Home Improvement Loan Advice
Your home is likely to be the biggest financial commitment you will ever make. Therefore improving and maintaining the value of your home is of utmost importance and can make a real difference to your life.
What is a Home Improvement loan?
This type of loan should be low cost, low rate, cheap, have a low interest rate and will be secured on your property. The loan can be used for many different purposes such as building a new conservatory, a loft conversion or simply redecorating your house for a fresh living environment. All these improvements have the added benefit of improving the value of your property thus increasing your chances of a sale, or if choosing to let, attract more reliable tenants. With a good home improvement loan you will be able to borrow from approximately £5,000 to £100,000 with low monthly repayments. Home improvement loans secured on property are usually repaid over a period of between 5 years and 25 years.
However, it is important to be aware of the all the advantages and disadvantages of taking out a home Improvement loan so that you can make an informed decision. It is also important that you choose the right lender who offers the best deal to suit your needs.
What are the benefits of a Home Improvement loan?
This will depend on a wide range of factors such as your credit rating and the current value of your home. Whatever your circumstances there are a number of secured home loan packages to suit your monthly budget. Typical amounts you are able to borrow range from between £5,000 up to £100,000.
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You can raise a large amount.
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You are more likely to be accepted if you are having problems getting an unsecured loan.
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You are more likely to be accepted if you have a bad credit history.
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You can improve your current home without incurring costs from moving to a new home.
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No equity is required to take out this type of loan.
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Usually minimal documentation is required (easy process for you)
What can I use a Home Improvement loan for?
Some suggestions for home improvements are listed below:
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a new kitchen or bathroom
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an extension or loft conversion
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a conservatory
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landscaping your garden
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new furniture
You even have the possibility to use it on non-house expenditure for example buying a new car or repaying other debts such as credit cards.
Home Improvement Advice
Please note that it is vital to gain approval of your mortgage lender before carrying out any structural alterations to your property for example, removing walls. Therefore please check that your alterations do not undermine the value of your property by consulting with your mortgage lender prior to starting work.
Also as the loan will be secured to your property any defaults in payments may put your home at risk.
Get free no obligation Loan Quotes:
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Fill out the simple – no obligation quote form
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Wait for qualified advisors to get in touch and discuss your personal circumstances.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. The typical APR is 13.8%. There will be a fee of 10% of the amount borrowed for arranging a secured loan. The actual rate will depend upon your circumstances written quotations on request.