You've budgeted for the deposit, stamp duty and legal fees. Here's what owning the home costs on top of your mortgage — the costs that don't appear in the brochure.
Ownership typically adds £200–£700/month on top of the mortgage payment
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Your mortgage
Capital and interest combined
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Your property
Recurring ownership costs costs a renter doesn't pay
Your landlord pays this — as an owner it's your responsibility
Auto-set by property type — adjust if you know better
Saving for: boiler ~£3k, roof ~£8–15k, rewire ~£5–10k, windows ~£5–8k. Your landlord absorbs these as a renter.
Get 3 years of accounts before buying — can increase significantly. Average London flat: £2,000–£5,000/yr.
Zero or peppercorn on leases granted from 30 June 2022. Older leases may have escalating ground rent. A £250/yr cap on pre-2022 leases is in the draft Commonhold and Leasehold Reform Bill (published Jan 2026) — still only a draft, with the government targeting late 2028. Budget for what your lease says now, not what it may say later.
Building reserve for major works. Check if your building has one — if not, a large bill could arrive unexpectedly.
Freeholder or management company fees for consents, correspondence etc
Year one reality check optional — tick if you've just moved or are about to
Research suggests new homeowners spend around £3,000–£3,800 on unexpected repairs in the first year — boiler issues, leaks, locks, drains. (Direct Line / Aviva survey, 2026)
Most people spend something in year one. Your figure, your call.
Royal Mail redirection (~£80), address changes, locksmith, cleaning
Your mortgage payment
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Ownership adds per month
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costs you don't pay as a renter
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True monthly cost of ownership
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What makes up the extra
Buildings insurance—
Maintenance & repairs—
Major works reserve—
Garden & exterior—
Service charge—
Ground rent—
Sinking fund—
Management charges—
Year one extra costs—
Not included — you'd pay these renting too
Council tax, gas & electricity, water, broadband, contents insurance. These are household costs, not ownership costs. This tool shows only what ownership adds on top.
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