Saving the deposit feels like the big hurdle when you’re buying your first home. And, to be fair, it is.

But it isn’t the finish line.

Once you’ve finally got that deposit together, there are still solicitors, searches, mortgage fees, surveys, removals and all the other costs that seem to appear just as you’re getting close to the keys.

For first-time buyers in Peterborough, those extras can easily add up to several thousand pounds.

There is some good news, though. Stamp Duty may not be one of them.

If you qualify for first-time buyer relief in England, you pay no Stamp Duty Land Tax on a property costing up to £300,000.

Between £300,001 and £500,000, you pay 5% on the amount above £300,000. Buy for more than £500,000 and the first-time buyer relief no longer applies.

So if you’re a qualifying first-time buyer purchasing a £300,000 home, your Stamp Duty bill is £0.

Nice. Just don’t mistake that for meaning the rest of the purchase is cheap.

Solicitors, searches and the costs that come early

You’ll need a solicitor or conveyancer to deal with the legal side of the purchase.

MoneyHelper puts legal fees at around £2,000 including VAT, although what you actually pay will depend on the property and the firm you use.

Then there are searches.

These look for things you probably wouldn’t spot during a viewing, such as planning issues, building control records, road schemes and restrictions affecting the property.

Peterborough City Council currently charges £185 including VAT for a residential CON29R local-authority search, while the separate LLC1 search costs £15 through HM Land Registry.

MoneyHelper gives a broader typical figure of around £250 to £300 for searches overall.

The important bit? Check what your conveyancer's quote actually includes.

A low headline price isn't much use if several other charges get added later.

And remember that some of these costs arrive before completion.

You can have a healthy deposit sitting there and still find yourself paying hundreds of pounds out while the purchase is going through.

Mortgage fees deserve their own line in the budget

It’s very easy to focus on the mortgage rate and monthly payment and forget about the fees attached to the deal.

MoneyHelper lists booking fees of around £100 to £200, arrangement or product fees of £1,000 to £2,000 or more, and mortgage account fees of roughly £100 to £300.

Not every mortgage will have all of these, but some certainly will.

You may also be given the option of adding a product fee to the mortgage rather than paying it upfront.

That can help preserve your savings for moving day, but you’re also borrowing the fee and potentially paying interest on it for years.

There isn’t one right answer for everyone.

What matters is knowing the fee is there before you commit. Ask for the total cost of the mortgage, rather than looking only at that tempting monthly repayment figure.

Is a survey really worth paying for?

When money is disappearing in every direction, spending another few hundred pounds on a survey can be painful.

But don’t confuse the lender’s valuation with a proper survey.

The valuation is primarily there to help the lender decide whether the property is suitable security for the mortgage.

It isn’t designed to give you a detailed rundown of everything that might need repairing after you move in.

RICS says Level 1 surveys can start at a few hundred pounds.

A Level 2 survey may be suitable for a fairly conventional home in reasonable condition, while a Level 3 or bespoke survey can cost more than £1,000 and may be more appropriate for older, altered or unusual properties.

Think about the property rather than automatically choosing the cheapest option.

That extra money can feel annoying now.

Finding out about a serious roof, damp or structural problem after you own the place is considerably more annoying.

Then there’s the actual move

This is where all the smaller numbers start piling up.

MoneyHelper puts electronic transfer fees at roughly £25 to £50, while removals can cost from around £400 to more than £1,000.

Then there’s insurance. MoneyHelper gives average figures of £298 a year for buildings insurance and £375 for combined buildings and contents cover, although your own quote could be quite different.

Buying a flat?

Pay particular attention to the lease, service charges and any ground rent that applies.

A mortgage payment of £1,100 a month might look manageable on paper, for example, but it tells only part of the story if there’s a chunky annual service charge sitting alongside it.

That’s the number you want to know before you fall in love with the kitchen.

Your budget shouldn't end when you get the keys

Completion day comes, somebody hands you the keys and suddenly the house starts asking for money too.

There’s council tax, energy

Here Are Some Useful Resources

1. Stamp Duty Land Tax: Residential property rates

2. Local land charges

3. Mortgage fees and costs when buying or selling a home

4. Consumer guide to home surveys

5. Council tax bands and rates 2026-27

6. Buying a home: Making an offer

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