Can Stamp Duty Be Added To Mortgage

When looking for mortgage or remortgage you are faced with numerous questions, options and choices to be made, the decisions that you make will be made depending on a number of factors and your individual circumstances.

One choice you are faced with is how you will pay the stamp duty charged on the purchase of a new property. It is possible to add the stamp duty to your mortgage but this will affect the loan to value of the deal, you will also pay interest on the stamp duty charged, increasing both the total amount repayable and your monthly repayments.

When you enquire to First Choice Finance you will be given expert advice from a qualified mortgage adviser who will be happy to discuss your individual circumstances give you the figures for the different options of paying the stamp duty at the time of the property purchase as well as adding the cost of the stamp duty to the mortgage amount that you borrow.

Can you pay your stamp duty in instalments?

The government require payment on your stamp duty within 14 days of the purchase of a new property (depending if the property value is above the stamp duty fresh hold), the amount must be paid in full, but you may have the option of adding the stamp duty amount to your new mortgage. It is important to remember that this is an increase on the mortgage amount borrowed and will impact your monthly repayments.

Get Expert Mortgage Advice

First Choice Finance have over 30 years’ experience helping borrowers arrange mortgage plans that fit within their needs and requirements. If you are looking to purchase a property and have any mortgage related questions give us a call on 0800 298 3000 and we will be happy to answer any questions you may have, all quotes are free and you will be under no obligation to proceed with a mortgage through us.

First Choice Finance Mission Statement

Treat our customers with respect, concern, and patience as if they were personal friends or relatives.

Thoroughly explain all of the aspects of reverse mortgages to our customers including the most and least attractive parts.

Communicate with our clients frequently and courteously during the mortgage process and respond to their concerns immediately.

Mortgage Affordability

In the past, the mortgage amount you can borrow much of your income. It is known that the loan-to-income ratio.

For example, if your annual income is £ 50,000, you may be able to borrow three to five times that amount, so that a mortgage of £ 250,000. But todays mortgage plans take a more detailed view on your expenditure to ensure you are able to afford the monthly mortgage payment, taking into account the different personal and living expenses and your income. This is called a mortgage affordability assessment.

The lender must also forward and the "stress test" on your ability to look to pay the mortgage. This takes into account the impact of potential interest rate increases and possible changes to your lifestyle, such as extra, with a child, loan calculator or career.

If the lender thinks you can afford your mortgage in these circumstances, they can limit how much you can borrow.

When you enquire to us for a mortgage we will help you run all the numbers comparing mortgage plans and circumstances to ensure we find you a mortgage that meets your needs and requirements.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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