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    • challow7
    • By challow7 5th Dec 17, 3:03 PM
    • 1Posts
    • 0Thanks
    HTB Incentives Chnaged due to Stamp Duty Cut
    • #1
    • 5th Dec 17, 3:03 PM
    HTB Incentives Chnaged due to Stamp Duty Cut 5th Dec 17 at 3:03 PM
    Hi All,

    Long time lurker!

    To cut a long story short: we are very near to exchanging on our new build in London (in fact, completion is next week). The developers offered to pay our full stamp duty but due to the stamp duty cuts, they have agreed to provide us the 5k difference upon completion as legal and moving costs.

    My question is if anyone has come across any lenders who were not ok with the incentives changing at the last moment?

    I'm getting a little worried as our solicitor reported the incentive changes to Santander at the start of last week but they still have not confirmed that everything is ok and therefore exchange is being delayed.

    Just wondering if anyone is in the same boat and whether your lenders got back to you quickly

    Thanks everyone!
Page 1
    • Dolly123
    • By Dolly123 6th Dec 17, 9:26 PM
    • 147 Posts
    • 12 Thanks
    • #2
    • 6th Dec 17, 9:26 PM
    • #2
    • 6th Dec 17, 9:26 PM
    It shouldn't have anything to do with the lender, I work in sales for a new build developer and with ours the money will just off completion monies so your solicitor will just give you a refund if you have overpaid
    • YHM
    • By YHM 6th Dec 17, 9:32 PM
    • 537 Posts
    • 198 Thanks
    • #3
    • 6th Dec 17, 9:32 PM
    • #3
    • 6th Dec 17, 9:32 PM
    Lenders work differently with purchase incentives and yes it could scupper things.
    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
    • Thrugelmir
    • By Thrugelmir 6th Dec 17, 9:41 PM
    • 58,892 Posts
    • 52,217 Thanks
    • #4
    • 6th Dec 17, 9:41 PM
    • #4
    • 6th Dec 17, 9:41 PM
    It shouldn't have anything to do with the lender,
    Originally posted by Dolly123
    Inflating the selling price and in effect giving a cash kick back certainly does. As the lender is the one providing the finance to purchase.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • lizzel
    • By lizzel 6th Dec 17, 10:30 PM
    • 37 Posts
    • 11 Thanks
    • #5
    • 6th Dec 17, 10:30 PM
    • #5
    • 6th Dec 17, 10:30 PM
    We were in the same position with new build and Stamp Duty was originally an incentive until the budget change. As incentives have to be agreed by the lender and have to be declared we decided that yes, the builders would make a couple of grand but we were still not paying the stamp duty either way. To us, having the mortgage offer was worth more than stepping back into brokering a mortgage again.
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