Understanding Costs

Most mortgage lenders used to ask for a minimum 10% deposit on a new home, but some lenders such as Halifax are offering 5% deposits on new build homes. Others have fantastic Green Mortgage offers for homes with an EPC raiting of B or above, so it's worth asking your mortgage advisor about this if you are purchasing a new-build home. 

There are also several schemes available to help you boost your deposit on a new home, inluding Generation Home and the Mortgage Guarantee Scheme, and we are proud to be one of the first UK housebuilders to offer Own New to our customers. 

Good news! The UK Government has increased the threshold upon which you start paying Stamp Duty!

If you are first-time buyer and your new Erris Home is under £425,000, you won’t need to pay stamp duty at all.

If you are already a homeowner, you can expect to pay stamp duty at 5% when buying a new home over the cost of £250,000.

If you are an investor, 3% Stamp Duty is payable on properties up to £250,000 and 8% is payable on those priced £250,001 up to £925,000.

Use this handy Stamp Duty calculator see how much you can expect to pay.

Your mortgage lender will ask to value your new home before they lend you any money – this is called a valuation. Although some lenders will offer free valuations, many others will charge and you can expect to pay between £150 - £200 based on your home’s value.

Be aware that when purchasing a new-build Erris Home, you do not need to hire a surveyor as the home will have already undergone rigorous checks and comes with a 10-year structural warranty. However, some of our customers do wish to conduct surveys on their new homes simply for extra peace of mind – if you wish to do the same, we’d recommend budgeting an extra £250 - £600.

You will need a solicitor to carry out the legal process of buying a new home (and of selling your current home if you are already a homeowner). Your solicitor will assist in the legalities of buying your new home including everything from Stamp Duty and Land Registry to conveyancing and everything in between. Costs will vary depending on whether or not you have an existing home to sell, but you should expect fees to be between £500 - £1500 plus VAT.

Some mortgage lenders also charge a fee for transferring your mortgage money to your solicitor – the usual cost for this is around £40 - £50.

If you have a property to sell, estate agent fees will be an extra expense on top of buying a new home. These fees depend on the estate agent you wish to use, but these fees usually range from 1-3% of the sale price plus VAT.

Is the thought of selling your current home giving you a headache? Use Erris Homes' Part Exchange scheme, or let us take the weight off your shoulders with our stress-free Smart Move scheme! We’ll take care of everything from agreeing a valuation and marketing plan for your current home to negotiating the sale and contributing to estate agent fees.

Your mortgage lender will ensure insurance is one of your key priorities when buying a new home, but this doesn’t mean you have to buy insurance from them. Shop around for a deal that works for you and your family.

We would also recommend content insurance to cover the cost of repairing and replacing treasured household items, and you’ll be able to bag a bargain when combining this with building insurance too!

Unless you’re recruiting friends and family to help you move into your new Erris Home, removal costs can usually be anywhere from £300 - £2000 for professional removers. 

If you're a first-time buyer, it might be worth the extra effort to move yourself for free or use the van of Mum and Dad!