Homeowners require ‘breathing space,’ during the first year after purchasing a property, according to a new report.
Research from TSB suggests that 56% of new homeowners would appreciate assistance with their mortgage payments in the twelve months after buying their property. Buyers say that this assistance would help turn their property into a home.
TSB offer a, ‘breathing space’ mortgage, which gives new homeowners lower monthly payments during their first year of ownership. 95% of respondents to the survey said that they wish to put their own mark on their new property. 36% said they would want to change wallpaper of paint colour, 27% of people wanted new carpets, whereas 7% wanted a new kitchen.
‘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,’ commented TSB mortgages director, Ian Ramsden. ‘People have told us they’d welcome some breathing space in the first year after moving into their new home which is why we’ve launched these mortgages.’
New homeowners, ‘need breathing space’
‘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,’ Ramsden added.