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The Costs of Buying a Home in Hull

Moving Home Hull

There are lots of different things to think about before you move home, one of them is the costs involved. Whether you’ve moved home before or this is your first time in the market, you need to be fully aware of all of the costs of buying a home.

How Much Does it Cost to Buy a Home in the UK? | MoneymanTV

The Costs Involved in Buying a Home

Estate agency fees

You will only have to converse with an estate agent when you are looking to sell a property. If you’re going down the purchase route, your Mortgage Broker / Bank / Building Society can sort these things out.

Estate agency prices can vary. If you end up dealing with one, you should make sure that you’re getting the best price and service available. Make yourself certain before committing to anything. Sometimes, the cheapest estate agents may have the poorest service.

If you aren’t too fussed about the costs and just want a personalised, simple and secure service, it’s likely that you’ll have to pay an extra 1-2% of your selling price. Usually, these fees are negotiable; particularly in a seller’s market where agents are fighting for your instruction because of the lack of houses on the market.

Property survey fees

During your mortgage application, the lender will need to know whether the property you’re buying is worth what you are paying for it. They calculate this by carrying out a property survey. In some cases, your lender may offer this service for free, however, they may not send you a copy of the report.

If you do not get offered a free valuation, you may need to pay, on average, a few thousand pounds for one. If you want to take it another step further, you can upgrade to an in-depth Homebuyer’s Report. This survey is at the top of the range and you should expect to pay a four-figure sum for them.

A great thing about going to a Mortgage Broker in Hull like us is that we will break down each survey and help you make a decision on which one is the best for you. If the property that you’re buying is old or not in the greatest condition, you should maybe consider switching to a more detailed property survey, just to make sure that you know exactly what you’re paying for. You will also know what needs replacing/repairing as soon as you move in.

As a Mortgage Broker in Hull, we’ve often found that the cost to upgrade a property survey is a fraction of what it would cost you for repairs over the years. So rather than buying a property blind, you could upgrade and end up saving yourself a fortune in the future.

Mortgage arrangement fees

Usually, mortgages that come with lower interest rates often come with high set-up fees. Some lenders will charge you a mortgage arrangement fee for… well, arranging your mortgage.

This fee can range anywhere from zero to a few thousand pounds. If you choose to go with a Mortgage Advisor in Hull, they will work with you and recommend you with the best and cheapest product that will meet your mortgage needs. They will consider all of the other costs that come with getting a mortgage and try their best to save you money.

When you are taking out a mortgage, you’ll always want to try and get the lowest interest rate possible. If you know how interest rates work, your payments will only increase at an exponential rate.

Lenders can also add an arrangement fee to your mortgage. If this happens, you should know that this is now a part of your mortgage so it will also start receiving interest and add up over your mortgage term.

Solicitor fees

A solicitor will be needed to help your mortgage application progress through the legal parts of the process. They will check things such as, does the seller actually own the property that you’re buying, who is responsible for maintaining adjoining fences, walls etc and whether anyone has lodged any plans (for example to build future transport links). These sorts of things need to be confirmed as if there is anything wrong with the property, it could affect your ability to sell it in the future.

The pricing for each solicitor varies, some may be around a thousand pound, some may be more, some less. You will also need to remember to check whether the quote includes VAT and local searches.

As a Mortgage Broker in Hull, we always advise that you be careful when selecting a solicitor as not all of them will work with every single lender. You want to choose the best lender that will save you time and money, let us help you find them!

Stamp duty

Stamp duty is a tax that comes with purchasing a home within a certain price range. The way that it usually works is that the more that you pay for your house, the greater the stamp duty tax you’ll receive.

The stamp duty guidelines and property price thresholds change from time to time, so if you are wanting to find out whether you’ll have to pay it or not, you should check the stamp duty government page.

If you fall into a stamp duty tax bracket, it’s likely that you’ll pay it upon completion to your solicitor. They will then make the payment to the government on your behalf.

Mortgage broker fees

A Mortgage Broker in Hull will charge you for their services. Most of them will not charge you an upfront cost and will offer a free mortgage consultation like us!

When they charge you for their work, the cost of the fee will typically be a percentage of what the lender pays the broker for the work they do on their behalf. Most Mortgage Brokers will only charge you if your mortgage application is successful and you receive a formal offer.

Removal fees

Moving Home can be stressful enough, so don’t make it even worse! Have you thought about how you are going to transfer your furniture and your household items between properties?

In our experience, we can tell you that hiring a removal van may cost a little extra but will make your Moving Home process ten times easier. They are experts at the end of the day and they will help you move everything from A to B.

Moving Home Advice in Hull

For Moving Home Advice in Hull or First Time Buyer Mortgage Advice in Hull, make sure to get in touch with our team. We offer a free mortgage consultation in Hull, so feel free to take advantage of it.

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