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What to budget for when moving home

Writer's picture: Twin Pine MortgagesTwin Pine Mortgages

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.


Deposit


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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Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured on it.

Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.

For our mortgage advice services, we will charge a fee of between £0 and £500. The fee is based on your personal circumstances and aims. This will be discussed and agreed during your meeting. This fee will cover Data and Document Assessment, Market and Product Research, Lender Affordability Assessments, Recommendation and Presentation of Mortgage Advice, Arrangement of Agreement in Principle, submitting and managing your Mortgage Application with the lender. In addition to this We will also be paid a procuration fee from the lender. The amount of the procuration fee will be disclosed to you.

Twin Pine Mortgages Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Advanced Mortgage Funding Limited. Advanced Mortgage Funding Limited is authorised and regulated by the Financial Conduct Authority.

Twin Pine Mortgages Ltd is registered in England and Wales at Cash's Business Centre, 1st Floor, 228 Widdrington Road, Coventry, CV1 4PB, company number 13068083. Trading address: 24 Shorncliffe Road, Coventry, CV6 1GS

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