26 May 2014

Brits think 'Do it yourself or do it local'

With DIY season in full swing, more than a third of home improvers (35%) plan to enlist the help of a local tradesperson this spring, according to new research by TSB1. While almost two thirds (63%) expect to do the bulk of the work themselves, about a third (32%) look to rope in their partner and nearly a fifth (17%) will call in favours from friends and family.

Furthermore, a personal recommendation of someone in their local community is the first port of call for many (28%) home improvers, as Brits shun the internet (7%) and traditional yellow pages (2%) to find a local tradesperson.

Leaving the work to someone they can trust to do a good job is clearly important to people, with about one in seven (14%) citing this as the reason they select a particular tradesman, while more than half (51%) state they are keen to pay someone who they are confident knows what they are doing.

Nearly a fifth prefers to source tools and materials close to home...

When sourcing tools and materials for the job, nearly two fifths (39%) look for a store that provides a large selection of options, while nearly a fifth (18%) opt for a store that's conveniently close. Interestingly, good value (12%) is less important to home improvers than having trust in the supplier (15%).

For 60% the store that ticks these boxes is a local DIY superstore, while 10% choose to turn to a small local business, such as a local store or tradesperson, for their tools and materials.

With home owners valuing the advice and support they can get from a trusted tradesperson, few (7%) would consider buying their tools and materials online, in spite of the internet now being favoured by many British shoppers for other goods

TSB reduces costs of additional borrowing in time for the spring home improvement season...

Those looking to add value to their home this spring can now benefit from TSB's additional borrowing on their existing mortgage at a reduced cost. With no product fee, TSB has slashed rates by up to two per cent, so that interest rates on a two-year fix now start at a competitive 3.89% and 4.49% for those fixing for four years.

Ian Ramsden, TSB Mortgages Director, says: "It's great to see people helping small businesses thrive by turning to a trusty local tradesperson this spring as they look to spruce up their homes.

"TSB is helping customers fund their home improvements by reducing rates on additional borrowing on existing mortgages. People should speak to their bank about their plans as they may find that additional borrowing on their mortgage offers the best deal for the job this spring."

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Notes to editors

1Research based on a survey on Springboard UK of 2,009 UK respondents completed on 24 April 2014.

  • Additional mortgage borrowing available as follows:
Term Interest rate Fee LTV
2-year fixed 3.89% £0 0 to 75%
5.49% £0 75 to 85%
4-year fixed 4.49% £0 0 to 75%
6.09% £0 75 to 85%
  • TSB customers may borrow an additional £10,000 to £2 million on their mortgage.
  • All additional mortgage borrowing comes free of product or application fees.
  • Customers can apply for a TSB mortgage in their local branch or over the phone 0800 056 1088.
  • Early Repayment Charges may apply during any fixed rate period.
  • The Homeowner Variable Rate applies at the end of the additional borrowing fixed-rate period.
  • All mortgage products are subject to current lending criteria and affordability assessment.
  • More information on TSB Mortgages can be found on:  www.tsb.co.uk/mortgages.

TSB Bank plc is a British bank which provides customers with a range of services and products such as current accounts, savings, credit cards, loans, mortgages and insurance. With a presence on 631 high streets right across Britain, TSB Bank plc has approximately 8600 staff looking after £23 billion on behalf of its 4.6 million customers. Our purpose is to support safe and sustainable economic growth in the surrounding communities, serving only individuals and local business customers.




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