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Adding costs to a mortgage

stevesmithanon
stevesmithanon Posts: 59 Forumite
in Mortgages & endowments
I am a first time buyer. I figure my solicitors fees, survey, mortgage application, stamp duty and brokers fees will all add up to about £5K on a £200K property.

Does a lender allow you to add all these fees to the mortgage?

Thanks,

Steve

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    No is the answer. The mortgage offered is based on the property purchase price or valuation which ever is the lower. As the buyer you will need to find the additional funds to complete the purchase along with all the related costs.
  • leveller2911
    leveller2911 Posts: 8,061 Forumite
    edited 8 December 2013 at 8:26PM
    Carry on saving Steve, adding the associated costs of buying a house to the mortgage means you can't afford to buy at the moment.Makes no financial sense unless your hoping HPI will offset the additional interest.

    Save up enough for the costs and also 6 months mortgage payments for a rainy day.. Just my opinion of coarse... Good luck
  • stevesmithanon
    stevesmithanon Posts: 59 Forumite
    The problem is, house prices are estimated to go up 7% in my area in 2014.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Look at alternative areas.
  • kingstreet
    kingstreet Posts: 39,316 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You will need to reduce your deposit by the amount you need to cover the fees and stamp duty.
    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.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    stevesmithanon wrote: »
    The problem is, house prices are estimated to go up 7% in my area in 2014.

    people believing that make it happen.
This discussion has been closed.
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