71% of first-time buyers and homemovers are spending up to £2,500 on their first project in their new home, according to research from TSB.
The lender recently launched its Council Tax offer, which pays a year’s worth of Council Tax for new mortgage customers, up to £2,500.
Whether it is new paintwork or wallpaper (33%), new carpets (15%), kitchen renovations (6%), a new central heating system (5%) or new fitted windows (5%), 49% of those surveyed considered it essential for this first project to be carried out in their new home. 27% also felt that it would make the house feel more homely in the short term.
When moving into a new home, 37% of people stated that they would prioritise any changes to the lounge first, followed by the bedroom (18%), the kitchen (16%) and then the toilet or bathroom (8%).
When it comes to shopping sprees, white goods (19%), carpets (19%), window coverings (14%) and a new sofa (11%) are the four most popular purchases for a new home. New carpets are particularly popular amongst the older generation (27% of 55+), compared with 18 to 24 year olds (only 10%), who prefer to spend their money on white goods (26%).
TSB’s Council Tax offer is available up to a maximum of £2,500 on mortgages for First Time Buyers and Home Movers over 75% and up to 90% loan to value. To qualify for the Council Tax offer, new mortgage customers need to send a copy of their initial Council Tax bill relating to the current Council Tax year to TSB and they will receive the annual amount detailed on the bill in their bank account within 21 days.
Ian Ramsden, TSB’s mortgages director, said: “TSB is focused on supporting customers with the costs associated with buying a home. Helping with a significant cost, such as Council Tax for the first year, means our customers have the opportunity to spend the money that they have saved on other aspects of homeownership, such as redecoration and furnishings.
“We know people often have to undertake significant projects in their new home. Being able to help people cover these costs brings TSB’s local banking for Britain mantra to life.”
