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Stamp duty: can it be added to the mortgage

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I would like to buy a brand new house via the help to buy mortgage. I was just wondering if stamp duty can be added to the mortgage instead of stumping up £1500 straight away?

thanks

Comments

  • macarena123
    macarena123 Posts: 50 Forumite
    Unfortunately not.

    It has to be paid over to HMRC at completion, so you need to have the cash upfront to give to your solicitor
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you are not borrowing upto the maximum loan to value for the property, you can simply reduce your deposit to cover that.

    For example, if you are buying for £100,000 and putting down £10k, that's 90% so you could not add stamp duty by increasing your mortgage.

    If you have slightly more deposit, you could put down just the 10% minimum and use the difference.

    Last option - Halifax stamp duty incentive product?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Flipflop13
    Flipflop13 Posts: 32 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    If you are able to do so Halifax have a Help to Buy mortgage and they will pay your stampy duty for you. There is a 999 pound product fee so you would only save 500 however the product fee is added to the mortgage :)
  • Dan-Dan
    Dan-Dan Posts: 5,278 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Flipflop13 wrote: »
    If you are able to do so Halifax have a Help to Buy mortgage and they will pay your stampy duty for you. There is a 999 pound product fee so you would only save 500 however the product fee is added to the mortgage :)

    I wonder if the interest payable on that £999 would reach £500..........?!
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Use the Halifax product without a product fee if it makes a difference to you. 3.19% with, 3.59% without.

    Larger mortgages usually still better to pay the fee.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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