Whether you want to redo your upholstery, or you want to give a new makeover to your garden – a home improvement loan can help you. You can gain access to funds and then invest it to upscale your property. Sprucing up your residential property is the best way to enhance the value of it. Not only the location of the property, but home improvements may also add significant value to your property if you’re considering to resale it.
Financial hiccups are common, but they shouldn’t with hold you from giving your home a makeover.
Compare renovation loans that align with your needs and circumstances like a match made in heaven!
A pocket-sized list to help you gear up for your loan shopping
Thoroughly examine your credit report to find incorrect records or unknown enquiries, and raise a dispute if you’re find any.
APR gives you the overall cost of borrowing. These costs include charges for early repayment, arrangement fees, late repayment fees, etc. Consider comparing the APRs for all your options rather than just focusing on the interest rate.
Maintaining a tentative repayment schedule can help you avoid defaulting on your loans. Stay prepared beforehand by aligning your monthly expenses with the loan’s payments.
Direct debit is an excellent way to ensure timely repayments. You can enable this option to deduct your monthly instalment from your bank account automatically. For more information about this arrangement, contact your bank account provider.
Government home improvement loans are available but what you get varies depending on whether you live in England, Scotland, Wales, or Northern Ireland. The devolved assemblies and local councils have a number of different government home improvement loans and grants. To find out more, you might want to start your search at your local authority website.
With a home improvement loan, you can conveniently cover the following expenses by spreading the cost over affordable monthly instalments:
Home improvement loans are essentially unsecured personal loans that you can borrow to finance a home renovation or repair project. So you won’t need to pledge your assets as collateral to secure this loan.
However, suppose you’re a homeowner and wish to borrow a secured loan. In that case, there are other options that you can tap into using your equity in your property. LoanTube offers unsecured home improvement loans accessible for both tenants and homeowners. Compare multiple offers with actual interest rates from FCA-approved lenders and find your ideal loan with LoanTube.
A home improvement project can be a great way to increase the value of your property. If, for instance, you are willing to invest both time and money, you might be able to increase the value of an outdated bathroom before selling since buyers will appreciate not having to buy and install a new bathroom or kitchen themselves.
You could get back most or all of the money you invested in a well-thought-out property improvement through your next property, even if you don’t sell it right away. To add value to your home, you need to make improvements that will last for years and make your property more desirable to a potential buyer.
While you may not be able to add an unsecured home improvement loan to your mortgage, it is possible to refinance your mortgage to a new deal where you can borrow a higher loan amount to cover the cost of your home improvement project.
Depending on the terms you agree with your lender, overpaying your home improvement loan and settling it sooner may or may not incur additional charges. It would be best to review your loan agreement to check for any prepayment charges or early settlement fees before making a decision.
The rate you are offered will depend on your individual circumstances.
Representative APR Example: On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89 of which £1,957.89 is interest. 35 monthly repayments of £126.61 and a final payment of £126.54
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
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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.