Over 50% of new homeowners need breathing space in the first year

According to the latest research from TSB, during the first year after buying a property, 56% of new homeowners said they would appreciate some help on mortgage payments to help make their new house into a home.

Related topics:  Finance
Warren Lewis
20th July 2015
new house

For the first year, TSB's ‘breathing space’ mortgages have lower monthly payments to assist new homeowners and first time buyers during their first year of ownership.

95% of homeowners want to put their own stamp on their new home, including changing wallpaper or paint work (36%), followed by new carpets (27%), installing a new kitchen (7%) or updating the bathroom (5%).

The room almost half (44%) of people would put their stamp on first to make their house a home is the lounge, followed by almost a fifth (19%) choosing the bedroom, then kitchen (17%) with only a few homeowners choosing a new cloakroom or bathroom (5%).

Ian Ramsden, TSB Mortgages Director, said: “We know the first year after moving into a new home can be expensive as people look to add their individual touch in creating a home. People have told us they’d welcome some breathing space in the first year after moving in to their new home which is why we’ve launched these mortgages.

By reducing their mortgage payments during the first year, we’re helping people get a foot onto the property ladder whilst freeing up some of their monthly outgoings, which is a fundamental part of creating thriving local economies, and people thriving across the country is a good thing for all of us.”

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