Home Buying Costs in Cambridge

Owning a home that is filled with happiness, love and warmth is the dream of every first time buyer in Cambridge at the start of their process. Having your own home feels special, no matter where you go or whatever you do, you will always feel most comfortable in your own house.

There is no doubt that buying a home is one of the biggest financial decisions you will ever make, so it’s understandable you’d want to get things right the first time around. If you’re finding it difficult to obtain a mortgage, a mortgage broker in Cambridge may be able to help.

Once you have your home, you will be able to take pride in being a homeowner and having the freedom to make any changes (so long as planning permission approves, if necessary) that you want to. That’s why getting the right mortgage advice in Cambridge is a must have.

Of course with taking on a new financial venture, you’ll want to know how much it will all cost. Whilst specifics vary, we have put together a guide about the costs of buying a home in Cambridge, what is included, what to look out for and how to best prepare as a first time buyer in Cambridge.

Estate Agency Fees

Estate agency fees can at times be negotiable and will have a starting fee that varies from agent to agent or company to company. More importantly, the most affordable agents are the field experts who you will find working online.

The main reason for their lower prices, is that they aren’t covering the costs of maintaining a physical location such as an office. That being said, you should still be conscious about what you do online and make sure you prepare ahead of time for the right deal.

Survey Fees

Before you take out a mortgage for such a large amount of money, the mortgage lender you are looking to borrow from needs to make sure that the property in question is actually worth the amount that you will be paying for it.

In order to achieve this, the mortgage lender needs to conduct a professional survey, which may cost you some extra charges in the form of a survey fee. On the other hand, some mortgage lenders may provide this free of charge, although they may not provide you with the report.

For the surveys you do pay for, you could be looking at a few hundred pounds. Of course, if you want an in-depth home buyer’s report for documentation, the service fee almost doubles.

Your mortgage advisor in Cambridge will explain the differences between each survey to help you make a more informed decision. For first time buyers in Cambridge, it may be recommended to go with the premium survey if the property is old or in somewhat worse condition.

Though you may consider an in-depth survey an expensive option, it may save you from repairs and maintenance costs throughout the coming years.

Mortgage Arrangement Fees

As a typical rule of thumb, the mortgages that have the lowest interest rates tend to have higher service charges. Set up fees for the mortgage can be as low as nothing at all, to as much as a few thousand pounds, it really does vary.

An open & honest mortgage advisor in Cambridge will help you to make arrangements for all of your finances, especially when it comes to your mortgage arrangement fees. In some cases, the lender arrangement fees can also be added to your mortgage.

Solicitor Fees

The inclusion of a solicitor is a crucial part of your mortgage, as it is them who will be handling the legal side of the purchase and mortgage process.

For instance, they may validate the property ownership, find out any future plans for adjoining properties, as well as the most important step, which is the processing and handling of funds, to complete the sale of the property.

When you view your solicitor’s fee, check if their quote includes VAT and local searches. Though a typical solicitor’s fee is a few thousand pounds, the legal verification is worth the price. Getting first time buyer mortgage advice in Cambridge can help you find out which is the best solicitor for you.

Stamp Duty

Some properties or purchases may be subject to stamp duty – a paid land tax to the government. You can check the official government website to get the latest updates and more information regarding stamp duty.

The rules concerning this tax change every now and again, so it’s worth checking to make sure you’re up to date. If stamp duty is something you need to pay, your mortgage advisor in Cambridge will advise on this.

Mortgage Broker Fees

Before you get in touch with a trusted and dedicated mortgage broker in Cambridge, it is important to make sure that you do your research first, so that you are going with the best mortgage broker for you.

An expert mortgage broker in Cambridge will sometimes charge a small fee, which will entirely depend upon the amount of your mortgage and complexity of your case. Most mortgage brokers, like us, will only charge a fee, upon completion of your mortgage, not upfront.

Removal Fees

When moving home with a mortgage, many people will hire a van to move all of their belongings into their new home.

We would always recommend hiring local removal companies to make the most of their services. The costs of these can vary, though it could be said that hiring and driving your own van could cost less.

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If you need further assistance or Credit Score Mortgage Advice in Cambridge, feel free to get in touch with our team.

Date Last Edited: December 6, 2023