First time buyers, looking for some friendly advice.



New Member
I'm new here so please ignore any mistakes, wrong posts etc. Just looking for some advice

Me and my partner are both early 20's and have decided to relocate down south. Where we live you can get a decent sized 3 bedroom semi detached, parking, garden and good location for around £150,000/£160,000. However, moving from our area to the south west (Devon & Cornwall) that amount of money gets you nowhere. We're a little bit all over the place with our budget because we can't work out what we can actually afford. We added together our wages and based on my parents current bills, my siblings who have moved out and a few friends we have came up with a rough outline of bill costs such as water, gas, electricity and the basic needs. We worked out we could afford monthly mortgage payments of around £600 per month with a £10,000 deposit upfront, up north that would be a nice house but down south it gets you the minimum.

We've looked into new builds but again they're around £180,000 minimum with a £10,000/£15,000 deposit, which worked out roughly £700 a month, obviously the higher the deposit the lower the monthly payments but at the moment with out HTB isa's we're looking at around £12,000 deposit by the time we move out. I suppose my main question here is about other costs that we may not have thought about.

In the simplest of ways, a bullet point list etc could anyone please give me an outline of costs to expect such as solicitors, mortgage advisers etc. We're living at home at the moment with my parents and pay our own shopping etc so we're used to costs such as that, but if anyone could give any money tips, advice, breakdown of costs etc or the services we might need to look at that we haven't thought of i'd be really grateful.

Thanks X :)

Jessica Harrison

New Member

Most lender's charge an arrangement fee and there is also a valuation fee to bear in mind (although some lenders offer free valuations) there may be a broker fee to pay but that can often be added to the mortgage. The borrower is usually responsible for their own legal fees and that of the lender and the amount depends on the type of purchase, property value and complexity of the legals but assuming simple they range from a few hundred to a few thousand. Your best option would be to use a reputable mortgage broker as they can look at your whole situation and then let you know all the options and products available so you can compare and contrast and make an informed decision. Remember if you have been used to living with parents, you will need to allow for other costs such as utilities (gas/oil, electricity, water, internet) council tax, repairs and appliances and furniture, as most houses are not sold with those. If you buy leasehold there will also be things like ground rent to consider and check the lease for details on things like roof repairs as that can be extortionate if something goes wrong if there several properties within one building.


This might help:-

Mortgage fees
Valuation fee
Survey fee
Broker fee
Stamp duty
Conveyancing fee
Land Registry fee


Surely the UK mortgage market is competitive enough for you to be able to negotiate some of the above fees? Might you even be able to secure some services free of charge if you take out a particular mortgage?


It may be worthwhile approaching a mortgage broker as in many cases they more than pay for themselves. They would be able to give you an instant outlook on the market, what is available, what is affordable and potential options going forward.


This all looks fairly complicated and something where a mistake with the choice of mortgage could prove costly! I would speak with a mortgage broker - many of them get paid on results so well worth a chat.