The process of buying a property can be expensive, as there are other things you need to pay for including:

• a solicitor or licensed conveyance;
• fee for the mortgage being arranged;
• the Land Registry fee; and
• stamp duty (1% of the value of your property if its value is between £120,000 and £250,000, 3% of the value of your property if its value is between £250,000 and £500,000).

If you decide that you do not want to go ahead with buying your home, you will have to pay any costs that have been run up so far.

You will also have ongoing, day-to-day costs that you should take into account when deciding if you can afford to buy your home. These are:

• mortgage repayments (likely to be higher than the rent you now pay);
• buildings insurance (your mortgage company will insist that you have this);
• contents insurance (this is highly recommended in case of theft, fire, flood or other accidents);
• mortgage protection insurance (for if you fall ill or lose your job);
• life assurance (so your family can pay off the mortgage if you die);
• Council Tax and water charges;
• charges for gas, electricity, phone and so on; and
• ground rent and service charges (if you buy a flat or leasehold property).

You will also become responsible for all the costs of maintaining your home, including major repairs, routine repairs and improvements. If you buy a freehold property, you will have to make your own arrangements for someone to carry out the work. If you buy a leasehold property, you will have to pay us for your share of any work to the block and estate you live in.