1️⃣ Deposit vs. Total Cash Needed
Your deposit is the chunk of money you put towards the purchase price.
For example:
- Buying at £250,000
- 10% deposit = £25,000
But that £25,000 isn’t the total amount you’ll need in the bank.
You’ll also need to cover:
- Legal fees
- Survey costs
- Searches
- Mortgage-related costs (if applicable)
- Moving expenses
This is where many first-time buyers get caught out.
2️⃣ Solicitors & Legal Fees
You’ll need a solicitor or conveyancer to handle the legal side of the purchase.
Typical costs in the UK:
- £900 – £1,500+ (depending on complexity and location)
This usually includes:
- Legal work
- Local authority searches
- Handling funds transfer
- Land Registry registration
Always ask for a full breakdown so you understand what’s included.
3️⃣ Surveys
Even if the property looks perfect, a survey is strongly recommended.
Common options:
- Level 1 (Condition Report) – basic overview
- Level 2 (Homebuyer Report) – most common for first-time buyers
- Level 3 (Full Structural Survey) – for older or unusual properties
Typical cost:
- £400 – £1,200 depending on property type and value
A survey can highlight issues that may affect your decision, or give you leverage to renegotiate.
4️⃣ Stamp Duty (If Applicable)
Stamp Duty Land Tax (SDLT) rules change from time to time, and first-time buyers may benefit from relief, depending on the purchase price.
Whether you pay stamp duty will depend on:
- The purchase price
- Current government thresholds
- Whether you qualify for first-time buyer relief
This is something we always calculate upfront for our clients so there are no surprises.
5️⃣ How Much Buffer Should You Keep?
One of the biggest mistakes we see?
Buyers using every penny for deposit and fees, and moving in with nothing left.
We always recommend keeping a small buffer for:
- Initial repairs
- Furniture
- Unexpected costs
- First-month adjustments
Buying your first home is exciting, but it’s still real life once you get the keys.
Common First-Time Buyer Mistakes
❌ Budgeting only for the deposit
❌ Not factoring in legal costs
❌ Forgetting about moving expenses
❌ Leaving no emergency cushion
❌ Not getting advice early enough
The earlier you understand the true cost, the smoother your buying journey will be.
The Good News
When you plan properly, none of this is scary.
It’s just numbers, and we help first-time buyers understand them every day.
If you’re at the “just starting to think about it” stage, that’s exactly when we can help.
Send Liam a message on liam@go2-mortgages.co.uk today to start your journey.
