What is bathroom renovation financing?
Your bathroom is your intimate space – it’s your thinking corner, isolated area, concert stage, and so much more. Bathrooms can have everyone talking – it’s on you to ensure that yours makes a great impression. Whether it’s a bathroom renovation or adding an extra bathroom, both can redefine your home’s market value!
While bathroom renovations can have high returns on investment, they can take a toll on your finances. You could, instead, consider bathroom renovation financing. Bathroom finance enables you to use credit to purchase your bathroom suites and fittings. A home improvement loan for bathroom finance can help you spread the cost of your expenses into fixed, affordable monthly instalments. In this way, you can better control your monthly payments and budget.
Explore low-interest bathroom renovation loans with LoanTube – compare real rate loan offers from multiple lenders and find your ideal loan at the tap of a button!
How does bathroom finance work?
Bathroom finance allows you to use credit to convert upfront costs into smaller, more affordable monthly repayments. Bathroom finance is an excellent option for those looking for flexibility in repayment options. You can typically borrow from £1,000 to £35,000 over 12-84 months with a bathroom renovation loan.
The success of your credit application heavily relies on your credit score and income stability. With a stellar credit history and income, you will likely be able to qualify for competitive interest rates and terms on bathroom renovation loans. A below-par credit score, on the other hand, could hamper your chances of securing low-interest loans.
Once you successfully qualify for a loan based on a hard credit check, the lender would generally transfer the loan amount into your bank account. Usually, paying upfront makes it easier for you to avail in-store discounts, and you can use the proceeds at your convenience, albeit responsibly.
Unsecured bathroom renovation loans have profound repayment implications associated with them, and missed repayments could cost you quite a few points off your credit score. Moreover, a default could land you a County Court Judgment (CCJ), which stays on your credit file for six years, further stunting your chances of qualifying for credit in the future.
How to find bathrooms fittings on finance?
There are several bathroom suites and fittings stores that offer bathroom financing. Many renovation companies also provide the option of bathroom renovation financing to make it easier for customers to pay for a renovation.
Explore the market to find stores that host such offline or online offers. Financing your renovation venture can significantly lighten your financial burden. Besides, spreading your loan over several months leaves extra breathing space in your budget.
What to consider before opting bathroom finance?
Renovating your bathroom can be a hefty expense, consider the following before making a decision:
Should I opt for bathroom suites and fittings on finance?
High-quality modular bathroom fittings and suites that last long require tremendous one-time investment, but they are often worth it. Financing your purchase can lighten the burden on your wallet by splitting a high upfront cost into small and affordable monthly instalments.
Once you’ve set aside everything you wish to purchase for your bathroom, you can use the proceeds from your bathroom renovation loan to pay off the entire bill upfront. You can then settle the bathroom renovation loan as per the agreed-upon obligations.
Like any other form of credit, home improvement loans for bathroom renovation also have severe repayment implications. Missing repayments on your loan could severely impact your credit score. On the other hand, a default could lead to a CCJ from the court, further curbing your chances of securing a low-interest loan in the future.
You will need to acquire building consent to add a new sanitary fixture to your property. Although, there’s no need to obtain a permit if you’re renovating or fixing an existing bathroom.
You will require building consent to carry out the construction of a new sanitary fixture in your home, usually for:
⦁ New drainage
⦁ New ventilation
⦁ Structural variations, e.g. taking out walls and chimneys
⦁ Gas fitting and new boiler/hot water cylinder installation
⦁ Electrical work
The average cost for bathroom renovation in the UK stands around £5000-7000. Although, DIY projects can cost much less.
A new bathroom can undoubtedly affect the structural integrity of your home. For instance, you will need to extend the hot and cold water pipes for a new space, add towel rails, plumbing, electric work, etc. All of this may put a strain on your home. Thus, it is crucial to check with your building authorities whether your home is fit to support a new bathroom or not.
A newly renovated bathroom with mod cons can add anywhere from 4-5% to your home’s market value.
You can borrow up to £35,000 over 12-84 months with LoanTube.
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
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.