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Council Tax cleared for a year with TSB

29th August 2014 Print

TSB is offering to pay a year’s worth of Council Tax for new mortgage customers to help support them with the cost of running their new home.

New research from TSB found that paying for Council Tax is the biggest monthly expenditure for more than half of people (55%), after they’ve paid their monthly mortgage bill.  By contrast, almost one in eight said their second largest monthly payment goes towards their electricity bill (12%), whilst one in ten (10%) said it's their gas bill.

When it comes to new homeowners’ financial concerns, paying Council Tax is the third most common worry with a fifth (20%) stating this is top of their list. This was topped by unexpected costs such as the boiler breaking (33%) and unknown running costs such as estimating the amount of new utility bills (32%). By covering the Council Tax bill during the first year, TSB is helping to ease the financial pressure often faced by new homeowners when moving in to a new property.

TSB’s Council Tax offer is available to both first-time buyers and home movers up to a maximum of £2,500 on mortgages over 75% and up to 90% loan to value.  Once customers have moved into their new home, they simply 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 Mortgages Director, says:  “There are many costs associated with buying a new home, so by covering the cost of Council Tax in the first year, TSB can help to ease the financial burden for new home owners.  We want to put money back in to people’s pockets so they can spend it on other creature comforts for their new abode.

“Helping people take that first step and climb future rungs up the property ladder is a fundamental part of creating thriving local economies.  And people thriving all over Britain is what TSB’s local banking for Britain is all about.”

Appointments with qualified mortgage advisors are available in branch or customers are welcome to apply online or by telephone. 

TSB has recently launched a new campaign to encourage people ‘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 and product choice 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.