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What to budget for when moving home

Updated: May 31, 2023

‘Content correct at time of publishing and subject to change’

Moving home isn’t just a stressful process, but it’s also a costly one. When you decide to move, it’s important you know all the costs involved to save any delays or mishaps happening further down the line.


The most obvious cost when moving home is your deposit. Your deposit is the amount of money you will be able to put down on your new home against your mortgage. This is usually at least 10% of the full cost of your new home. For example, if your new home is worth £200,000, your deposit should be at least £20,000. If you can’t make a 10% deposit, there are also government schemes that can allow you to provide a 5% mortgage, but these are not as common.

Note: You will likely have to pay the lender a fee to survey your new property, so make sure you research home survey costs and keep this in mind once you’ve made an offer on a home.

Stamp duty

One cost you may not be fully aware of when buying a home is stamp duty. With any houses over the price of £125,000, you will have to pay a tax called Stamp Duty. However, if you are a first-time buyer, you will not be entitled to pay Stamp duty tax. Stamp duty varies due to the price of the property and there are many calculators online to help you work out how much Stamp duty you will owe.

Solicitor fees

When purchasing your new home, you will need to instruct a conveyancing solicitor to carry out all of the legal aspects of your sale. Solicitor fees can vary in price, so be sure to check different solicitors and ask family and friends if they’ve used someone that they would recommend. It’s important to get the right solicitor for you as you will be dealing with them for the entirety of the process. If your sale becomes a much lengthier process, you may be expected to pay more to your solicitor for any extra work they have had to endure, so always ask for a full price breakdown so that there are no hidden costs.

Removal costs

Although this may not be at the top of your list when moving home, it is important to factor in whether you will need removal services. Some people move home without a removal company, but if you’re thinking of using a company, it’s best to look around for the best service and deal. Removal companies usually have different packages so you can tailor this to your budget and needs.

If you need advice on moving home, please don’t hesitate to get in touch with us, over at Twin Pine Mortgages, today.

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