First-Time Buyer Cost Calculator
Calculate everything a first-time buyer needs: deposit, stamp duty, solicitor, survey, mortgage fees and monthly payments.
By Konstantin Iakovlev · Founder, Calks.uk
Last updated: · Verified against HMRC and GOV.UK 2026/27 rates
Monthly Mortgage
£1,368.05
at 4.5%, 30yr
Total Upfront
£32,999.00
LTV
90%
Deposit
10%
| Deposit | £30,000.00 |
| Stamp Duty (FTB relief) | £0.00 |
| Solicitor | £1,500.00 |
| Survey | £500.00 |
| Mortgage Fee | £999.00 |
| Total Cash Needed | £32,999.00 |
Disclaimer
This calculator is provided for informational purposes only and should not be considered as financial or tax advice. All calculations are performed locally in your browser — no personal data is collected or sent to our servers. Rates and thresholds are sourced from HMRC and GOV.UK and are updated for the current tax year. Always verify results with HMRC or consult a qualified professional before making financial decisions.
How It Works
First-time buyers in the UK face a range of upfront costs beyond the deposit. This calculator brings together all the expenses: stamp duty (with first-time buyer relief applied), solicitor fees, survey costs, mortgage arrangement and valuation fees, and moving expenses. It gives a complete picture of the cash you need to buy your first home.
First-time buyer stamp duty relief means no SDLT on the first £300,000 for properties up to £500,000. Many lenders offer 95% LTV mortgages for first-time buyers, meaning a 5% deposit is the minimum. However, a larger deposit gives access to lower interest rates, and the Help to Buy ISA or Lifetime ISA can boost your savings with a 25% government bonus.
This calculator takes your target property price, savings and income to show whether you can afford to buy, what mortgage you could get, the total upfront costs and estimated monthly payments. It also checks eligibility for first-time buyer schemes including Lifetime ISA bonus, shared ownership and First Homes.
Help-to-Buy ISA vs Lifetime ISA. Help-to-Buy ISA (closed to new accounts Nov 2019): 25% bonus on up to £12,000 contributions (£3,000 max bonus), £250k cap (£450k London). Existing holders can keep contributing until Nov 2029. Lifetime ISA: 25% bonus on up to £4,000/year — no overall cap on bonuses, £450k property anywhere. Open between 18-39, contribute until 50. LISA is strictly better for new first-time buyers. You CAN transfer H2B ISA into LISA — talk to your provider.
Mortgage Guarantee Scheme — 95% LTV mortgages. Government insures losses above 80% LTV for participating lenders. Allows lenders to offer 95% LTV mortgages on properties up to £600k. Originally launched 2021, extended to June 2026 — likely replaced by new 'Freedom to Buy' scheme. Typical 95% LTV products: 0.5-1.0% more expensive than 90% LTV. Saving an extra 5% deposit before applying often saves £50-£80/month on a £250k mortgage.
First Homes Scheme — 30% discount on new builds. 30-50% discount on new-build properties for local first-time buyers earning under £80k (£90k London). Discount stays with the property (passed to next FTB). 5% deposit minimum on the discounted price. Combined with SDLT FTB relief, a £300k First Home in Manchester might cost £200k with no SDLT — saving £25k+ vs market. Limited supply — typically allocated within weeks of release. Apply via local Help to Buy agent.
True total cost of buying — beyond the deposit. Stamp Duty (£0 FTB under £300k; 5% on slice £300-500k); legal fees £800-£1,500; mortgage arrangement fee £0-£1,500 (often added to loan); valuation £200-£500; survey £300-£900 (HomeBuyers) or £700-£1,500 (full structural); buildings insurance from completion £200-£500/year; removals £500-£2,000; immediate repairs/decoration budget £1-£5k. Total non-deposit costs: 2-4% of property price. Budget £8-£15k on top of deposit for a £300k purchase.
Example: First home at £280,000, £20,000 savings
- Deposit (5%): £14,000 + £6,000 for costs
- Stamp duty (first-time buyer): £0 (under £300,000)
- Solicitor, survey, searches: approx. £2,500
- Mortgage fee: £999
- Mortgage: £266,000 at 4.5% over 30 years: £1,348/month
- Total cash needed at completion: approx. £17,499
Frequently Asked Questions
- How much can a UK first-time buyer borrow?
- Mortgage 4-4.5× single salary or 3.5-4× joint. Higher with specialist lenders for £75k+ earners (up to 5.5-6×). Max 95% LTV (5% deposit). Sample: £40k salary × 4.5 = £180,000 mortgage; with 10% deposit = £200,000 property max. Joint £35k + £30k = £65k income × 3.8 = £247,000 mortgage. Add £15-25k deposit. Stress test at notional 7-8% rate. Existing debt reduces capacity — £100/month committed debt = £20,000 less mortgage.
- What schemes help UK first-time buyers 2026?
- Lifetime ISA: £4,000/year + 25% government bonus (max £1,000/year), first home up to £450,000 or age 60+. First Homes Scheme: 30-50% discount on new builds, household income cap £80k (£90k London). Shared Ownership: buy 25-75% share, pay rent on rest. Mortgage Guarantee Scheme: 95% LTV mortgages with government insurance. Stamp Duty relief: 0% to £425,000 for first-time buyers (vs £125k for movers). All schemes have rules — combine carefully.
- What deposit do I really need?
- Minimum 5% (95% LTV mortgage available). Realistic for best rates: 10-15%. Best rates at 60% LTV (40% deposit). Sample £250,000 property: 5% deposit £12,500; 10% £25,000; 25% £62,500. PLUS: stamp duty (0% under £425k FTB), conveyancing £1,200-£2,000, mortgage fees £999-£1,500, survey £400-£1,000, moving costs £700-£1,800. Total upfront: £15,000-£20,000 minimum for £200k property purchase. Don't drain emergency fund — keep 3-6 months expenses separately.
- Hidden costs of buying your first home.
- Stamp Duty (0% under £425k FTB, then 5% to £625k). Conveyancing £1,200-£2,000 (solicitor). Survey £400-£1,000 (HomeBuyer Report or Building Survey). Mortgage arrangement fee £999-£1,500 (or 'fee-free' option with slightly higher rate). Removals £700-£1,800. EPC if missing £80-£120. Initial decoration/repairs £500-£5,000+. Buildings insurance £200-£400/year (required by mortgage lender). Total non-deposit costs: typically £4,000-£10,000 on £250k property.