Can you add buying fees to a Help to Buy scheme mortgage?

sgtpepper_2

Hello,

I've got a meeting set to arrange my mortgage using the help to buy 5% mortgage scheme.

It'll be a bit of a struggle paying the £3K+ agency/solicitor and stamp duty fees so I would like to find out the following;

1) Ideally I would like to add this cost to the mortgage, is it possible on this scheme?

2) Would it harm my mortgage application if i was to ask the person if this is a possibility? It might appear like i do not have the necessary funds (I do, but it would be a big squeeze)


Thank you for any help.

Thrugelmir

The mortgage will be capped at 95% of the purchase price. So how the funds are used has no bearing.

sgtpepper_2

Thrugelmir wrote: »

The mortgage will be capped at 95% of the purchase price. So how the funds are used has no bearing.

So that's a 'no' to adding the amount then?

paye

sgtpepper wrote: »

So that's a 'no' to adding the amount then?

I read it as 'no'. even if you had the option to, the £3k will cost you a hell of a lot more in interest over 25 years. You are better of paying this up front. If you can't afford it now save a little bit more then take the plunge.

mrginge

sgtpepper wrote: »

So that's a 'no' to adding the amount then?

Pretty much.

kingstreet

If you only have 5% deposit, you will be borrowing the maximum possible amount.

If you have more than 5%, reduce your deposit and use the difference to pay your fees.

I've assumed this a HTB - Equity Loan case. On the other one, the answer is even more "no" than for the above, if you only have 5%.

ethank

If you are first time buyer you may find some lenders help with fees. Ask a broker or have a look on the net.

kingstreet

ethank wrote: »

If you are first time buyer you may find some lenders help with fees. Ask a broker or have a look on the net.

Anyone paying legal fees, stamp duty etc on HTB - MG?