Building a cash budget for completion day
A worked cash separation
A £250,000 purchase with a 10% deposit needs £25,000 for the deposit. If quotes and tax total another £5,000, the buying cash requirement becomes £30,000 before any emergency reserve. A £30,000 savings balance therefore leaves no spare cash under those assumptions. The £5,000 is an example allowance, not a market quote; substitute actual fees and the correct national tax calculation.
Timing can matter as much as the total
A survey, searches or lender fee may be payable before completion and may not be recoverable if the purchase falls through. The lender's valuation protects the lender and is not a substitute for your own survey. Ask which fees are payable upfront, which are refundable and whether a product fee will be paid in cash or added to the mortgage. Adding it to the loan can mean paying interest on it.
Avoid counting costs twice
Check whether a solicitor quote already includes searches, registration fees and VAT before entering separate amounts. On a leasehold property, notice, management and other third-party charges may be additional. Include removals and essential first-month spending rather than only the costs printed on the mortgage offer. Keep an independent reserve for repairs and income interruptions; the calculator does not choose an appropriate reserve for your household.
Further reading: MoneyHelper — estimate the cost of buying a house. Examples are illustrations using stated inputs, not quotes or personal recommendations.
See our method and limitations or report a correction.