Buying FAQ’s

You’re generally ready to buy when your finances are stable, you have a steady income, and you’ve saved enough for a deposit and moving costs. It’s also important to have a good credit history and manageable debt levels. Consider whether you plan to stay in one area for a few years, buying makes most sense if you’ll be there long enough to recover the costs of purchase. A mortgage adviser can help assess your readiness and what you can comfortably afford.

Most lenders ask for a minimum deposit of 5% of the property price, though a 10–20% deposit will often get you a better mortgage rate. For example, if you’re buying a £250,000 home, a 10% deposit would be £25,000. If you’re self-employed or have a lower credit score, you may need to save more. Government schemes can sometimes help reduce the deposit you need.

Beyond your deposit, expect to pay for:

• Solicitor or conveyancer fees (£800–£1,500)
• Mortgage arrangement and valuation fees (£0–£1,000 depending on lender)
• Stamp Duty Land Tax (SDLT) – only applies above certain thresholds (first-time buyers often get relief)
• Survey costs (£300–£800)
• Removal and moving costs (£500–£1,500)
• Home insurance (required by lenders)
• Initial repairs, furniture, and utilities setup

Having a small contingency fund will help cover any unexpected expenses.

Several schemes can make getting on the ladder easier:

• First Homes Scheme – new builds sold to first-time buyers at a discount of 30–50%.
• Shared Ownership – buy a share (usually 25–75%) and pay rent on the rest.
• Lifetime ISA – save up to £4,000 a year and get a 25% government bonus toward your first home.
• Mortgage Guarantee Scheme – helps lenders offer 95% mortgages with just a 5% deposit.
Check the GOV.UK website for current eligibility and details.

Shared ownership lets you buy part of a home (usually 25–75%) and pay rent on the remaining share to a housing association. You can increase your ownership later (“staircasing”) if your finances improve. It’s a good option if you can afford mortgage payments but not a full purchase price. However, you’ll still pay some rent and service charges, and selling later can take longer than with a traditional sale.

New builds often come with energy-efficient features, warranties, and no immediate repair costs. However, they can sometimes be more expensive per square foot and may lose value slightly after purchase.

Older homes often offer more character, space, and established locations, but they might need updating or repairs. It comes down to personal preference, location, and how much time or money you’re willing to invest in maintenance.

Freehold means you own the property and the land it sits on outright. You’re responsible for all maintenance but have full control.

Leasehold means you own the property for a fixed period (e.g., 99 or 125 years) but not the land. You usually pay ground rent and service charges and must get the freeholder’s permission for major changes.
Flats are almost always leasehold; houses are usually freehold.

You can check your credit score for free using services like Experian, Equifax, or TransUnion (via ClearScore or Credit Karma). Lenders use your credit score to assess how reliable you are with repayments.

A higher score means access to better mortgage deals and lower interest rates. If your score is low, improving it by paying bills on time, reducing debts, and registering on the electoral roll can make a big difference before applying.

Beyond your deposit, expect to pay for:

Having a small contingency fund will help cover any unexpected expenses.

Several schemes can make getting on the ladder easier:

Freehold means you own the property and the land it sits on outright. You’re responsible for all maintenance but have full control.

Leasehold means you own the property for a fixed period (e.g., 99 or 125 years) but not the land. You usually pay ground rent and service charges and must get the freeholder’s permission for major changes.
Flats are almost always leasehold; houses are usually freehold.

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Buying FAQ’s

Buyers FAQs

Our Branches

Bristol

Bath

Buying FAQ’s

Buyers FAQs