How much does it cost to buy a home?

Buying a property involves more than just finding the right mortgage. Alongside your deposit, there are a range of one-off and ongoing costs that can catch people out—especially when you’re trying to plan how much to save.

This guide brings together the typical expenses you may face across the buying journey, so you can build a realistic budget and avoid last-minute surprises.

Quick summary of the main costs

When you buy a home, you’ll usually need to budget for:

• Your deposit (paid upfront)
• Mortgage-related fees (paid to set up the mortgage)
• Buying costs (surveys, conveyancing, searches)
• Stamp duty / equivalent taxes (depending on where you buy)
• Land Registry fees (paid through your solicitor)
• Moving and early homeownership costs (moving, repairs, furnishing)
• Ongoing costs (mortgage payments, utilities, insurance, maintenance)

The exact amounts vary depending on the property price, the type of mortgage, and where in the UK you’re buying.

Costs to consider before you get your mortgage

Deposit

Your deposit is the portion of the property price you pay yourself. In the UK, deposits commonly fall in the 5% to 10% range, though the right level depends on your circumstances and the mortgage options available.

A larger deposit can reduce the amount you need to borrow, which may affect the overall cost of the mortgage. It can also influence the range of mortgage deals you can access.

Mortgage setup fees

Most mortgages include at least one potential fee. Some are charged by the lender, while others relate to the process of valuing and administering the mortgage.

Common mortgage-related costs can include:

• Product or arrangement fee: often a fixed amount, sometimes charged for certain mortgage types
• Mortgage valuation fee: the lender’s valuation to support the mortgage decision
• Telegraphic transfer / CHAPS fee: a banking fee for transferring funds to the solicitor
• Booking fee: a fee to reserve a specific mortgage product
• Account fee: an administrative fee for setting up and maintaining the mortgage account
• Higher lending charge (where applicable): may apply if the deposit is relatively small

Whether you pay these fees upfront, whether they can be added to the mortgage, and the amounts involved will depend on the mortgage product.

Tip: When comparing mortgage options, it’s usually worth looking at the overall cost (interest rate plus any fees), not just the headline rate.

Costs during the house purchase process

Property survey fees

A survey is not the same as a mortgage valuation. A survey is for you as the buyer and can help identify issues that may affect the property’s condition.

Survey costs vary based on the level of detail and the property value. You might see pricing that ranges from a few hundred pounds for a basic option to higher amounts for more detailed surveys.

Conveyancing fees

Conveyancing covers the legal work involved in buying and selling a property. Your solicitor or conveyancer typically handles tasks such as:

• drafting and reviewing contracts
• dealing with the exchange and completion process
• transferring funds
• paying Stamp Duty Land Tax (or the relevant UK equivalent)

Conveyancing fees vary by firm and by the complexity of the transaction.

Property searches

Your solicitor will usually carry out searches to uncover potential risks or issues, such as planning matters or flood risk. These are often bundled into conveyancing packages, but it’s still worth understanding that searches are part of the overall cost.

Stamp Duty Land Tax (and equivalents)

Stamp duty is usually one of the biggest single costs for buyers.

• In England and Northern Ireland, it’s typically called Stamp Duty Land Tax (SDLT).
• In Scotland, it’s Land and Buildings Transaction Tax (LBTT).
• In Wales, it’s Land Transaction Tax (LTT).

The amount depends on the property price and the buyer’s circumstances. It can also vary depending on whether you’re a first-time buyer and other factors.

Authoritative guidance:

• https://www.gov.uk/stamp-duty-land-tax

Land Registry fee

After completion, the property is registered in your name. The Land Registry fee is usually paid via your solicitor and is based on the property price.

Authoritative guidance:

• https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

Costs after you’ve bought a home

Moving costs

Moving can range from a simple local move to a larger, longer-distance relocation. Costs depend on factors such as distance, the size of the property, and whether you hire removals professionals.

Maintenance and repairs

Once you own the property, you’re responsible for ongoing upkeep. It’s sensible to set aside a buffer for repairs and routine maintenance—especially for items that may not be obvious during viewings.

Decorating and furnishing

Many buyers budget for immediate updates, whether that’s painting, flooring, or furnishing the property from scratch.

Leasehold property costs (if applicable)

If you’re buying a flat or leasehold property, you may face additional costs such as:

• service charges for maintaining shared areas
• ground rent (where applicable)

These can vary significantly depending on the property and the management arrangements.

Ongoing household bills

Homeownership comes with regular spending. Typical ongoing costs include:

• Council Tax
• utilities (gas/electricity, water)
• buildings insurance (often required)
• contents insurance (optional but commonly considered)
• broadband and other subscriptions

Mortgage costs over time

Monthly mortgage repayments

Your monthly payments are usually your largest ongoing expense. They depend on:

• the mortgage amount (how much you borrow)
• the interest rate
• the term length
• whether it’s repayment or interest-only

Early repayment charges (if you change plans)

If you repay your mortgage early or switch away from a fixed or discounted period before the end of the deal, you may face early repayment charges. These are typically calculated based on the remaining mortgage balance and the terms of your mortgage.

Exit fees (when you fully repay)

Some lenders charge an administrative fee when the mortgage is closed. This may be relevant if you sell the property or remortgage.

Building a realistic budget: what to include

A practical way to plan is to separate costs into three buckets:

1. Upfront costs: deposit plus any fees you must pay before completion.
2. Completion and legal costs: conveyancing, searches, surveys, and Stamp Duty / equivalent.
3. After completion: moving, initial maintenance, decorating, and early bills.

If you’re comparing mortgage options, it can also help to look beyond the interest rate and consider the overall cost of the mortgage deal, including any fees.

Common misconceptions to avoid

• “The mortgage covers everything.” Most buying and legal costs must be paid from your own funds.
• “A valuation is the same as a survey.” They serve different purposes.
• “Stamp duty is the only tax cost.” There may be other fees involved in the process, such as Land Registry fees.
• “Ongoing costs stop once you move in.” Maintenance, insurance, and household bills continue throughout homeownership.

Final thoughts

The total cost of buying a home is a combination of upfront and ongoing expenses. By understanding the typical categories—deposit, mortgage fees, conveyancing, surveys, stamp duty (or the local equivalent), and the costs of moving and maintaining your property—you can set a savings target that reflects the reality of buying.

If you’d like to explore related topics, you may also find it useful to review guidance on mortgage fees, stamp duty, and the role of surveys and conveyancing.