If you are a first time buyer in Liverpool you will know that the costs of buying a home are very expensive. It can become even more costly when you are buying and selling a property at the same time. We have put together a breakdown of some of the costs and of buying a home and some of the things to consider:

Estate Agency Fees

You only need to pay an estate agent if you are selling a property. The cost can vary depending on the agent that you choose to go with. The cheapest agents tend to be online. This is because they don’t carry the expense of maintaining offices, they will most likely work at home.

If you are not as sensitive to fees and you would prefer a more personalised service, then that might cost 1-2% of your selling price.

These fees are usually negotiable, especially in a “seller’s market” – means that agents are fighting to get your instruction because there aren’t many houses on the market.

Property Survey Fee

If you are taking out a mortgage, then the lender needs to know that the property is worth what you are paying for it. Generous lenders will offer this service for free, however, they may not send you a copy of the report.

If the lender is asking for a fee for a valuation, you will have to pay a couple of hundred pounds for it. You can also expect to pay roughly double that if you want to upgrade that to a more in-depth home buyer’s report. For the top of the range survey’s, you will have to expect to pay a four-figure sum, making it the most expensive by far.

If you choose to go to a Mortgage Broker in Liverpool, like us, an expert Mortgage Advisor will be able to explain your options and what each survey consists of. This will help you decide on which survey to go for and what will benefit you the most for your personal situation.

A good survey is indeed expensive, but it’s going to be a fraction of the cost of buying a property blind and having to spend a fortune on repairs over the years.

Mortgage Arrangement Fees

It is often the case that the mortgages with the lowest rates tend to come with the highest fees. You will normally have to pay to set up a mortgage, prices can range from zero to a few thousand pounds. Your Mortgage Advisor in Liverpool will recommend the cheapest product to meet your needs, calculating the total amount to pay over the product term including all fees.

A Mortgage Advisor in Liverpool, like us – Liverpoolmoneyman, have a huge team of expert advisors that will search through thousands of mortgage deals for you. They will always try to find the best deal that will be most suitable for your individual situation.

The higher the amount that you are borrowing, the better it would be to look for a lower interest rate. If you are borrowing a smaller amount, then it would be cheaper to take out a mortgage without fees as a rule.

Solicitor’s Fees

You will need a solicitor to carry out the legal aspects of your purchase. They need to check lots of things, such as ‘does the seller actually own the property?’ or ‘who is responsible for maintaining adjoining fences/walls etc?’. These things could affect your ability to sell the house in the future.

When comparing solicitor’s fees (which might be in the region of a thousand pounds depending on various factors) you need to check if the quote includes VAT and searches.

Not all solicitors are on “panel” for all lenders so be careful to choose the right one. Again your Mortgage Advisor in Liverpool can help you decide who to go for.

Broker Fees

Most Mortgage Brokers in Liverpool will charge for their services, the amount that you will pay will often depend on how much the lender pays the Broker for the work they do on their behalf. Some brokers will only charge a fee if they are successful in obtaining a formal mortgage offer for you.

You can always check your Mortgage Brokers online reviews to see what other customers are saying about their services. We are a trusted Mortgage Broker in Liverpool and you can check out our genuine online reviews here if you are interested.

Removal Fees

In Liverpool, we find that people decide to hire a van and move. In our experience, removal companies really earn the money you pay them. They will help get everything out of your current home into your new one without you having all of the stress. They really are experts at manoeuvring furniture around and they will make everything much easier on moving day!

Date Last Edited: August 7, 2023