The costs of buying your home
Buying a home is probably the biggest financial decision you will ever make so it is worth taking time to consider whether it is the right choice for you.
What costs are involved?
You will need to take the following costs into consideration:
- Mortgage repayments
- Mortgage protection insurance in case you lose your job or fall ill
- Life insurance to enable your family to pay off the mortgage if you die
- Buildings and contents insurance against the risk of fire, flood, theft and accidents
- Council tax and water charges
- Gas, electricity, telephone, etc.
- Ground rent and service charges may apply
- Maintenance of the property
As part of the process of buying a house or flat you may also need to pay for:
- A solicitor or licensed conveyance fees
- An independent survey
- The mortgage to be arranged
- The Land Registry fee
- Stamp Duty