Property Buying Costs

Buying a home of your own is probably one of the biggest financial commitments you will ever make. For this reason, buying property is not something you should rush into - especially if you don't see yourself staying in the same place for at least three years. In addition, buying is only a realistic option if you can build up the substantial amount of cash you will need to meet the costs involved.

In this section, we take a look at some of the financial reasons you might decide to buy a property, both for first time buyers and for those looking to move up the property ladder. You'll also find information on the typical costs involved in buying, including the upfront and monthly mortgage costs, and the different insurance policies you may need to buy. There's also a look at the part-buy/part-rent schemes offered by housing associations and charitable trusts for those who cannot meet the full cost of purchase straightaway.

Why Buy Property?: The top five reasons why it might make sense to buy your home, rather than rent.
Climbing the Property Ladder: Can you afford to trade up?
What Can you Afford to Buy?: Do you know how much a lender would be prepared to offer you? Find out how they decide how much you can borrow here.
Property Buying Costs: A look at the typical costs of buying a house or apartment.
Upfront Mortgage Costs: Find out what sort of fees your lender may charge you for setting up your mortgage.
Monthly Mortgage Costs: Can you meet the ongoing monthly cost of home ownership?
Insurance Costs: Find out what types of insurance you'll need for your new property, including essentials such as Buildings Insurance and optional policies like Critical-Illness Insurance.