The hidden costs of buying a house

Organising your finances is essential

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We highlight some of the hidden costs of purchasing a property. Before you even start looking for a property you should make sure your finances are in order.

You might struggle to get a mortgage if you have a poor credit score. You may also find it difficult if you've borrowed money or opened a new credit account recently.

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See also: Buy-to-let: seven secrets of making money

One tip is to use a credit checker to make sure that everything is in order, then take a look at your savings to work out what you can afford for a deposit.

You need to bear in mind the upfront costs that you will also need money for.

If you are a first-time-buyer you won't need to pay an estate agent to show you around houses - but once you've found somewhere, the costs begin.

You will need to pay a conveyancer to organise the legal side of buying a property, this can be done online or through a solicitor's office.

Fees depend on the value of the house but it could cost you somewhere in between £300 and £700.

When it comes to mortgages, you can secure one directly or through a broker.

If you do end up using a broker there might be fees involved. Mortgages companies will want to get a mortgage valuation which you are likely to have to pay for, with costs somewhere between £150 and £1,500.

Surveys also come with a cost - dependent on the value of the property and the type of survey required.

Your mortgage might come with a fee, so look at this as well as the rate. For home buyers these can be anywhere up to around £1,500.

Some lenders will let you add this to the cost of the loan so you don't need to pay up front but you will end up spending more over the course of your mortgage.

Most of the time you can borrow around four and a half times your salary. Calculate this, then add your deposit, minus your budgeted costs - that's the house price you can afford!

UK property hotspots 2017 (according to Zoopla)

UK property hotspots 2017 (according to Zoopla)