First Time Buyer Calculator

Calculate First Home Purchase Costs

Enter your property details to see all costs involved in buying your first home.

Property Value (£)

Deposit Percentage (%)

Mortgage Interest Rate (%)

Mortgage Term (years)

First Time Buyers

First-time buyers in the UK get several benefits including stamp duty relief and access to government schemes.

Plan for all costs including deposit, legal fees, surveys, and moving expenses.

Typical Additional Costs

Budget for these extra costs:

Legal fees: £850-£1,500
Survey: £400-£1,000
Arrangement fee: £0-£2,000
Valuation: £150-£1,500
Moving costs: £500-£1,500

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Frequently Asked Questions

Essential information for first time buyers in the UK

What costs should I budget for when buying my first home?

Budget for deposit, stamp duty, legal fees (£850-£1,500), survey costs (£400-£1,000), mortgage arrangement fees, valuation fees, and moving costs. Total additional costs typically range from 3-5% of property value.

Do I qualify for first-time buyer stamp duty relief?

Yes, if you're buying your first home for up to £425,000, you pay no stamp duty. For properties between £425,001-£625,000, you pay 5% on the portion above £425,000.

What's the minimum deposit I need?

Most lenders require a minimum 5-10% deposit for first-time buyers. A larger deposit (15-20%) typically gets you better interest rates and more mortgage options.

What government schemes are available?

First-time buyers can access Help to Buy, Shared Ownership, Lifetime ISA bonuses, and the government's guarantee scheme for 95% mortgages.

Should I get a mortgage in principle?

Yes, a mortgage in principle shows sellers you're a serious buyer and gives you confidence about your budget. It's usually free and takes 15-30 minutes to arrange.