||Generally, the bigger the deposit you can pay, the more likely you are to be given a mortgage (subject to a mortgage affordability assessment), and the lower your interest rate is likely to be.
This is the amount you put towards the cost of the property when you buy your home.
On average, you need at least 5% to 20% of the purchase price (for example: £10,000 to £40,000 when buying a £200,000 home).
Help to Buy and other housing schemes only require a 5% deposit. The Forces Help to Buy scheme offers an interest-free advance of salary of up to 50% of your salary and any recruitment and retention pay up to a maximum of £25,000, which you can use towards a deposit.
Use the Stamp duty calculator to work out how much you'll pay if you're buying your property in England, Wales or Northern Ireland.
Stamp duty is a government tax paid on homes costing £125,001 or more.
First-time buyers will pay no Stamp Duty on the first £300,000 for properties worth up to £500,000.
As of April 2016, there is a 3% increase on top of current rates if you're buying an additional residential property above £40,000 such as a second home or buy-to-let property.
||The mortgage lender will assess the value of the property to establish how much they are prepared to lend you.
The cost can be £150-£1,500 based on the property’s value.
Some lenders may not charge you for this, depending on the type of mortgage product you select.
The lender's valuation is not like a full structural survey so it may not identify all the repairs or maintenance that might be needed.
||Before you buy a property, get it checked by a surveyor.
This is vital so that you understand if there are any issues with the property before you buy.
Surveys range from a basic home condition survey costing around £250 to a full structural survey from £600 or more.
Paying for a good survey could save you money on repairs in the long run.
See Survey types and costs.
||You will normally need a solicitor or licensed conveyor to carry out all the legal work when buying and selling your home.
Legal fees are typically £850-£1,500 including VAT at 20%.
They will also do local searches, which will cost you £250-300 to check whether there are any local plans or problems.
See Exchange and completion.
|Electronic transfer fee
||Typically this costs £40-£50. It covers the lender’s cost of transferring the mortgage money from the lender to the solicitor.
|Estate agent's fee
||This is only paid by the seller, not the buyer, for the estate agent’s services. It is negotiated when they put the property on the market. It is usually 1% to 3% of the sale price plus 20% VAT. See Dealing with estate agents.
||These usually range from £300-£600 although you could rent a van and do it yourself. Bear in mind that you may be able to get a service removals allowance to help with the costs - see JSP 752 and speak to unit HR.