Home Improvement Loans are very popular and as the name suggests they are loans for people wanting to improve their property and do not have the funds available to do this. Saving up for a major home improvement such as an extension, garage or conservatory make takes years and after that time the requirement may not be quite so important. Sometimes people need a home improvement loan quickly. Perhaps a baby on the way, or simply not enough room at the house. Saving the money would take too long, so a home improvement loan can be the answer.
A home improvement loan can take different forms depending on your current circumstances. Home Improvement Loans may be measured on affordability as well as your personal financial situation and credit score. You will need to work out how much you need for your home improvement loan and which type of loan suite.
A personal loan may be the quickest and easiest option, depending on how much money you need to borrow. Typically up to £15,000 for an unsecured personal loan, assuming that your credit score is pretty good. Should you need to borrow more, or your credit history is not perfect then a secured loan on the property may be a good idea, assuming of course that there is sufficient equity in the property to cover the home improvement loan, with a little extra equity to cover any other eventualities. Lenders feel safe with a secured loan and often, for home improvements, this may be one of the best solutions.
Another option for a home improvement loan and one which many people take is an extension to their mortgage. Lenders look favourably on home improvement loans this way as they usually increase the value of the property.
Our team of specialist advisors are happy to discuss your individual requirements and answer any questions that you may have. Getting the right homeowner loan and the right deal is important and we can potentially save you a lot of money and time by making the most appropriate application for the best home improvement loan deal. Give us a call and we will be more than happy to discuss your requirements and help you all the way.
Here is some additional information on related topics from our blog:
When borrowing money you should explore all your options and take your time to ensure you make the right decision. Options to borrow money for home improvements include personal loans (Typically £1K to £25K) and for homeowners you could take out a remortgage, further advance or a Secured Loan (Typically £15,000+).
How much you can borrow as a secured loan for home improvements depends upon how much you can afford, how much equity you have within your property and what your credit file is like. Secured loans are generally provided by specialist lenders accessible through loan brokers.
There are lenders that will provide home improvement loans to clients who have bad credit registered like missed payments, defaults and county court judgements. How much you can borrow will depend upon how recent the bad credit was registered, how much you can afford to borrow and the equity you have within your property.