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Buyer's Guide:

Hilbre Homes

The Costs Of Buying A New Home

If you're saving up for a new home, it's important to know about all the different costs associated with buying that you need to factor into your budgeting. Here's a quick guide to talk you through all of the major costs.

Deposit

If you're obtaining a mortgage, it's important that you save as much as you can. For standard mortgages, lenders would need around 10% of the total cost. Luckily, with the government-backed scheme of Help to Buy* you can obtain a mortgage with just a 5% deposit. Click below to find out more about Help to Buy

Find Out About Help To Buy

Arrangement Fees

Many mortgages come with arrangement fees and other charges in order to set up the loan for you, so make sure you read your fee breakdown carefully when applying for a mortgage.

The average arrangement fee is around £1,500. You can get deals without these fees or find mortgages where you can add these onto your loan, however, this may affect the interest rates you'd pay.

Stamp Duty

If you’re a first-time-buyer in England, Wales or Northern Ireland, you will pay no Stamp Duty on properties worth up to £300,000. Whereas, second time buyers won't have to pay Stamp Duty on purchases up to £125,000.

Calculate your Stamp Duty now, by using our handy online calculator.

*Please note, the information on this page is provided as an illustration only.

Stamp duty infographic

Stamp Duty Calculator

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Valuation Fees

Hilbre Homes offers quality homes at a fantastic value for money, regardless of this, any mortgage lender will need to value the property for themselves before they lend you any money.
This is a standard practice in which some will do for free, others will charge. Fees can vary, but you can expect to pay up to about £250.

Solicitors Fees

In order to purchase your home, you'll need a solicitor to carry out all the legal work associated with the buying process. This is called conveyancing. Your solicitor will handle contracts, legal advice, and will carry out local council searches, land registry and transfer the funds to pay for the property. Costs can vary for this and depends on whether you are selling your current home as well as buying. Shop around for the best deals, as fees can vary from £500 up to £1500 plus the addition of 20% VAT.

Transfer Fees

This is a standard fee in which your lender will charge for the electronic transference of the mortgage money to the solicitor. This can cost up to £50.

Estate Agency Fees

If you have a home to sell, you can expect to pay estate agency fees from 1% to 3% of the sale price plus 20% VAT, look out for Hilbre Homes incentives and we may be able to help you out towards costs – please note this is plot specific.

Home Insurance

Don't forget building and contents insurance. Your mortgage lender will require you to have this insurance in order to lend you any money – this however, doesn't need to go through them. If you shop around you can often get great deals combining the two into one policy.

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  • Birkenhead
  • Merseyside CH41 5AA
Tel: 01246 488076 Email: info@hilbrehomes.co.uk

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