Stamp duty shortfall

[waitingforever]

So all our mortgage and deposit in place but we are short on stamp duty. Has any one got any ideas like bridging loans, etc that they may have used to go through the purchase. We will be fine in few months it is just the initial shortfall. It will be shame for it to fall apart because of this.

@Itisverycomplicated this is totally not the correct thing to do. Sometimes mortgage lenders perform last minute credit checks and can pull mortgages.

Can you not decrease the deposit by the amount of stamp duty shortfall?

Example (hypothetical numbers): if the house is 250k and you have a 50k deposit and planned to borrow 200k, if stamp duty is 15k, then can you not say, the deposit is now only 35k, the mortgage is 215k, and that leaves you 15k to pay the stamp duty?

I'm not a professional but my stamp duty was added to the mortgage. I don't see why they are saying you can't? Is it the type of mortgage you have?

Wont reducing your deposit potentially impact your LTV and what rate you get?

Exactly
All bills paid on completion
Solicitors bill
Stamp duty
Estate agents bill
Cost of property

@Pollipops1

Yes it could but that's the basic fault of not adding up all the costs. They have a mortgage that doesn't meet their financial needs. They need to keep back some of the deposit and get a bigger mortgage. It's just what you have to do unless you are given the money from elsewhere.

So just to update - seems like it may work out - we had miscalculated and have actually 10k more in our investment than we accounted for (fund has performed better lately and we didn't keep track!) plus my parents are gifting us most of the remainder. There maybe a slight shortfall of 8-10k but that will cover up when I get my bonus in 2 months so just need to make sure completion is after that.