Calculate Your Potential Mortgage Repayments

Understanding how much you could afford to borrow can be a useful first step when planning your first home purchase. Use our mortgage calculator to estimate your monthly repayments and understand how different mortgage amounts could fit within your budget.

First Time Buyer Mortgage Costs and Fees

Buying your first home involves more than saving for a deposit. Understanding the different costs involved can help you plan your budget and avoid unexpected expenses during the mortgage and home-buying process.
Cost What is it? What to Consider
Deposit The upfront amount you contribute towards the purchase price of your home. A larger deposit may give you access to more mortgage options, but saving for longer could delay your purchase.
Mortgage arrangement fee A fee some lenders charge to set up your mortgage. Check whether the fee needs to be paid upfront or can be added to your mortgage balance.
Valuation fee A check carried out by the lender to assess the property’s value. Some mortgage products include a free valuation, while others may charge a fee.
Survey costs An inspection that can help identify potential issues with the property. Different survey levels are available depending on the property and your needs.
Legal fees Costs for a solicitor or conveyancer to handle the legal side of buying your home. These cover tasks such as property searches, contracts and transferring ownership.
Stamp Duty A tax that may apply when purchasing a property. First-time buyer relief may be available depending on your circumstances and the property price.
Buildings insurance Insurance that protects your property against certain types of damage. Mortgage lenders usually require buildings insurance to be in place before completion.
Moving costs Expenses involved in moving into your new home. Remember to budget for removals, furniture, appliances and other setup costs.

Disclaimer:

Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage. The content on this page is for general information purposes only and should not be considered financial, legal or mortgage advice. It does not take into account your individual circumstances, and you should seek independent professional advice before making any financial decisions.

We work with L&C, a fee free mortgage broker. If you complete on a mortgage through L&C, L&C will be paid a commission by the chosen lender. L&C will share a percentage of this commission with CreditKnowledge. The commission L&C receives doesn't affect the product or rate recommended to you. Our role is to connect you with their service to help you compare mortgage deals and find suitable home loan rates.

London & Country Mortgages Ltd, Unit 26 (2.06), Newark Works, 2 Foundry Lane, Bath, BA2 3GZ is a company limited by shares. L&C’s Companies House number is 1988608. L&C are also authorised and regulated by the Financial Conduct Authority. L&C’s FCA number is 143002. The FCA does not regulate most Buy to Let mortgages.