The Cost of Buying a Home

When you’re buying a home, the deposit is usually the first cost you think about, but it won’t be the only one.

Solicitor fees, surveys, mortgage charges, insurance and moving costs can all come into play before you collect the keys.

If you’re buying your first home in Nottingham, knowing about these costs early can make it easier to work out how much you actually need to save, rather than focusing on the deposit alone.

This guide covers the main costs you’re likely to come across and where they usually fit into the buying process.

Deposit

Your deposit is usually the highest upfront cost when buying a home.

It is the amount you contribute towards the purchase price, with the remaining balance normally covered by your mortgage. The amount you need will depend on the property value and the lender’s criteria.

For example, a 5% deposit on a £200,000 property would be £10,000, while a 10% deposit would be £20,000.

A larger deposit can sometimes give you access to a wider range of mortgage products and more competitive rates because you are borrowing a smaller proportion of the property’s value.

If you’re buying your first home, a Lifetime ISA or gifted deposit from family could also help towards the amount you need.

Stamp Duty

Stamp Duty Land Tax is a tax that may be payable when buying a property in England.

Whether you need to pay it depends on the purchase price and your circumstances. First time buyers may qualify for relief, while different rules can apply if you already own another property.

If Stamp Duty is due, your solicitor will normally deal with the payment as part of the conveyancing process.

Solicitor And Conveyancing Fees

A solicitor or licensed conveyancer deals with the legal side of buying the property.

Their work usually includes carrying out searches, reviewing contracts, dealing with the lender and completing the transfer of ownership.

Conveyancing fees vary between firms, so it is worth checking what is included in the quote. Some include property searches and Land Registry costs, while others charge for these separately.

Property Survey Costs

A property survey can help you understand the condition of the home before you complete the purchase.

Although a survey is not always compulsory, many buyers choose to arrange one so they are aware of any defects, repairs or maintenance issues before becoming the owner.

These figures are intended as a guide and can vary between surveyors.

The lender’s mortgage valuation is different from a survey. It is mainly used to check whether the property provides suitable security for the mortgage.

Mortgage Fees

Some mortgage products come with additional fees, such as arrangement, booking or valuation fees.

These may be paid upfront or, in some cases, added to the mortgage. Adding a fee to the loan can reduce the amount you need to pay immediately, but you will usually pay interest on it while it remains part of the mortgage balance.

When comparing mortgage deals, it is worth looking at the overall cost rather than the interest rate alone.

Buildings Insurance

Buildings insurance covers the structure of the property against insured events such as fire, flooding or storm damage.

If you are buying with a mortgage, your lender will usually require buildings insurance to be in place from completion.

Contents insurance protects your belongings and is normally optional.

Removal Costs

You may also need to budget for the cost of moving into the property.

This could include hiring a removals company, renting a van, using storage or paying for packing services. The amount you spend will depend on the size of the move and the distance involved.

If you are moving within Nottingham or relocating into the area, getting a few quotes in advance can help you factor this into your overall home buying budget.

Mortgage Broker Fees

Some mortgage brokers charge a fee for the advice and service they provide.

If a fee applies, you should be told how much it is, when it becomes payable and what is included before deciding whether to proceed.

A mortgage broker may help with comparing lenders, preparing the mortgage application, dealing with lender queries and keeping the case moving as it progresses.

Company

Ongoing Costs After You Move In

The cost of buying the property does not stop once you collect the keys.

If you buy a leasehold property, you may also have service charges or other ongoing costs to consider.

Knowing what these monthly commitments are likely to be can help you decide what you are comfortable spending on a property, rather than focusing only on the maximum amount a lender may be prepared to offer.

Date Last Edited: October 5, 2026