Should I get a Home Improvement Loan?
Raising a personal loan for home improvements is certainly one option and it will give you a clear repayment strategy over X amount of years, whereas raising the money on a credit card can be unclear as to how long it will take to repay the credit.
How to add a home improvement loan to a mortgage
You can raise a home improvement loan attached to your property in several ways. Firstly you could approach your existing lender and see if they would offer you a further advance to raise the money. Secondly, you could take a separate secured home improvement loan – these loans are generally only available via specialist brokers, such as The Money Hub. Thirdly, you could explore a remortgage for the home improvement route and raise the extra money this way, however, beware if you have any early redemption charges with your existing lender. The Money Hub is able to review all options for you and provide you with advice in this area.
How to get a home improvement loan without equity
There are specialist lenders who could help you with this, however, these lenders are only available via selected loan brokers. Please make an enquiry with The Money Hub to discuss your potential options.
Are home improvement loans hard to get
Unsecured home improvement loans are pretty straightforward, done mainly online and you could have the loan within days. These types of loans are offered over 1 to 5 years and the maximum loan size is generally £25,000. If you wanted to borrow more and over a longer term to keep the monthly payments low, a secured homeowner loan could be an option for you. With these loans they typically take around 4 weeks to come through as additional more in-depth underwriting is required plus a property valuation would be required on the security being used for the loan.
How to get a home improvement loan with bad credit
These types of loans are available through specialist bad credit mortgage brokers and are generally not available direct to clients. How much you can borrow will depend upon many factors such as your long-term affordability, what type of bad credit has been registered, and the equity that you have in your property. These types of loans can be arranged by The Money Hub, so please get in touch.
For more information and advice on securing a Home Improvement Loan please complete our short form here or call us on 0203 725 5830.
DISCLAIMER: These articles are for information only and should not be construed as advice. You should always seek advice prior to taking any action.