Apply for loan after mortgage accepted?

latte19

I know this is bad practice. But financially I know what I’m doing.. but basically I need to find stamp duty of £2,850.

I thought getting a £3k loan once the mortgage offer has officially been accepted would mean I could pay that bill and I can pay off the loan.

But how long can I leave it so it doesn’t mess up my mortgage offer?

Ideally I would have saved up more before buying but due to family circumstances (divorce etc), I decided to proceed.

Also, I understand stamp duty needs to be paid within 15 days (originally was 30), how strict are they? Will they send out reminder letters for a week or 2 if I’m late?

kingstreet

You will pay your SDLT to your solicitor BEFORE completion. Only those not needing a mortgage get 30 days after completion to pay.

Usual advice is no applications for new credit until after completion as a mere credit search could stuff your mortgage completely.

latte19

The solicitor himself said 15 days though.

[Deleted User]

He might have that long to pay it, but you have to have the funds transferred to your solicitor before completion.

And no offence, but 'financially I know what I'm doing' doesn't really sit with 'I'm going to apply for a loan to pay SDLT and risk my mortgage offer'

latte19

I won’t do it if it messes up my offer. That’s why I have asked.

I do know what I’m doing I just didn’t know how stamp duty worked as it was a long time ago since I had to pay it with my other mortgage on a property I let out. Personal circumstances mean I maybe haven’t enough capital behind me before buying but its necessary.

A family member can help me out. I just would have preferred to sort it myself but I may need a loan from them afterall.

kingstreet

Under the terms set out in the CML/UKF Handbook, where there is a mortgage, the solicitor MUST have cleared funds to cover all deposit, fees and SDLT before completion otherwise they accept liability form them instead.

latte19

Thank you everyone