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Ideas to Fund your Next Home Improvement Project in the UK

Fund your Home Improvement | Loans | LoanTube

 

Your home deserves love and care. Pamper it with home improvement loans. Read this blog to know the best ideas to fund your next improvement projects in the UK.

Our home is the biggest financial asset for most of us and undoubtedly it holds more than just equity. Apart from providing the basic necessities such as shelter and protection, a home speaks for its residents. Renovating your home from time to time can help you climb the property ladder and also proves to be much cheaper than moving to a new place.

According to a study, the number of homeowners choosing to improve their homes has risen from 3% to 15% in the last five years. The only trouble is – access to sizeable funds. Personal loans for Home Improvement can be an ideal way for funding small scale improvement projects such as installing a new boiler, giving your garden a new makeover, converting your loft, adding a new bedroom, etc.,

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Representative APR
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Loan Amount

£4000 -

£20000

Norwich Trust

Loan Term

1 -

10 years

4.8/5

4.8/5

Representative APR

31.90%

Minimum Age

21 Years

Minimum Income

£2000 per month

Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.

4.8/5

4.8/5

Norwich Trust

Loan Amount

£4000 -

£20000

Loan Term

1 -

10 years

Representative APR

31.90%

Minimum Age

21 Years

Minimum Income

£2000 per month

Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.

Loan Amount

£5000 -

£100000

Evolution Money Loans

Loan Term

1 -

20 years

4.5/5

4.5/5

Representative APR

28.96%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00

4.5/5

4.5/5

Evolution Money Loans

Loan Amount

£5000 -

£100000

Loan Term

1 -

20 years

Representative APR

28.96%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00

Loan Amount

£1000 -

£10000

1Plus1 Guarantor Loans

Loan Term

1 -

5 years

4.4/5

4.4/5

Representative APR

39.90%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.

4.4/5

4.4/5

1Plus1 Guarantor Loans

Loan Amount

£1000 -

£10000

Loan Term

1 -

5 years

Representative APR

39.90%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.

Ways to fund your next home improvement project 

Use Your Savings

  • You can use your savings to finance home improvement projects. If you wish to carry bigger improvements like a complete makeover of your property, or you want to redesign the interiors completely, then you must save towards it. These renovations take time, money and efforts.
  • Put some considerable amount of money aside every month, if you want to fund the improvements using your savings only. If you have spare cash to resolve the needs of your home, it will be easier. As per the report, homeowners generally go over their budget while renovation.

Use a Home Improvement Loan

  • You can fund projects without using any home equity. There is a multitude of options for finding a home improvement loan in the UK. These are unsecured loans and hence, your home is not at risk at the time of borrowing money. Borrowing money to increase the overall value of your property without using it as security is considered to be an ideal way to manage the projects of improvement. But make sure, you have a budget planned beforehand.

  • Costs can quickly shoot up if a budget is not prepared according to your financial circumstances. Determine the potential value that will be added to the current value of your home and evaluate the difference. Small makeovers will not add significant value.

Do your Research

  • Cosmetic changes, extensions and building work are expensive. A loft conversion, fitting solar panels, adding a bathroom, creating a conservatory may be comparatively cheaper. It is important to have a careful eye on the expenditure in order to maintain the budget of your renovation project.

Conclusion

  • A home improvement loan is a good idea when you are sure of the repayments. Although your property is not tied to the loan as security, your credit score is surely at stake. If you default on the loan repayments, your credit score may be ruined. Also, it offers the flexibility in usage and terms of repayment. The amount received can be used for other purposes. It can be used to consolidate prior debts, finance a vacation or to fund the expenses of your wedding. The repayment can be easily spread over several months. When you plan to borrow money, don’t forget to Compare Loans for Home Improvement to find the best deals available.

 

Representative 79.5% APR

Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk

Credit subject to status & affordability assessment by Lenders.

LoanTube is a credit broker and not a lender.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

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Representative APR Example

The rate you are offered will depend on your individual circumstances.

Representative APR Example: On an assumed loan amount of £1,000 over 18 months. Rate of interest 59.97% per annum (fixed). Representative 79.5% APR. Total amount payable £1,554.10 of which £554.10 is interest. 17 equal monthly repayments of £86.09, and the final month’s payment of £90.57.

Some of the offered loans might be classed as High Cost Short Term Loans. APR rate starts from 18.22%. The maximum APR rate is 1721%, but you will get a personalised rate tailored to you. The minimum repayment term is 3 months, the maximum repayment term is 7 years. The minimum loan amount is £250 and the maximum loan amount is £35000.

Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk

Credit subject to status & affordability assessment by Lenders.

LoanTube is a credit broker and not a lender.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

Not all borrowers will qualify for a loan. The operator of this website does not engage in any direct consumer lending, we simply provide you a FREE loan brokering service. This means LoanTube does not charge customers a fee for using its introducer services, but it receives a commission from lenders or other brokers if a customer enters into a consumer credit agreement with them following an introduction by LoanTube.

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