Stuart and Nicola: Section 106 case study
Taking advantage of section 106 requirements
Who did we help?
Stuart and Nicola live in North Cumbria. Stuart is a postman and earns £23k whilst Nicola is a trainer working in the care industry earning £20k.
"The couple had a modest deposit and some outstanding credit, so affordability was a little tight."
What did they need?
Having been together some 12 years after Nicola relocated to the area from the Midlands, the couple were keen to purchase their first home together.
"We worked with Stuart and Nicola to really understand the section 106 restriction."
Why were they facing challenges?
The couple had a modest deposit and some outstanding credit so affordability was tight.
How did we help?
We worked with Stuart and Nicola’s broker to understand the detail of a section 106 restriction applied to the property.
This required the purchasers of the home to have lived in Cumbria for 10 years and in the town of the property’s location for a minimum of five years. We were pleased to accept their application and enable two local people to enjoy the security of owning their own home.
Could our understanding of section 106 requirements help one of your clients? Give our Furness for Intermediaries team a call on 0800 988 1561 or contact your Business Development Manager.
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