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'One-off' buying costs

Deposit

Lenders are increasingly expecting you to have a large sum to put down as a deposit. You will need to save up for this and other mortgage costs.

• How lenders decide how much you can borrow

Surveyor's fees

You'll usually need to pay for the lender's basic valuation survey - the cost varies by lender and property value but is usually a few hundred pounds. To check the property's condition you'll need a more detailed survey for which you'll need to compare quotes.

• More about building surveys (home and community section)

Stamp Duty

If the purchase price is over £125,000 you pay Stamp Duty Land Tax of between one and four per cent of the property value. However, if you are a first-time buyer or the property's in a designated 'disadvantaged' area, you may not have to pay any Stamp Duty Land Tax at all. With some new builds the developer will pay your Stamp Duty Land Tax for you.

• More about Stamp Duty rates and exemptions

• Use the HM Revenue & Customs Stamp Duty calculator Opens new window

Solicitor's or conveyancer's fees

These cover searches and legal paperwork. Costs vary by area and/or the property value (or loan amount if it's remortgage) and include:

Your solicitor will confirm the cost of the above fees.

• Search online for a solicitor Opens new window

Land Registry fees calculator

You can also use the Land Registry fees online calculator below:

• Use the Land Registry online calculator Opens new window

Lender's arrangement fees

These vary by lender, but may include:

Lender's insurance premium

If you have a high percentage loan you may need to pay a one-off fee called a 'higher lending charge'. This protects the lender if you can't repay your mortgage. It depends on how much you borrow and how much deposit you put down. The premium can be high; ask your lender or mortgage adviser. You can usually add it to the mortgage if it doesn't take you above the lender's maximum loan for the property value, but this will increase your interest charges.

Removal and moving in expenses

These vary according to:

It's best to get several quotes, and always check that your remover's properly insured.

Ongoing monthly costs

Mortgage repayments

You'll need to budget for your monthly mortgage repayments - and take into account what effect a future change of interest rates would have on these.

If you have an 'interest only' mortgage, you'll usually also need to budget for monthly payments into an investment to pay off the loan at the end of the term.

• Types of mortgage

Life insurance/mortgage protection cover

You might need to take out a life assurance policy such as 'term insurance' or a 'mortgage protection policy'. The monthly payments can be relatively low and the insurance pays off what you owe if you die before you've finished repaying the loan. Ask your mortgage adviser for more details. (If you have a mortgage endowment policy, this includes life cover.)

You can also take out insurance that pays your monthly repayments if you're ill or out of work - but this can be expensive.

• More about payment protection insurance from the Money Advice Service Opens new window

Buildings and contents insurance

Once you exchange contracts for your property you're responsible for insuring it. Your lender can insist that you have buildings insurance - but they can't make you buy their own. But in some cases, lenders insist that you take out their insurance on completion.

• Buying insurance - more information from the Money Advice Service Opens new window

Council Tax, utility and other regular bills

Don't forget that when you move, your monthly bills might go up.

Will you have enough to meet your new monthly outgoings?

You can use the Money Advice Service's budget calculator to work out whether you'll have enough to meet your monthly payments. They also offer useful further tips on buying a home. The Money Advice Service is free to use and was set up by the government. It is independent and does not sell anything for itself, or anyone else.

• Calculate your new outgoings with the Money Advice Service budget calculator Opens new window

• Planning for buying a home - tips from the Money Advice Service Opens new window

More useful links

• First time buyers - getting onto the property ladder (home and community section)

• Buying a home - general information (home and community section)

Useful contacts

• Money, tax and benefits contacts