The haart guide to the costs of buying a home

There are a number of costs to factor in when buying a home beyond just a mortgage. The haart guide to the costs of buying a home outlines many of the costs to consider.

What costs are involved?

When buying you will need to take the following costs into consideration:

• Mortgage repayments.
• Mortgage protection insurance in case you lose your job or fall ill.
• Life assurance to enable your family to pay off the mortgage if you die.
• Buildings and contents insurance against the risk of fire, flood, theft and accidents.
• Council Tax and water charges.
• Gas, electricity, telephone, etc.
• Ground rent and service charges may apply.
• Property maintenance.

As part of the process of buying a house or flat you may also need to pay for:

• A solicitor or licensed conveyancing fees.
• An independent survey.
• Mortgage arrangement fees.
• Land Registry fee.
• Stamp Duty Land Tax.