More than half of homeowners would like mortgage help in their first year
In the first year after buying a property, more than half of new homeowners (56%) said they would appreciate some breathing space on mortgage payments to help make their new house into a home, according to research from TSB.
TSB has recently launched a new range of mortgages which offer the 'breathing space' many new homeowners are looking for. For the first year, the 'breathing space' mortgages have lower monthly payments to assist new homeowners and first time buyers during their first year of ownership.
This is especially helpful for the vast majority of new homeowners as 95% of them want to put their own stamp on their new pad. TSB's 'breathing space' mortgage, frees up much needed funds for home owners to spend on making their new house a home.
There's a clear checklist of things people want to change in the first year after moving in, starting with changing wallpaper or paint work (36%), followed by new carpets (27%), installing a new kitchen (7%) or updating the bathroom (5%).
Whilst homeowners have said what they would want to change when moving into a new home, homebuyers have also said buying new furniture makes their house feel homely. A quarter of consumers said they would buy curtains or blinds straightaway (25%) a fifth would buy carpets (20%), followed by small home furnishings (13%) a new sofa (13%) and white goods (9%).
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 , says: "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."