Newspaper article The Journal (Newcastle, England)

Couple Who Beat the Deadline

Newspaper article The Journal (Newcastle, England)

Couple Who Beat the Deadline

Article excerpt

FIRST-TIME buyers Mary-Louise Bungard and Nicolas Hardy have managed to avoid paying nearly pounds 1,500 in stamp duty costs by taking part in a shared-equity scheme.

Mary-Louise said: "We were conscious that we wanted to buy as soon as possible to make sure we had plenty of time to complete the sale before the stamp duty window for first-time buyers ended in March.

"Like many first-time buyers, we have stayed living with our parents in order to save money to put towards a house and we had saved around pounds 7,000 in total, but when we started to look for a home, there were very few mortgage products catering for our financial situation."

The couple used the deposit they had saved, along with a shared-equity loan from Dunelm Homes, as part of the company's 85/15 shared-equity scheme, to qualify for a more accessible loan-to-value mortgage.

This has allowed nurse practitioner Mary-Louise, 21, and service engineer Nicolas, 24, to buy a pounds 147,000 three-bedroom home at the Heritage Way development in Seaham, making a saving of pounds 1,470 on the stamp duty costs which would have applied from March 25. …

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