What bills do first-time buyers forget?
Renters often pay one bill that covers a lot. Owners pay for everything separately — and several of these costs don't exist at all when renting. Here's the full list with 2026 figures.
The monthly costs that catch people out
| Cost | Typical monthly amount (2026) | Why it's missed |
|---|---|---|
| Buildings insurance | £15–25/mo | Mandatory for a mortgage, but not something renters pay — easy to forget when budgeting from a rent figure. |
| Contents insurance | £10–20/mo | Optional but recommended; often bundled with buildings insurance. |
| Life insurance / mortgage protection | £15–40/mo | Many lenders strongly recommend this; not legally required but a real cost most buyers add on. |
| Ground rent / service charge (flats) | £50–250/mo | Can be substantial for leasehold flats and is sometimes underestimated at purchase. |
| Boiler/home emergency cover | £15–25/mo | No landlord to call when the boiler breaks — many buyers add cover in year one. |
| Maintenance & repairs fund | £50–150/mo (recommended) | Rule of thumb is 1% of property value per year set aside for maintenance — on a £300k house that's £250/month. |
| Garden/outdoor costs | £10–30/mo | Equipment, plants, occasional tree work — non-existent for flat renters. |
| Higher energy bills | +£20–50/mo vs a flat | Houses are larger and often less efficient than the flat someone may have rented previously. |
| Mortgage arrangement fee (one-off) | £0–£1,500 (one-off) | Some mortgage deals charge an upfront fee, which can sometimes be added to the loan (increasing monthly cost slightly) or paid upfront. |
One-off costs at the point of purchase
| Cost | Typical amount (2026) |
|---|---|
| Solicitor / conveyancing fees | £800–£1,500 |
| Survey (Homebuyer Report) | £400–£900 |
| Survey (full structural) | £600–£1,500 |
| Mortgage valuation fee | £0–£300 (often free with the mortgage deal) |
| Stamp duty (first-time buyer, under £425,000) | £0 |
| Stamp duty (first-time buyer, £425,000–£625,000) | 5% on the portion above £425,000 |
| Removal costs | £300–£1,000 |
| Land Registry fee | £20–£135 |
For a first-time buyer purchasing at £295,000 (the Northampton average), stamp duty is £0 thanks to first-time buyer relief on properties under £425,000. The main one-off costs are solicitor fees, survey and removals — typically £1,500–£3,000 combined.
Why this matters for affordability
Mortgage approval is based on your income and the loan amount — it does not factor in any of the costs above. Two buyers approved for the same mortgage can end up in very different monthly positions depending on whether they've budgeted for buildings insurance, a maintenance fund, and the jump in energy costs from a bigger home.
Check your full monthly picture
ABLE Index combines mortgage, council tax, typical utility costs and commuting into a single monthly figure — so you can see the full picture before you commit, not just the mortgage repayment.
See the full monthly cost, not just the mortgage
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