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Financial guide to buying a house

Buying a house is exciting, but it comes with lots of costs, fees and budgeting. Some home buyers can find themselves surprised with fees and unexpected costs, which is why we've put together this guide to home buying costs so you can start a budget, understand how much you'll need to save for a mortgage deposit, and get started on climbing the property ladder with Redrow.

Guides & FAQs    |    Guides    |    Buying    |    Financial guide to buying a house


What to know when buying with Redrow

  • We work with a panel of approved new build mortgage specialists who can help get you the best deals and correct products for your new home journey.
  • At every Redrow development, the Sales team can help explain all the costs involved with purchasing a new home so you know exactly what’s required.


It’s important to remember that it's not just the overall property price that you'll have to consider - buying a house comes with several other costs and things to consider. We often get asked questions like "how much money do you need to buy a house?" from our prospective customers.

So, we've outlined the main and most common bills and fees that you'll need to consider when it comes to paying for your new Redrow home.

Saving for a deposit

Questions about house deposits are some of the most common we hear from first-time buyers. Generally speaking, 5% of the price of the home you'd like to buy is considered the minimum deposit amount. Many buyers who are keen to move as soon as possible opt for a small deposit, though a bigger deposit will mean access to better mortgage deals, smaller monthly repayments and a lower interest rate.

To begin the process of building up a deposit, find the right savings account or ISA for you. It's worth shopping around to find favourable interest rates to see where you can get the best deal.

Some first-time buyers are lucky enough to receive a gifted deposit. This means that family members or friends gift a certain amount of money to the buyer, who then uses it to be able to put down a bigger house deposit.

How much deposit do I need to buy a house?

In general, the average deposit in the UK will be anywhere between £10,000 to £20,000, based on average house prices. Of course, if the purchase price of your house is higher or lower, you may pay a different amount - likely no less than £5,000 and up to £50,000.

As well as all the other common estate agent jargon you'll hear when buying a house, Loan To Value (LTV) will be something that comes up frequently at the deposit stage. This refers to the amount you can borrow relative to the property value and is how you can work out how much of a deposit you'll need to pay. For example, if the house costs £100,000 and you can borrow £95,000, you'll have a 95% LTV and will require a 5% deposit. Mortgage products are organised by LTV, and are usually offered between 60% and 95%.

A larger deposit (which means lower LTV because you'll need to borrow less) will help lower your interest rates, though of course saving for a huge lump sum is easier said than done for first-time buyers! Even if you've got a smaller deposit, it's worth saving a little longer to get up to the next bracket (for example if you've got enough for a 13% deposit, it's worthwhile waiting until you can afford 15%).

Applying for a mortgage

Once you've worked out your affordability and deposit, you can start thinking about your mortgage application. You can search through mortgage lenders yourself, though it's recommended to go through a broker.

A specialist broker like one of Redrow’s preferred panel can help you decide the best deal for new homes and understand how much you can borrow. They may also be able to access deals you can't find on your own. They can also offer expert advice and help minimise the risk involved with such a large purchase.

Many lenders will also have an online mortgage deposit calculator to help you understand how much you need to save.

In terms of fees, you may have to pay:

  • A product fee - this depends on the type of mortgage you apply for, and could be free or £2,000+.
  • An application or booking fee - this is usually about £100.
  • A valuation fee for the mortgage lender - usually around £250.
  • Brokerage fee - this may be covered through commission from your mortgage lender.
  • Administration fee.
  • Transfer fee on completion - usually around £50.

Reserving your home

Once you've saved up your deposit, have your mortgage in principle and you're further into the home-buying process, it's time to start actually looking at properties. At many Redrow developments, you may be able to buy off plan to be able to influence some elements of your future home.

You may also be able to reserve your preferred home. This essentially takes it off the market and gives you more peace of mind as you move through the next steps. You'll have to pay a reservation fee to secure your chosen property.

Our Prime Position scheme allows you to complete an option agreement on your dream Redrow home before it's officially released, meaning you’ll get first refusal. Once you've chosen the development for you, speak to a member of the Sales team about Prime Position.

Legal fees

You'll need to appoint a conveyancer or solicitor to carry out all the legal work and checks - you can use one of our preferred panel of independent experts if you choose to - they will have extensive experience of the Redrow sales process and new build transactions.

So, how much are solicitors fees for buying a house? In addition to disbursements for other contracts and legal documents, you should expect to pay for...

  • Searches and local authority checks - around £250.
  • Land Registry fees - usually around £250.
  • Overall conveyancing fees - usually at least £1,000 plus VAT.

It’s worth noting that some of these fees may only apply to purchases of second hand homes, rather than buying new build property.

Stamp Duty

You'll also need to think about whether you'll be liable for Stamp Duty (SDLT) on your Redrow property in England and Northern Ireland, or Land Transaction Tax (LTT) in Wales.

In England, you won't need to pay SDLT on the first £250,000 of a property price (assuming it's your main residence). If you're a first-time buyer, you won't pay SDLT on anything up to £425,000. In Wales, you won't pay LTT on properties under £225,000.

Other moving house costs

As well as the above, there are a few other costs to consider, including removal fees, storage and cleaning. We've detailed these and more in our guide on how much it costs to move home.

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To the best of Redrow’s knowledge, everything in this guide is true at the time of writing. All descriptions, images and plans are illustrations, examples and/or approximations only and some processes listed may differ when buying a Redrow home, please speak with the sales team at your chosen development for more details. Redrow does not accept any liability or responsibility contractual or otherwise for any reliance on the information contained within the guide.