What Are the Hidden Costs of Buying a House?
Washington & Sunderland Mortgage Advice
Saving your deposit is a huge achievement!
But many first-time buyers are surprised to learn that the deposit isn’t the only cost involved in buying a home. Understanding the full picture upfront helps you budget properly, and avoids unexpected financial pressure later.
At Fairway Mortgage Advice, we guide buyers across Washington and Sunderland through the full process, including the costs people don’t always plan for. Here’s what you need to know.
1. Solicitor & Conveyancing Fees
You’ll need a solicitor or licensed conveyancer to handle the legal side of the purchase. Typical costs in the North East can range from:
£800 to £1,500+ (depending on property price and complexity)
This usually includes:
Legal work
Local authority searches
Land Registry fees
It’s an essential cost, not an optional extra. This is usually one of the biggest additional costs. We can help recommend local solicitors for you if you need!
2. Stamp Duty
The amount of stamp duty you pay will depend on:
Your property price
Whether you’re a first-time buyer
Many first-time buyers purchasing in Washington or Sunderland may pay reduced or no Stamp Duty depending on the property price. However, it’s important to check the current thresholds before budgeting.
3. Mortgage Arrangement Fees
Some lenders charge:
Arrangement fees (sometimes £999 or more)
Booking fees
Product fees
However, these can often be paid upfront or added to your mortgage.
4. Valuation & Survey Fees
Your lender will carry out a basic valuation. However, this is not a detailed survey. You may choose to pay for a home buyer report or a full structural survey, which is definitely something we’d recommend. The costs typically range from £300 to £1,000+, depending on property size and type.
Older, or unusual, properties may especially benefit from a more detailed survey.
5. Broker Fees
Some mortgage brokers charge a fee for their advice and arrangement services, while others advertise as “fee-free”.
At Fairway Mortgage Advice, our advice fee starts from £295, depending on the complexity of your case. This reflects the work involved in researching the market, recommending a suitable mortgage, and supporting you through the application from start to finish.
While some brokers don’t charge a fee, it’s worth understanding what level of service and support is included. A mortgage is one of the biggest financial decisions you’ll make, so having expert guidance throughout the process can make a real difference.
6. Insurance
Before completion, you must have a buildings insurance policy in place. This isn’t optional, it’s required by lenders from the point of exchange of contracts. Many people also consider getting contents insurance to protect your belongings inside your of the property, and whilst we recommend this, it is optional.
7. Removal Costs
Whether you hire a removals company or rent a van, moving isn’t free. Costs vary depending on distance, the amount of furniture you have to move, and whether or not you need to put anything into storage.
Even local moves within Washington or Sunderland can cost several hundred pounds, however the more you do yourself the cheaper it can be.
8. Initial Repairs & Furnishings
Even if the property is in great condition, most buyers spend money shortly after moving in. It’s your new home! You want to put your own touch on things.
Some common early costs include decorating, new appliances and new furniture. This is often the most underestimated expense!!
Final thoughts
Your deposit is really just the starting point. In most cases, buyers should budget for several thousand pounds on top of their deposit to cover all associated costs. Of course, some of this can be optional, but most of the bigger costs are non-negotiables.
The exact figure depends on:
Purchase price
Mortgage type
Property condition
Personal circumstances
If you’re planning to buy soon, we can help you understand how much you can borrow, what your full buying costs will look like and what to budget for realistically
At Fairway Mortgage Advice, we specialise in guiding first-time buyers and complex cases through the entire process, not just securing the mortgage!!
Get in touch today to get started. 🫶🏻🏠
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We are a whole of market broker. Contact us today to discuss your options!
📳07442869863
📞0191 466 1304
📩info@fairwaymortgageadvice.co.uk
🖥️www.fairwaymortgageadvice.co.uk
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Your home may be repossessed if you do not keep up with the repayments on your mortgage. Not all buy to let mortgages are regulated by the financial conduct authority. You may have to pay an early repayment charge to your existing lender if you remortgage.