Case study: Home sweet home for Edinburgh couple

They may not have been trying to beat the stamp duty holiday, but in benefiting from it and also taking advantage of a first-time buyer incentive, one Edinburgh couple have made some valuable savings.

Ryan Paterson and Kerry Gilroy first thought about buying after they got engaged last year, and began saving money each month towards a deposit.

“We managed to save a bit, but with us both being young, neither of us in the best-paid jobs and both paying rent to our parents it was difficult. Sadly, my gran passed away early last year and we only found out eight months later that she’d left an inheritance for me and that money made the difference. Without it we’d have been saving for a couple more years.”

With enough set aside for a 10 per cent deposit, Ryan and Kerry spoke to a mortgage adviser in their local Bank of Scotland branch.

“He sat us down, asked us a few questions and then told us what the bank could do for us,” said Ryan. “There was a lot of paperwork but it wasn’t too complicated and everything was made very clear to us.”

They were offered the bank’s New Year deal for first-time buyers, which came without fees and included cash-back.

They also knew they wouldn’t have to pay stamp duty, thanks to the first-time buyer exemption that ends on 24 March.

The money saved on fees and tax is going towards furniture for their new house, the keys for which Ryan and Kerry collected last week.

“Not having to pay stamp duty wasn’t the motivation for buying when we did, but with the cash back and not having to pay the £900 or so on fees that other mortgages include, the savings are paying for things in the house.”