Welcome to Greater London Properties – and Your First Step Towards Home Ownership
Firstly, congratulations on taking the first step towards buying your first home! We know the process can feel a bit overwhelming at times, so we’re here to guide you through it with clear, honest advice.
As a first-time buyer, it’s important to understand all the costs involved – not just the deposit and mortgage, but the extras that can sometimes catch people off guard. The good news? There are also a few smart ways you can save money along the way.
Here’s a simple breakdown of the main costs you’ll need to plan for in today’s market:
1. Your Deposit
Most lenders require a minimum 5% deposit, but a 10% or 15% deposit can give you access to better mortgage rates. For example, on a £400,000 property, a 10% deposit would be £40,000.
2. Stamp Duty (2025 Rates)
As a first-time buyer, you benefit from Stamp Duty relief:
No Stamp Duty on properties up to £425,000
Reduced rate on properties between £425,001 and £625,000
If your purchase is under £425,000 – you won’t pay a penny in Stamp Duty. If it’s more, you’ll only pay 5% on the portion above £425,000.
Tip: This is one of the biggest savings you’ll make as a first-time buyer, so be sure to factor it into your overall budget.
3. Mortgage Fees
Some mortgages come with arrangement fees, typically between £500–£1,500. But not all do — and our trusted mortgage advisors (who we’ve worked with for over 20 years) can help you find deals with no fees, or ones where fees can be added to your mortgage to help with upfront costs.
4. Solicitor/Conveyancing Fees
You’ll need a solicitor to handle the legal side of the purchase. Expect to pay between £1,000–£1,500 (including searches). We work closely with a team of reliable, efficient solicitors who know how to keep things moving and avoid unnecessary delays.
5. Survey Costs
While it’s not a legal requirement, it’s a very good idea to get a property survey. A basic valuation is usually covered by your mortgage lender, but for peace of mind, many buyers go for:
Homebuyer Report: £400–£700
Full Building Survey: £600–£1,200 (mainly for older or unusual properties)
6. Moving Costs
If you’re not moving far, you may be able to handle the move yourself. If using a professional removals company, costs usually start from £300–£800, depending on distance and volume.
We can help here too – we’ve worked with the same brilliant removals team for years and can get you preferred rates.
Where You Can Save Money:
Use fee-free mortgage advisors – GLP can introduce you to people we trust.
Ask us about solicitors with fixed fees – no surprises later.
Be smart about surveys – you may not need the most expensive option.
Plan your move in advance – mid-week moves are often cheaper.
Make the most of Stamp Duty relief – it’s a huge benefit for first-time buyers.
Final Tip: Take Your Time and Ask Questions
We’re here to help, not just to sell. Whether you’re six months from buying or ready to start viewing now, we’ll take the time to explain things clearly and honestly.
If you’d like an introduction to a mortgage advisor or want to chat through your budget, just give us a call on 0207 113 1066 — or reply to this email. We’re always happy to help.
Welcome again — we can’t wait to help you find your first home!
Warm Regards
Greater London Properties (glp)