When you're ready to purchase a property it's often easy to overlook the costs involved other than mortgage payments and your deposit.
The list below gives you a breakdown of all the different fees and charges you might need to pay when you're buying a new home.
|Deposit||This is the amount that you contribute to the overall cost of purchasing a property. How much you pay will depend on your Loan to Value (what proportion of the total amount is made up of the mortgage).|
|Stamp Duty Land Tax||
This is a government tax based on the value of the property. It is only applicable on properties where the purchase price is £125,000 or more.
You can find out more about Stamp Duty on the gov.uk website. A different system is used in Scotland, called Land and Buildings Transaction Tax which is very similar to Stamp Duty.
If you are purchasing a new home or remortgaging with YBS you will need a licensed conveyancer (usually a solicitor) to carry out any legal work on your behalf. The cost is around £200 for carrying out any legal searches, with legal fees of typically £500-£1,000 on top of this.
You can find out more about how to appoint a solicitor on our conveyancing page.
Note: Some of our products come with free legal conveyancing costs provided through our chosen service provider.
|Estate agent fees||
This is a cost paid for the services of an estate agent and would only be applicable if you are also selling a property as well as moving to a new home.
The cost is usually 1-3% of the total purchase price
|Removal costs||You can hire a removal firm to move your belongings to a new property or you can hire a van and do it yourself, which may be cheaper.|