Homebuyers face '£6,000 bill from taxes and fees'

A first-time buyer could be hit with fees and taxes of up to £6,000, new analysis has found.

While aspiring buyers see saving up for a deposit as the main goal, research carried out by MoneySavingExpert for the Press Association shows they will need thousands more in spare cash to cover the raft of bills associated with buying.

In fact, new buyers face up to eight different bills, many of which need paying up front. These include Stamp Duty, solicitor's fees and local authority searches.

These costs vary hugely depending on where you live, how much your home costs and who you borrow from, and means buyers could face bills of anywhere between £2,677 and £5,952, said MoneySavingExpert managing editor Guy Anker.

"Buying a new home is a huge expense for most people, especially first-time buyers," he said.

"It is very easy to miss some of these charges, such as local authority searches and valuation fees but they can add hundreds of pounds to the cost.

"While becoming a first-time buyer can be a dream come true, renting is not a dirty word.

It is vital to tot up the full cost with all fees – many of which need to be paid upfront – and only go ahead if you can truly afford to, otherwise you risk ending up in a heap of debt."

Below is a breakdown of the various taxes and fees that first-time buyers are likely to face:

:: Typical Stamp Duty – £560

:: Typical mortgage fee - £942

:: Typical valuation fee – £150-£1,500

:: Typical solicitor fee - £500-£1,500

:: Typical search fee - £250-£300

:: Typical chaps fee - £25-£50

:: Typical surveyor fee – £250-£600 **optional**

:: Typical broker fee £0 - £500 **optional**