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What level of interest rate increases have you built into your analyses?Just to reassure you: I am 100% certain that I will be able to repay my stamp duty loan along with every other debt I will accrue on the road to purchasing a home. My finances are almost worn away from being analysed by a fine toothcomb!
I presume you are referring to a mortgage broker? He has no long-term interest in your welfare. His sole interest is in closing the mortgage deal so he gets his commission and/or fees. If he can talk you into taking out a bigger mortgage in order to maximise his commission, he will probably do so?You may actually be intrigued to learn that my mortgage lender has just suggested I borrow my stamp duty from a credit union – he has even advised me on the timing of my loan request and exactly where to go. Looks like we're all playing the same game.
When I got my mortgage 10 years ago, the maximum available was 95%. Why do you think the banks will only lend 92%, given that they are in the business of lending money?Nonsense. Are you not aware that most mortgage lenders are only in the business of lending 92% of the cost of a home? That leaves 8% for the buyer to find, plus whatever is the cost of the stamp duty. That is how it works.
So is there no property (maybe smaller, or in a less-attractive location) which you could fund without having to borrow a deposit elsewhere?I am lucky enough to be able to comfortably afford my mortgage repayments and to put up the deposit for my home. I am also lucky enough to be able to afford to repay a loan for my stamp duty, I just don't have 15,000 spare euro to fund my stamp duty at this moment.
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