First Time Buyer NI | The cost of Buying a House
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0330 0430327

The Cost of Buying a House

When you consider buying your first home it’s important that you have a realistic understanding of all the costs involved and take them into account when working out your overall budget. Some of the related expenses that you should consider include.


No matter which mortgage product you select you will be required to put down a sizeable deposit, usually between 5% and 20% of the purchase price. For example a property costing £100,000 would generally require a deposit between £5,000 and £20,000.

95% Mortgages in Northern Ireland are becoming more common on today's market now that the government has stepped in with their Help to Buy scheme.

Stamp Duty

Stamp Duty is a government tax which is payable on properties costing £125,001 or more.

Currently 18/10/2016 the following stamp duty rates will be payable on all properties.

Purchase Price Stamp Duty
£0 - £125,000 0%
£125,001 - £250,000 2%
£250,001 - £925,000 5%
£925,001 - 1.5 Million 10%
1.5 Million + 12%

Work out how much stamp duty you will have to pay by using the table above.

Valuation Fees

Before offering a mortgage your lender will have to assess the value of the property that you wish to purchase. The cost of a valuation can vary depending on the size and value of the property and could range from £150 – £1,500. Our mortgage brokers usually have access to “no valuation fee” products however this may not be the cheapest option depending on the rates available.

Contact one of our mortgage brokers today and we will assess your options.

Legal Fees

You will require a solicitor or a conveyancer when purchasing a property. They will carry out all local searches usually costing £300 and there will be legal fees on top typically costing between £1,000 and £1,500, this figure will vary depending on the overall cost of the purchase. Don’t forget to price around for the most competitive price not all solicitors charge the same amount.

Mortgage Fees

A lot of Mortgage Brokers charge a fee for their services some of them may charge as much as £500 or more. Mortgage Adviser NI will never charge you a fee for their services. Get Fee free Mortgage Advice today.

Decorating & Furnishing

Don’t forget to budget for decorating and furnishing your property. Before you commit to buying your new home price around and work out roughly how much you will need.

This could add up to £1,000’s and you need to be prepared before you get the keys.


Most lenders will insist on adequate buildings insurance being in place before finally signing a mortgage off. This will protect you against damage to your home for example Fire, floods and subsidence to name but a few.

You may also want to invest in contents insurance to cover your possessions or life insurance which would pay off your mortgage debt in the event of death.

Council Tax

Council tax is something that is often overlooked by First Time Buyers in Northern Ireland rates will be set on an individual basis and will depend on the size of your property.

You should confirm the monthly cost before completing your purchase rates in Northern Ireland are typically in excess of £100 per month.

Running Costs

These can quickly add up to a sizeable amount. Gas, electricity, oil, landline, tv license, additional tv packages and internet access could easily add up to an amount equal to your mortgage repayments.

Price around for the best deals available but do not neglect these factors when working out your budget.