Hi,

First of all, a great post and a very pertinent question.

The only problem is, that a lender will not give you a loan for the purpose of stamp duty.

so you have 2 options:

1. Get a creditcard and use the cheques they give you to pay the stamp - normally at a high APR so not great, but if your parents are going o give you the money, it will be for a short period and you can pay it off asap.

3. Look to get a loan for something else that the lender wil accept e.g. car, debt consolidation etc. This would free up the necessary cash to pay the stamp.

Personally I'd go for option A.

As for the kidney sale, I believe that bottom of the market has dropped out for 2nd kedneys :-)

Tim

Just a couple of extra points. Sorry about the smilie, I don't know what happened there. Also, I know I should ask my mortgage broker, but I'm not in the mood for talking at the moment!!

Hi, this is my first post here and I hope that I am using the right part of the board! :)

 My partner and I are in the process of buying our first house. We have found a house, had a mortgage approved, had the offer accepted, had the lenders valuation and survey done (all fine!) and are now at the point of exchanging and have been given a completion date of 01/08.

 
All good so far.

 

From day 1 we have been fully aware of all the fee's involved. We are renters and have children and because of being in the rent trap have struggled to save. The reason why we went down the homebuying route at this time is (a) the property is in our price range, is less than 3 times our salary and the mortgage repayments will be less than our rental payments and (b) the property belongs to my mother in law and she wanted a quick sale.

If it weren't for the 2 reasons above we would have held on for a while longer to buy.

At the very beginning of this process we were concerned about affording the stamp duty and the other fee's, and we thought that we wouldn't be able to go ahead. My parents stepped in and offered to pay the stamp duty etc.

This morning they have phoned me and told me that their money is tied up and could I wait until october.

We can't wait until october, our tenancy expires on the first of august and our 2 kids are now enrolled in the school near to our new house.

The only way we can think of to find the money for the fee's is to

(a) sell my kidneys

(b) get an unsecured loan for £3

would either option make our mortgage lender back off/pull out?

 
If you have read this far many thanks.