First time buyers are falling into the pitfall of failing to account for property transaction charges.
Before buying your first home, you need to first familiarise yourself with all the charges that come with buying a property. Do not assume that as you have no property to sell, you are exempt from fees. Buyers have to pay a multitude of charges. These are as follows: solicitor costs, bank transfer fees, mortgage set-up charges, survey costs, land registry charges and in some cases increased car insurance due to the change of postcode. There is also the costs of removals to take into account. If you have furniture which you cannot move yourself, then removals van will have to be splashed out for, on top of all the other costs, resulting in you being another few hundred pounds out of pocket.
In a recent survey by Pegasus Personal Finance, 13.5% of first time buyers surveyed, even claimed to be unaware of any increase rates on variable mortgages.
So as not to risk a fall- through of a sale due to lack of awareness of these charges, it is always best to speak to a financial advisor, solicitor and estate agent before you commit to a purchase.