Costs
Play with any price and see what it really costs.
Mortgage each month
£1,140
On a £225,000 loan. Bills, council tax and any service charge are extra.
If rates went up: £1,278 at 5.5%, £1,422 at 6.5%. Worth checking you could still manage.
Cash on day one
- Deposit
- £25,000
- Stamp Duty
- £0
- Legal fees
- £1,730
- Searches
- £350
- Survey
- £730
- Moving
- £600
- Total
- £28,410
- No tax to pay
- Lifetime ISA OK
Fees are typical figures, not quotes. A guide, not a promise.
Work it backwards
Start from what you could pay a month
Say what you could put towards the mortgage each month, and we'll turn it into a top price.
A home up to about
£174,000
£900 a month covers a £157,500 loan over 30 years at 4.5%. After tax and fees, £16,900 of your savings is left as the deposit. Your budget would stretch to a £177,625 loan, but lenders usually lend up to 4.5 times your income, so it's capped at £157,500.
Bills, council tax and any service charge come on top. A guide, not a promise. The rate and term are the ones from your homes page.
Common questions
- How much deposit does a first-time buyer need?
- Most lenders want at least 5% of the price, so £10,000 on a £200,000 home. A bigger deposit usually gets a lower rate.
- How much can I borrow?
- Many lenders lend around 4.5 times your income before tax, after taking off what you pay on debts. Some go up to 5 times. Only a lender can tell you for sure.
- What do I pay on top of the deposit?
- On a £200,000 freehold home, budget around £1,600 for legal fees, £350 for searches, £650 for a survey and £600 to move, plus any property tax. That's about £3,200 before tax.
- Can I use a Lifetime ISA?
- Yes, for a first home costing up to £450,000. The government adds 25% to what you pay in, up to £1,000 a year, and the account must be open 12 months before you buy.
- Is the monthly cost just the mortgage?
- No. Council tax, energy, water and broadband come on top, and for a flat a service charge and ground rent too. Every home on First Key shows the full monthly cost, not just the mortgage.
Stamp duty calculator, band by bandMortgage calculator, with overpaymentsStamp duty for first-time buyers in each nationWhat can I afford on my salary?