Your deposit is not the full buying budget. Keep a separate plan for the costs of purchasing, moving and running the home. Get written quotes and check when each payment falls due.
Build a budget around the whole purchase
| Budget area | Questions to ask |
|---|---|
| Mortgage costs | Are there product, valuation, transfer or advice charges? Are any refundable? What happens if a fee is added to the loan? |
| Legal work | What does the conveyancing quote include? Which searches, registration costs, transfers or extras are separate? |
| Survey and condition | What survey suits the property? Is a specialist report needed? What repairs might need budgeting for? |
| Property tax | Does Stamp Duty Land Tax apply, and is relief available for your actual purchase? |
| Moving and setting up | What will removals, immediate repairs, insurance and setting up the home cost? |
| Ongoing household bills | What are the likely mortgage payments, Council Tax, utilities, insurance and maintenance commitments? |
A valuation and a survey do different jobs
A lender’s valuation helps the lender assess its security. It is not the same as a buyer’s detailed condition survey. Discuss the age, construction and condition of the property with a suitable surveyor and ask what the chosen report covers.
Check tax using the actual circumstances
For a purchase in England, check the current HMRC residential SDLT guidance and calculator with your conveyancer. The price, ownership circumstances and eligibility for relief matter. Do not assume that being a first-time buyer always means no tax is due.
Separate confirmed costs from estimates
Create four columns in your budget: cost, amount, due date and whether it is confirmed. Mark figures from written quotes differently from rough estimates. If two quotes cover different work, compare the scope before choosing the lower number.
Use the repayment calculator for an illustration, then read the first-time buyer guide. The calculator does not include every buying cost or decide what you can afford.
Sources and further reading
- MoneyHelper: buying and moving costs ↗
- GOV.UK: residential Stamp Duty Land Tax ↗
- RICS: home surveys and lender valuations ↗
Sources checked on 28 October 2026. General information only, not a personal mortgage recommendation. Your circumstances, the property and lender criteria affect the options available.