Can get personal loan for solicitors fee and stamp duty?

vk1982

Hi, thanks for reading. We have enough saved for our deposit however adding in the fees etc we would be around £4k short. Can we take out a loan for this purpose?

The deposit is entirely from our savings. It would mean the £2500 solicitors fees and £1500 stamp duty came from loan proceeds.

Thanks

chanz4

simple no you cant

Thrugelmir

You could try. However it may well impact your mortgage application.

Perhaps better to wait a few more months and save some more.

bazzyb

£2500 legal fees for a £150k purchase? I would find somebody else to handle your conveyancing if that's the quote you've received.

vk1982

The fees include the sale of my current home, this is an estimate.

Mokka

It is my understanding that your conveyancer will want to see a proof of your deposit and will have to let the lender know if you are short.
I would ask the solicitor if they would be concerned about apparent shortage of funds for fees. I am making a presumption here that your solicitor also works for your lender.

Yorkie1

Lenders can have immediate access to changes in your credit record, which would include any new loan application / grant. This risks your mortgage offer being pulled as they investigate or decide it affects affordability too much.

Not worth the risk.