Before buying your home, you will have to take into account other costs that come with getting a mortgage and buying a place to live. You will also have to bear in mind that once you have moved in, there will be ongoing costs other than your mortgage.
The expense of buying your first home is not just about the price of the property. As a first time buyer it’s vital to bear in mind the other costs involved. For starters, there’s the deposit. For instance, if you’re buying a house for around £150,000 and want to put down a 10% deposit, that’s £15,000 you’ll need to have saved.
That’s not all. There are the other costs you usually come across when buying a property.
Nearly all lenders require borrowers to have home insurance to protect your home. The costs of home insurance will depend on the type of home, its value and the area you live in. You can get a competitive home insurance quote from us here at the West Brom.
For life insurance, this will reflect your age, activities, habits and dependents.
General upkeep of your home
We can all hope for a trouble-free home but things will inevitably go wrong with it from time to time. General maintenance alone, even if it’s regular wear-and-tear over time, will need paying for.
The amount you pay is based on where you live and the valuation the property is in (apart from Northern Ireland where rates are set individually). You can check your council tax band by going to the Gov.uk website.
Bills, bills and more bills
There’s no getting away from the running costs of a home – the likes of water, gas and electricity and this is before you include other bills such as telephone, television or broadband.