Hi all
This may be a silly First time buyer question so apologies if obvious.
We will be buying a house shortly and i know you can add stamp duty and arrangement fees to the mortgage itself. My question is does this reduce your ltv based on your deposit
Numbers used are approximate but similar to likely purchase
House price: £150k
Deposit £30k so an ltv of 80% to get better rates
Fees: £1000
Stamp duty £1500
If i were to add the stamp duty and fees to the mortgage would they still class it as 80% or would by ltv drop to 80.3% meaning i need to get £500 more deposit (not an issue) or do they consider that seperately?
Thanks
Paul and Sam
This may be a silly First time buyer question so apologies if obvious.
We will be buying a house shortly and i know you can add stamp duty and arrangement fees to the mortgage itself. My question is does this reduce your ltv based on your deposit
Numbers used are approximate but similar to likely purchase
House price: £150k
Deposit £30k so an ltv of 80% to get better rates
Fees: £1000
Stamp duty £1500
If i were to add the stamp duty and fees to the mortgage would they still class it as 80% or would by ltv drop to 80.3% meaning i need to get £500 more deposit (not an issue) or do they consider that seperately?
Thanks
Paul and Sam