Buying your first home in Fareham is exciting. The costs, though, can catch people out, because the deposit is only part of the story. Here’s a plain-English list of what to budget for in 2026, so there are no nasty surprises between “offer accepted” and getting the keys.
I’m Charles, a mortgage broker based in Fareham. I help first-time buyers across Fareham, Portchester, Locks Heath, Whiteley, Gosport and the rest of Hampshire.
What do first-time buyers pay for a home in Fareham?
According to the UK House Price Index, the average price paid by first-time buyers in Fareham was £264,000 in August 2026 (provisional figure, ONS and HM Land Registry). Your own budget will depend on the area, the type of home and, most of all, what a lender will let you borrow. So it pays to know your numbers before you start viewing.
1. Your deposit
Most lenders want a deposit of at least 5% to 10% of the price. On a £264,000 home, that’s:
- 5% deposit: £13,200
- 10% deposit: £26,400
A bigger deposit usually opens up lower rates, but you don’t always need 20%. Some lenders and schemes can help with smaller deposits, and gifted deposits from family are common. There’s more on my first-time buyers page, and if you’re curious about lower-deposit options, read 100% mortgages: how can they help me?
If you’re saving with a Lifetime ISA, the government adds a 25% bonus to what you pay in, up to £1,000 a year. Rules and limits apply, so check GOV.UK’s Lifetime ISA guide before you rely on it for your purchase.
2. Stamp duty (often nothing for first-time buyers)
In England, first-time buyers pay no stamp duty on the first £300,000 and 5% on the part between £300,001 and £500,000. If the price is over £500,000, the first-time buyer relief doesn’t apply and the standard rates are used instead (GOV.UK stamp duty rates).
So on a home at Fareham’s average first-time buyer price of £264,000, the stamp duty would be £0. On a £350,000 home it would be 5% of £50,000, which is £2,500. You can try your own figures with my stamp duty and mortgage calculators.
Everyone you’re buying with must be a first-time buyer to get the relief, and you must be planning to live in the home.
3. Legal fees (conveyancing)
You’ll need a solicitor or licensed conveyancer to handle the legal side: searches, the contract, the Land Registry and paying the seller. Their quote is normally made up of their own fee plus “disbursements”, which are costs they pay on your behalf, such as local searches and the Land Registry fee.
Get a written quote that shows everything, and check whether a leasehold flat costs more to handle than a house (it often does). I can point you to trusted conveyancers and keep the chain moving. See my conveyancing page.
4. Valuation and survey
Your lender will carry out a valuation to check the home is worth what you’re paying. Many first-time buyer deals include this at no cost to you, but not all do.
A valuation is for the lender, not you. If you want to know about damp, the roof or anything structural, think about paying for your own survey. A basic survey suits newer homes in good condition, while older homes deserve a more detailed one. Prices vary by surveyor and the size of the home, so get a quote.
5. Mortgage fees
There are two kinds to look out for:
- Lender fees. Some deals have an arrangement or product fee. Others have none but a slightly higher rate. I’ll compare the total cost, not just the rate.
- My fee. Your first chat, my advice and your Agreement in Principle carry no fee. For a purchase, my fee is £495, and it’s only payable once you receive your full mortgage offer. All my fees are on my mortgages page.
6. Moving-in costs people forget
- Removals or van hire
- Buildings insurance, which your lender will usually want in place from exchange of contracts
- Council tax, energy and broadband set-up
- Basic furniture, curtains and white goods if the home comes empty
7. Protecting your new home
Your first mortgage is a good time to think about what would happen if you couldn’t work, or if the worst happened. Life cover and income protection don’t have to be expensive, and there’s never a fee to you for my protection advice. See life cover and mortgage protection in Fareham.
How to make your money go further
- Check your credit report with all three agencies before you apply. It’s the easiest way to avoid surprises. Here’s how to check your credit report.
- Get an Agreement in Principle before you view, so agents take your offer seriously.
- Read how to improve your mortgage affordability for simple wins, such as clearing small debts.
- Looking at a new build or shared ownership? The costs and deadlines are different. See new build and shared ownership mortgages.
- Self-employed? Lenders look at your income differently. Read self-employed mortgages.
Frequently asked questions
How much deposit do I need to buy in Fareham?
Many lenders start at 5% of the purchase price. On Fareham’s average first-time buyer price of £264,000 (ONS, August 2026), that’s £13,200. A 10% deposit, £26,400, usually gives you more choice of lenders and rates.
Do first-time buyers pay stamp duty in 2026?
Not on the first £300,000. You pay 5% on the part between £300,001 and £500,000. Above £500,000, the relief doesn’t apply. Always check the latest rates on GOV.UK, as they can change.
Can my parents help with my deposit?
Yes. Gifted deposits are common. The lender will usually want a signed letter from the person giving the money, confirming it’s a gift and not a loan, plus proof of where the money came from.
What does a mortgage broker cost?
For first-time buyers, my first chat and advice carry no fee. My fee for a purchase is £495, and it’s only payable once you receive your full mortgage offer.
How long does it take to buy my first home?
It varies. Getting a mortgage offer typically takes a few weeks once your documents are in, and the legal work often takes longer. Having your paperwork ready and a good conveyancer makes a real difference.
Ready to work out your numbers?
Tell me roughly what you earn, what you’ve saved and where you’d like to live, and I’ll show you what’s realistic before you start viewing. I’m based in Fareham, and we can talk by phone, video or WhatsApp.
Book a no-fee call · WhatsApp me on 07368 330822 · Use my contact form · Call 023 9355 2850