If you think you can afford a mortgage we suggest you seek advice from an independent mortgage advisor.  Click here for details of advisors on Moat’s panel.

Buying a property is expensive and feedback from purchasers confirms that an amount of £3500 to cover the one-off costs is realistic.  To proceed with your application, you will need to have access to at least £3500, either through savings or from family/friends, without the need to borrow extra money on your mortgage or to take out a personal loan.

We recommend you proceed only if you have access to at least this amount to cover costs such as legal fees (solicitors), mortgage arrangement fee, homebuyer’s report, stamp duty land tax, gas and electricity test, etc.

There are also likely to be other costs that you should budget for, eg: carpets, household goods like a fridge and washing machine, and possibly advance rent payments.

You should also be aware that a deposit of at least £1000 is payable at exchange of contracts stage.  This is reconciled by your solicitor at completion stage.

There is no charge either to register for HomeBuy. The £3500 is not a fee to Moat.

Please be aware that the market value of properties can go down as well as up.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.