Calculate the total upfront costs of buying your first home, including stamp duty relief, LISA bonus, and deposit requirements.
This calculator provides estimates only. SDLT rates, LISA rules, and thresholds may change. Legal and survey fee estimates are approximate. Always verify with HMRC and consult a qualified financial adviser before making property purchase decisions.
Buying your first home is one of the most significant financial decisions you will make, and understanding the full cost beyond the property price is essential for budgeting effectively. As a first-time buyer in the UK, you benefit from several government incentives designed to make homeownership more accessible, including stamp duty relief and the Lifetime ISA bonus. However, the total upfront cost of buying a property extends well beyond the deposit. This calculator brings together all the key costs a first-time buyer faces: the deposit, stamp duty land tax (SDLT) with first-time buyer relief applied, estimated legal and survey fees, and the potential Lifetime ISA government bonus. It also calculates your estimated monthly mortgage repayment based on the loan amount, interest rate, and term. By seeing all these figures in one place, you can plan your budget confidently and understand exactly how much you need to save before making an offer on your first home.
1. Enter the full purchase price of the property you are considering. This should be the asking price or agreed sale price. 2. Set your deposit percentage. Most lenders require at least 5%, but 10-15% typically secures better mortgage rates. The calculator shows the deposit amount in pounds based on this percentage. 3. Enter the mortgage interest rate you expect to receive. Check current rates from mortgage comparison sites or speak to a mortgage broker for personalised quotes. 4. Set the mortgage term in years. The standard UK mortgage term is 25 years, but terms of 30-35 years are increasingly common, which reduces monthly payments but increases total interest paid. 5. If you have a Lifetime ISA, toggle it on and enter your LISA balance. The calculator adds the 25% government bonus to reduce your total upfront cost. Note that LISA eligibility is limited to properties up to GBP 450,000. 6. Review the results showing your total upfront cost breakdown, monthly mortgage payment, and stamp duty saving compared to standard rates. The pie chart visualises how your upfront costs are divided between deposit, stamp duty, and fees.
The deposit is calculated as a percentage of the property price. For example, a 10% deposit on a GBP 300,000 property is GBP 30,000, leaving a mortgage of GBP 270,000. Monthly mortgage payments are calculated using the standard repayment mortgage formula, which accounts for compound interest over the loan term. The formula calculates the fixed monthly payment needed to repay the loan in full by the end of the term at the given interest rate. Stamp duty for first-time buyers uses the 2026-27 SDLT relief rates: 0% on the first GBP 425,000 and 5% on the portion between GBP 425,001 and GBP 625,000. If the property price exceeds GBP 625,000, first-time buyer relief does not apply and standard SDLT rates are used instead. The calculator also shows how much you save compared to what a non-first-time buyer would pay at standard rates. The LISA bonus is 25% of your LISA balance, up to a maximum of GBP 1,000 per tax year. The LISA can only be used for properties up to GBP 450,000 and must have been open for at least 12 months. Total upfront cost combines the deposit, stamp duty, estimated solicitor fees (GBP 1,500), and estimated survey costs (GBP 500), minus any LISA bonus.
Rates shown are based on the 2026-27 tax year for England and Wales. Scotland uses Land and Buildings Transaction Tax (LBTT) with different rates and thresholds. First-time buyer relief applies to your first residential property purchase and is not available if you have previously owned a home anywhere in the world. The Lifetime ISA must be open for at least 12 months before you can use the funds to buy a property. Withdrawing LISA funds for purposes other than a qualifying first home purchase or retirement at 60 incurs a 25% government withdrawal charge. Legal fees and survey costs are estimates. Actual costs vary depending on the conveyancer, property type, and complexity of the transaction. Additional costs not included here may arise, such as mortgage arrangement fees, buildings insurance, and removal costs. For the most accurate picture, obtain a mortgage agreement in principle from a lender and quotes from solicitors and surveyors before making an offer.