As well as your mortgage, there are a number of additional expenses to take into account when buying a home. Upfront costs which will need to be saved for and a deposit could cost up to 20% of the purchase price.

A government stamp duty tax needs to be paid on homes costing over £125,000 and this is worked out depending on the property price.

Other fees payable before buying a home include a surveyor’s fee if you pay to have the property checked out before you buy, legal fees for all the legal work involved and, possibly, a valuation fee charged by your mortgage lender so they can assess the value of the property when deciding how much to lend you. There may also be an electronic transfer fee when transferring the money from lender to solicitor.

Other costs to take into account are any initial re-decoration or maintenance and repairs that need to be done before you move in and the cost of moving all your belongings from your current home to your new one.

Once you’re in your new home, you need to insure your home and belongings with buildings and contents insurance and make sure you know when your utility bills and council tax are due. This is also a good time to shop around for a better deal on your bills and review your financial budget to assess how much income and outgoings you have.

Try our financial life stages (setting up home) module to help you with this stage of your life.

The organisations below can also help:

   Home Energy Scotland is also available free on 0808 808 2282 or request a callback.