Home Improvement Loans
If you are looking to raise money against your home for a new extension, a new kitchen, new bathroom or loft conversion for example, our team of mortgage and loan advisers would be happy to help and explore your options.
If your credit score is low or you have bad credit recorded against you such as missed payments, defaults or County Court Judgements we have specialist lenders available that can help.
Home Improvement Loans
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 take 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 upon 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 on 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 home owner 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:
What to Expect from The Money Hub
We Gather Information Required to Search the Market
We gather some basic information about you using our quick online form
Conduct a Whole of the Market Comparision
We will search 100’s of providers to find you the lenders who are willing to approve your loan
Provide full service through to completion
We will show you rates along with the monthly repayments. This will not affect your credit score. We’ll also explain any fees if you progress at this point and as long as you are happy to proceed, provide you with the full service through to completion of your loan being accepted
THE ACTUAL RATE AVAILIABLE WILL DEPEND UPON YOUR CIRCUMSTANCES. PLEASE ASK FOR A PERSONALISED ILLUSTRATION.
LOANS MAY BE SECURED ON YOUR HOME. YOU WILL HAVE TO PAY EARLY REDEMPTION CHARGES THIS WILL VARY. A VARIABLE RATE LOAN MAY GO UP OR DOWN IN LINE WITH THE BANK OF ENGLAND BASE RATE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
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.
WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP, GO TO MONEY ADVICE SERVICE.
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