Stamp duty amount, is this correct?!

[LavaMonkey]

I just used the gov calculator.

If we bought a house for £600,000 it calculated the stamp duty as £17,500

is that for real or have I gone wrong somewhere?

We can afford the property. But not with the stamp duty that high, that's gutting.

Are you a first time buyer? That'll decrease the amount! If not then yes that looks correct, it's 5% on amounts between 250k and 925k.

No we aren't.

fuck, I guess that's that idea out the window then

I'm assuming you're in England? That's correct for England. If you're in Scotland it's £33,350 on that size of purchase..

Oo yes as PP said, I assumed England in my answer too!!

Can you add that amount to your mortgage and still pass the affordability? That might be an option?

Yeah that’s correct stamp duty is a lot of money

Why would that stop you looking ?

You might be able to buy a house for 580k which would not be that different from a house for 600K. Or you could look at a 600K house and offer 580K which is less than 4% of the list price.

If it is a new build you could talk to the builder. Sometimes they will consider paying your stamp duty for you.

I could understand your post if the stamp duty was say 100K or so. But letting 17k gate your purchase on 600k doesn't seem to make much sense to me.

This is what I'm looking to do actually. This might be doable.

Truth be told, I just totally forgot about the blood stamp duty when working out our finances, money borrowed and monthly repayments!

My mum said it will be 24,500 after next Tuesday?!

You will also need to add on legal fees and removals if relevant.