How Much Does It Cost to Buy Your First House as a Solo Buyer? Real UK Costs Explained
I bought a 2-bed semi-detached house in the East Midlands at the start of 2024 and wanted to be transparent about exactly what buying a house costs.
This cost breakdown is for those of you who are thinking about starting your house-buying journey, or who are simply curious and want an idea of what that process could look like financially. Let's get into the numbers.
In this post, I’m breaking down the real costs I paid when buying my first house alone, so you can get a clearer idea of what to expect as a first-time buyer.
Disclaimer
Just a quick heads-up before we start! These figures are based entirely on my personal experience. Every house purchase is different, so please treat this as a rough guide rather than a guaranteed price list!
Mortgage Advisor Fees
Cost: £399
You don’t have to pay for a mortgage advisor, as there are free options available. However, I found my broker on TikTok doing a live Q&A and decided I wanted to go with him.
He knew what he was on about and offered a holistic service that included sourcing solicitors and surveyors for me. It saved me a hell of a lot of time and energy as I didn’t have to travel to all corners of the net to find them myself. I have no regrets.
Mortgage Product Fee
Cost: £999
Depending on your specific mortgage offer, the lender might charge an additional fee for the mortgage product itself. In my case, it was £999.
Because I didn't want to part with the cash at the time, I chose to add it on to my mortgage balance. I am overpaying my mortgage each month, so I'm not too worried about any additional interest as a result of choosing to do it this way.
Solicitor & Conveyancing Fees
Cost: £1,550
These solicitors were referred by my mortgage advisor.
RICS Level 2 Home Survey
Cost: £586
They sent me a 56-page document, which took me forever to read!
Removal Costs
Cost: £300
This price covered a 2.5-hour journey from London to Nottingham.
House Deposit
Cost: £20,000
The total price of the house was £200,000. I put down a 10% deposit to secure the mortgage.
House Viewing & Travel Expenses
Cost: £40
This was the travel cost for two return trips from London to Nottingham. I saw two properties on my first trip and four properties on my second trip. Fortunately, my second trip is when I found my house, so I didn’t need to do any more looksies after that!
My Full List of Buying a House Costs
£23,874
Hopefully, this gives you a clearer picture of what buying a house costs in reality, beyond just the deposit!
