we're here to guide you through the remortgage process. ⁣
⁣
Give us a call on 0800 612 5596 - our advice to you is FREE!⁣
⁣
...⁣
⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#remortgageuk #houseowner #homeownerlife #homeownertips  #howtosavemoney #houseaddictive

Just because your current mortgage lender worked for you in the past doesn`t mean it`s still the best fit for your current needs...⁣

By exploring what other lenders have on offer, you might discover better deals that are more suited to your current needs!⁣

Whether you`re looking to save money, release equity, or consolidate debt, we`re here to guide you through the remortgage process. ⁣

Give us a call on 0800 612 5596 - our advice to you is FREE!⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#remortgageuk #houseowner #homeownerlife #homeownertips #howtosavemoney #houseaddictive
...

2 0
If you're a member of the Armed Forces and need mortgage advice - we're here to support you.⁣
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We're a team of (ex-military) Mortgage Advisors, who understand the pressures you face and speak your language - from the terminology to the banter of service life. ⁣
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We can even read military pay statements! ⁣
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Visit our website to learn more (🔗 in bio)  or give us a call on 0800 612 5596.⁣
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...⁣
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⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#armedforces #militaryfamily #ukarmedforces #ukmilitary #ukveterans #forcesfamilies #ukveteranowned #mortgagebroker

If you`re a member of the Armed Forces and need mortgage advice - we`re here to support you.⁣

We`re a team of (ex-military) Mortgage Advisors, who understand the pressures you face and speak your language - from the terminology to the banter of service life. ⁣

We can even read military pay statements! ⁣

Visit our website to learn more (🔗 in bio) or give us a call on 0800 612 5596.⁣


...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#armedforces #militaryfamily #ukarmedforces #ukmilitary #ukveterans #forcesfamilies #ukveteranowned #mortgagebroker
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Worried about the unexpected?⁣
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Income protection insurance can provide you with a monthly income to replace any lost income if an accident or sickness keeps you from working.⁣
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But do you really need it? ⁣
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The truth is, no one likes to think about the what-ifs, but it's always better to be cautious and ensure you're well-covered. You can breathe a little easier, knowing that your financial well-being is safeguarded.⁣
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If you'd like help in finding the right policy for you, our insurance advisor Kelly is on hand. Send us a message, or call us on 0800 612 5596.⁣
⁣
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...⁣
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#incomeprotection #financialplanning #moneylessons #mortgagebrokers #mortgageprotection

Worried about the unexpected?⁣

Income protection insurance can provide you with a monthly income to replace any lost income if an accident or sickness keeps you from working.⁣

But do you really need it? ⁣

The truth is, no one likes to think about the what-ifs, but it`s always better to be cautious and ensure you`re well-covered. You can breathe a little easier, knowing that your financial well-being is safeguarded.⁣

If you`d like help in finding the right policy for you, our insurance advisor Kelly is on hand. Send us a message, or call us on 0800 612 5596.⁣


...⁣

#incomeprotection #financialplanning #moneylessons #mortgagebrokers #mortgageprotection
...

3 0
If your mortgage application gets refused, don’t think that’s it.⁣
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Our experts know the market inside out and can help you find lenders more inclined to consider your circumstances and process your application. Give us a call on 0800 612 5596 or tap the link in our bio.⁣
⁣
...⁣
⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#mortgageadvice #mortgagehomes #propertymarket #hampshirelife  #mortgageprocess #mortgagebrokeruk #homeuk #mortagebrokers #homeownership #dreamhome

If your mortgage application gets refused, don’t think that’s it.⁣

Our experts know the market inside out and can help you find lenders more inclined to consider your circumstances and process your application. Give us a call on 0800 612 5596 or tap the link in our bio.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#mortgageadvice #mortgagehomes #propertymarket #hampshirelife #mortgageprocess #mortgagebrokeruk #homeuk #mortagebrokers #homeownership #dreamhome
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