England UK Housing, renting or buying a property guide, mortgage, expenses, costs
When you move to the UK you will need to decide whether to rent or buy a property. You can find details of letting agents and estate agents located across the UK at:
There is a wide range of houses and flats available to rent in all parts of the UK. You can get an idea of the range of properties and rental costs from various websites, including:
BUYING A PROPERTY
If you wish to buy a house or flat and you do not have the resources to pay the whole purchase price at once, you can take out a mortgage. This is a loan from a bank, building society or other lending institution. A mortgage has two parts:
the capital repayment, which is the total amount of money that you borrow to purchase the
the interest you pay on the capital over the period of the mortgage.
Most mortgages are taken out for periods of between 15 and 25 years.
If you buy a house you are liable for various costs in addition to the purchase price. These include:
a valuation fee charged by your mortgage lender,
Land Registry fees, and
Stamp Duty, which ranges from 1 per cent to 4 per cent depending on the value of the property.
You may also need to pay:
an arrangement fee charged by your lender, and
a surveyor’s fee, if you want a surveyor’s report on the property.
You can get details of all these costs from your lender, your solicitor and your surveyor.
Depending on the type and amount of the mortgage, you may have to take out mortgage protection insurance and/or mortgage indemnity insurance. Your lender will also require you to take out building insurance.