First-Time Buyer Cost Calculator

First-time buyers in the UK face plenty of upfront costs beyond the deposit. Stamp duty with first-time buyer relief applied, solicitor fees, survey costs, mortgage arrangement and valuation fees and moving expenses all fall due within a few weeks of each other. Pulling them into one place gives a complete picture of the cash you need to buy your first home, rather than the deposit figure people usually quote.

First-time buyer stamp duty relief means no SDLT on the first £300,000 for properties up to £500,000, with 5% due on the slice between £300-500k. Many lenders offer 95% LTV mortgages to first-time buyers, so a 5% deposit is the minimum, although a larger deposit gives access to lower interest rates. A Help to Buy ISA or Lifetime ISA can add to your savings through a 25% government bonus.

Feed in your target property price, savings and income and the calculator shows whether the purchase works: the mortgage you could raise, the total upfront costs and the estimated monthly payment. Eligibility for first-time buyer schemes is checked alongside, covering the Lifetime ISA bonus, shared ownership and First Homes, because the scheme you qualify for often changes the deposit you need more than the interest rate does.

The two savings accounts are not equivalent. The Help to Buy ISA closed to new accounts in Nov 2019. It pays a 25% bonus on up to £12,000 of contributions, so £3,000 at most, and caps the property at £250k, or £450k in London, with existing holders able to keep paying in until Nov 2029. The Lifetime ISA pays the same 25% on up to £4,000 a year, with no overall ceiling on bonuses and a £450k property limit anywhere. It can be opened between 18-39 and paid into until 50, which makes it the better account for anyone starting now. Transfers from a Help to Buy ISA into a LISA are possible, so ask your provider.

Behind many 95% LTV deals sits the Mortgage Guarantee Scheme, under which the government insures lender losses above 80% LTV on properties up to £600k. It launched in 2021 and has been extended to June 2026, with a replacement 'Freedom to Buy' scheme expected to follow. The pricing tells its own story, since 95% LTV products typically cost 0.5-1.0% more than 90% LTV ones, so saving another 5% of deposit before applying often takes £50-£80 a month off a £250k mortgage.

First Homes offers a 30-50% discount on new-build properties to local first-time buyers earning under £80k, or £90k in London, and the discount stays with the property when it passes to the next first-time buyer. The deposit is 5% of the discounted price. Combined with stamp duty relief, a £300k First Home in Manchester might cost £200k with no SDLT to pay, a saving of £25k+ against the market. Supply is limited and homes are usually allocated within weeks of release, so contact the developer early and tell them you want to buy through First Homes; the developer checks your eligibility with the local council.

Costs beyond the deposit are where budgets break. Legal fees run £800-£1,500, a mortgage arrangement fee £0-£1,500 and is often added to the loan, valuation £200-£500, and a survey £300-£900 for a HomeBuyers report or £700-£1,500 for a full structural one. Buildings insurance from completion costs £200-£500 a year, removals £500-£2,000, and it pays to hold £1-£5k back for immediate repairs and decoration. Non-deposit costs typically come to 2-4% of the property price, so budget £8-£15k on top of the deposit for a £300k purchase.