Applying for a mortgage is one of the most stressful things that you can do, added to the other stress of moving and the finding of a property in the first place. Most people stop at thinking about the mortgage itself and what you need to have in place to own a house here is a brief rundown of all the costs that you can expect to incur during the process.
- Saving up a deposit. Before any application can begin you need to have at least ten percent cost price of the property that you want to buy. There are schemes to help with this plus there are some lenders looking at using guarantors who will take over the mortgage if you can’t pay it.
- Using a Mortgage broker, or not. If you want someone to make the calls and generally arrange the whole thing for you then using a broker is a good idea. However you will have to rightly pay for their services to do it.
- Paying for a valuation. Depending on the age of the property the Homebuyers Survey Cost is something that you have to have for the sale to go through. It’s usually provided by the lender via someone they trust in with a Royal Institute of Chartered surveyors qualification.
- Conveyancers. You need a solicitor to ensure that the legal side of the purchase in terms of documents and monies transfer is covered.
- Removal costs. You could use a company but at the very least you’re going to have to hire a van if you’re doing it yourself.
- Painting and decorating. If it’s a new build you may not have carpets fitted or walls painted.