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Over two thirds of first time buyers and home movers are spending up to £2,500 on their first project in their new home, according to new research. Overall 71% are paying out. Some 33% do so on new paintwork or wallpaper, 15% on carpets, 6% on kitchen renovations5% on a new central heating system and 5% on new fitted windows, the survey from TSB shows. Half of those surveyed, 49%, considered it essential for this first project to be carried out in their new home while 27% also felt that it would make the house feel more homely in the short term. When moving into a new home 37% stated that they would prioritise any changes to the lounge first, followed by 18% doing work on a bedroom, 16% on the kitchen and then 8% on the toilet or bathroom. When it comes to what they spend some 19% bought white goods and the same percentage bought carpets. Some 14% opted for window coverings and 11% a new sofa. New carpets are particularly popular amongst the older generation with 27% of those aged 55 and over doing so, compared with 10% of 18 to 24 year olds. The younger group prefer to spend their money on white goods. Ian Ramsden, director of TSB Mortgages Director, said the lender is focused on supporting customers with the costs associated with buying a home and is helping with a significant cost, such as Council Tax for the first year. ‘It means our customers have the opportunity to spend the money that they have saved on other aspects of home ownership, such as redecoration and furnishings. We know people often have to undertake significant projects in their new home,’ he explained. TSB has recently launched a new campaign to encourage people to ‘Borrow Well’ helping them to borrow money in a way that makes the best financial sense for them. This means that all TSB customers receive the right information so that they can make informed decisions. TSB also offers assistance for people whose mortgage application has been rejected, helping them understand the reasons behind the decline and assisting them wherever possible. Continue reading →
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