According to Aldermore’s first-time buyer index, which surveyed 500 first-time buyers, most people getting onto the property ladder are focused on saving for a deposit at an average of £47,067, but spend an average of £3,701 on additional costs.

Within those extra expenses, the most expensive is solicitor fees at £654, mortgage fees at £515 and conveyancing fees at £496.

Other costs include estate agent fees at £439, extra rent due to delays with moving at £433, other house purchase related fees at £421, moving fees at £409 and other house purchase falling through at £335.

The lender said that first-time buyers were not liable for stamp duty but if their property was over “£425,000 then buyers should incorporate extra stamp duty into their savings plans”.

It said first-time buyers should set aside money to ensure they have an emergency fund to cover unexpected expenses. This is advised to cover three to six months of living expenses.

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Aldermore added that the volatile housing market had meant many first-time buyers were faced with delays or false starts and spent an additional £2,260 as a result.

Over a third of first-time buyers surveyed said they use a broker, mortgage adviser or independent financial adviser to assist them, while 91 per cent said they had a good experience.

Brokers can help first-time buyers navigate additional costs and calculate realistic savings, and identify lenders with free valuations, cashback incentives an the ability to switch to a better rate.

Jon Cooper, head of mortgages at Aldermore, said: “A deposit is often the biggest expense in the home buying journey, taking years for first-time buyers to raise a sufficient amount. However, with buyers laser focused on saving a sizable deposit, they often overlook the significant additional costs that come with buying their first home.

“As a lender, we’ve attempted to help with this where we can. Earlier this year, for instance, we began offering free valuations on all applications for residential mortgages.”

He added: “In the current economic environment, it’s also vitally important new buyers set aside a robust emergency fund, to ensure they are able to weather any financial setbacks or additional expenses they may face once they’re a homeowner.

“New buyers shouldn’t be expected to be experts on the property market – that’s why it’s important to seek advice from a broker who can help guide them on their road to homeownership.”