Stamp Duty - making up the shortfall

swindiff

I did this and I used a credit card to do it. I was about £8k short of having a 25% deposit. This is one of the LTV's where the interest rates drop off quite rapidly. I used my Halifax Clarity credit card to withdraw the cash into my Halifax current account (no charge for this) and then did a balance transfer onto a new Lloyds credit card at 0%. I think at the time it was 0% for 28 months with a balance transfer fee of 2.5%.

This was by far the cheapest way for me to borrow the money, and it gave me a large enough deposit to get the lower mortgage interest rates available with a 75% LTV. This was in October 2013. No problems with the mortgage at all, I do have a very good credit history.

Pixie5740

Yes in October 2013...before the Mortgage Market Review which was introduced in April 2014 then.

stator

Sorry but you can't afford this house

bouncydog1

Could you borrow the money from parents in the short term?

MummyPig_2

Stamp duty doesn't have to be paid by your solicitor, you can pay it yourself a few weeks later so you may have one more pay day etc combined with only eating beans on toast may get you there!

scottishblondie

MummyPig wrote: »

Stamp duty doesn't have to be paid by your solicitor, you can pay it yourself a few weeks later so you may have one more pay day etc combined with only eating beans on toast may get you there!

You can only pay it yourself later if you're a cash purchaser. If you're having a mortgage the lender will require the solicitor to have the funds available to pay the stamp duty on the day of purchase.

mrsammyp

I would not want to get additional borrowing for that amount of money, if your mortgage lender found out by a credit check prior to completion, you could lose the house and your deposit which you have spent the last 3 years saving for.

Your solicitor works for the lender too, do you not think they might not tell them you have paid the stamp duty by CC!