Loaned Stamp Duty?

johannalf88

I know mortgage lenders look down on and/or will not lend to those people with a borrowed deposit- so we plan to save it all our selves as I have no intention of taking even part of it as a gift (plus its not being offered! :rotfl: )

We do however keep on being offered some money as a loan, and I am wondering whether lenders care about stamp duty/ fees being a loan? That would help us quite a bit, as stamp duty is looking to be over £10,000.

We would have no problem paying this back within a reasonable time, and paying mortgage etc, so that no problem.

So basically is that going to cause any problems with lenders?

Thanks!!

lawriejones1

My suggestion would be to pay those things on a credit card (if stamp duty is £10,000 you've obviously got a few quid) then pay off the credit card with a loan after the mortgage has been approved and you have moved in. You won't pay stamp duty until everything has gone through anyway and your mortgage loan will be secured before you have to pay solicitors fees too.

Lenders won't really ask how you are going to pay off the fees at time of purchase, they're more interested in the deposit and the rest of it. I paid all of my fees with a credit card and there was no problem (although I had the cash in the bank to pay them that way should I have wanted to).

Probably pertinent to ask whether you have enough money to actually pay for all this with no cash fro stamp duty etc. but it's none of my business.

johannalf88

Well we could save up for a bit longer, but it's nice to have the option to move sooner. If we end up not needed their help because of the time it takes to find a place that is great!

I am just thinking ahead! In no position right now, but nice to plan ahead and keep options open.