Cost cutting homeowners opt for a DIY move

As financial belts are tightened across the UK, homeowners are taking a ‘do it yourself' approach to moving home to help keeps costs down, according to new research from Lloyds TSB Mortgages.

Over half (52 per cent) of those surveyed by the bank admit they plan to undertake the removal process themselves to help save cash in the current climate. A further one in ten (10 per cent) homeowners plan to adopt the role of estate agent and sell their property privately to avoid estate agent fees.

Lloyds TSB questioned over 1000 homeowners who have moved home within the last year or plan to move in the next twelve months. According to the findings the average homeowner spends £7434 on their home move, with one in five spending over £15,000.

Alison Burns, director of network mortgage sales at Lloyds TSB commented: "In the current economic environment it's not surprising that consumers are taking a more cost conscious approach to moving home. Shopping around for good deals and opportunities to earn rewards on your spend is always a good idea but there are some areas where you should not cut corners, such as legal fees and a thorough survey, as this could end up costing you more in the long run."

Consumers are also cutting back on luxuries to help meet the cost of moving home. Holidays are the most likely sacrifice (61 per cent) homeowners make, closely followed by meals out (56 per cent) and new clothes (48 per cent).

Despite their cost cutting efforts, 85 per cent of homeowners admit they do not stick to a budget for their move and over a quarter (29 per cent) admit they don't even set one.

Lloyds TSB Mortgages top cash saving tips for moving home

Set a budget - Remember to factor in all of the extra costs such as storage. Budgeting tools are available at lloydstsb.com/mortgages

Shop around - Don't accept the first quote you receive. Look for deals or opportunities to earn rewards on your essential spending, such as the Lloyds TSB Airmiles mortgage.

Negotiate - Be prepared to haggle, especially on removal quotes and negotiate with existing owners on appliances and furniture.

Call on friends and families - Rally willing volunteers to help out with your move. But do check your insurance will cover you for a DIY move, as many won't.

Time it right - Friday is a very popular, and often expensive day to move, so consider mid week options.

To help customers earn rewards on their essential mortgage spend, Lloyds TSB has launched the AIRMILES Mortgage. Customers who opt for the new AIRMILES product will receive a lump sum of 6000 airmiles on completion of their mortgage and will earn an additional 50 airmiles each month for the life of the fixed rate.

Alison continues: "We all like the idea of getting something for free and at a time when mortgage payments are a top priority, this offer enables customers to earn rewards on essential spending and perhaps indulge of some extra treats they might have otherwise sacrificed."

For more information on the AIRMILES mortgage, visit lloydstsb.com/mortages