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Help to Buy Scotland & Stamp Duty
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iscrimger
Posts: 222 Forumite
I'm looking at buying a new home (joint application), Help to Buy is available at the development and they are offering move-in dates in 2015. Ideal while I save a bit extra and pay off some debt.
The property is selling at £315,000 so I'd be paying 3% stamp duty. So that's £9450 (correct?).
I'm told, from others, that I can have the stamp duty added to the mortgage? Nobody who told me this have used Help to Buy.
Is this even possible using Help to Buy?
I'd rather it wasn't added and increasing the mortgage but an additional £9450 is not going to be so easy to come by!
I'm already looking at alternative & cheaper properties, before it's suggested.
The property is selling at £315,000 so I'd be paying 3% stamp duty. So that's £9450 (correct?).
I'm told, from others, that I can have the stamp duty added to the mortgage? Nobody who told me this have used Help to Buy.
Is this even possible using Help to Buy?
I'd rather it wasn't added and increasing the mortgage but an additional £9450 is not going to be so easy to come by!
I'm already looking at alternative & cheaper properties, before it's suggested.
0
Comments
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You cannot add stamp duty to a mortgage.
If you have the "headroom" upto the maximum loan to value, you can put down a smaller deposit and borrow more, but you can't borrow the maximum LTV then add that on top.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.0
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