Every first-time buyer budgets for the deposit. Far fewer budget for the £3,000–£8,000 of additional costs that arrive between offer and keys — and running short at exchange is the most stressful way to discover them.
The Full Shopping List
- Conveyancing: £1,000–£1,800 including searches and Land Registry fees
- Survey: £400–£700 for a Level 2 HomeBuyer report; £700–£1,200 for a full Level 3 building survey on older or unusual properties
- Mortgage costs: arrangement fees £0–£1,500 (sometimes addable to the loan), valuation £0–£300
- Stamp duty: £0 up to £300,000 for first-time buyers in England — but check LBTT in Scotland and LTT in Wales, which differ significantly
- Moving: £300–£1,200 depending on distance and whether you hire movers
- Immediately after: buildings insurance from exchange day, plus the inevitable locksmith, curtain poles and boiler service
Why the Survey Is Not Optional
The mortgage valuation protects the lender, not you — it can be a drive-past. A proper survey routinely uncovers damp, roof or electrical issues worth thousands in negotiation. Spending £700 to discover a £6,000 problem before you own it is the best deal in the entire process.
Rule of Thumb
Budget 3–4% of the purchase price on top of your deposit, and keep £1,000 uncommitted for the surprises every house delivers in month one.
🧮 Try the calculators: