Stamp Duty - add to mortgage?

[vintageviolets]

Hi, can I add the stamp duty to the mortgage?

We would like to make an offer on a property today but do not have the money sitting their for this.

It's taken us so long to get the deposit saved up, we totally forgot about this added extra.

If you were to borrow more to cover the stamp duty, what does it do to the LTV ratio? And have you factored in removal costs, legal fees and other expenses?

We have been using Nationwide 'save to buy' account, they give you a 95% mortgage, & pay legal costs. So hopefully that will be o.k.

We are renting at the moment, the landlady needs to sell.

We are expecting our first baby the day before we have to move out (in 14 weeks time)

The house we saw yesterday is on for 129950.

I could offer 125000 maybe, to avoid stamp duty?

I'm trying not to panic, but feel a bit

I think anyone putting their house for sale at that price would expect to accept £125K because of the stamp duty thing. And £5K reduction on asking price isn't a bad offer - still 96% of the asking price. Maybe even go in with an offer of £120K and move up to £125K if needed.

Thanks for the replies, I will ring estate agent at 9.00.

I just want to get settled, I'm a bit of a worrier.

I need to ring Landlady and ask for our £1000 deposit back early to use as part of deposit. Fingers crossed she will understand.

I think you would easily get it for 125 in this market but depends if they have already reduced property price.
You can add it to mortgage but over all it works out more as you will be paying interest for 20 odd yrs (or length of mortgage)

I don't know if you have put an offer in yet but if it were me bidding on a property of £129,950, I would go in at £120,000.

Offer accepted at 127,500, so will have to pay 1,275 stamp duty.

So good & bad news

I should say we offered lower until we got to that price!

When we were looking at houses, we were going to pay the difference in cash to avoid the stamp duty.