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Help to buy - Stamp duty
Mark1664
Posts: 2 Newbie
Hopefully someone can help me here. I’m looking at moving home to a new build property, by myself, using Help To Buy Equity Loan.
I currently earn £33,800 and the property I am looking at is £270,000. I have a £64,000 deposit.
One af the HTB EL parameters for the mortgage is that you can only borrow a max of 4.5x salary. So...
Deposit = £64k
HTB EL = £54k
Mortgage req = £152k (4.5x salary)
My question is regarding stamp duty. Could I now add this cost to the already maxed out 4.5x salary mortgage or would this then be considered as borrowing more than 4.5x salary for the purchase?
Found a property I really like but am I going to need to wait and save up?!
Many thanks.
I currently earn £33,800 and the property I am looking at is £270,000. I have a £64,000 deposit.
One af the HTB EL parameters for the mortgage is that you can only borrow a max of 4.5x salary. So...
Deposit = £64k
HTB EL = £54k
Mortgage req = £152k (4.5x salary)
My question is regarding stamp duty. Could I now add this cost to the already maxed out 4.5x salary mortgage or would this then be considered as borrowing more than 4.5x salary for the purchase?
Found a property I really like but am I going to need to wait and save up?!
Many thanks.
0
Comments
-
Two points here.
You cannot borrow above any limit on a mortgage to cover stamp duty.
4.5 times is a maximum limit not a given.
The H2B affordability calculator for the equity loan, and the mortgage lenders affordability calculator will most likely give you a lower lending figure.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Oh. Ok thanks for your reply. I will look to speak to a Help to Buy agent.0
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You may be able to negotiate for stamp duty paid by builder0
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