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Learn how to make the most of home improvement loans.
- Should I get a home improvement loan?
- Make sure your home improvements are worth it.
- Which type of loan is best for me?
- How to get a free grant for home improvements.
Home Improvement Loans
Borrowing home improvement loans can make refurbishing your home a reality, and can be a great investment. For many people, their home is probably the largest investment they will ever make. By improving it and maintaining it, the property will grow in value. However, home improvement loans are only a good investment as long as you are certain that you will have no difficulty paying back the money.
Some people will take out a secured homeowner personal loan to make home improvements and increase the value of their home. Lenders will ask for the reason behind an application. However, they are not really that interested in why you want to borrow a personal loan UK. They are only concerned whether or not the funds will be repaid on time and with all the interest. However, getting a loan to pay for home refurbishments is one of the most common reasons cited for borrowing money.
Taking on quick personal loans to improve your home can help to speed up the process. Most families do not have a pot of cash that can be used. So, most people find a loan to be a very sensible way to add an extension to their home or to simply improve it and add value to the property. Making your home into a better environment can not only add increase the value but can help you to cut down on expensive heating bills. A personal loan can be used to accomplish this aim.
Home Improvement Loan Rates
As with all loans, it is important to remember that you are not getting the money for free. It is always better to wait until you have the full amount of money saved up instead of doing the works and then paying for it plus interest. However, if you really can’t wait a few more years before carrying out the improvements, you will probably need to borrow the money.
Most families do not have substantial savings. So, taking out home improvement loans to make changes to a property is often a good route to go down. As long as you are aware of exactly how much you will have to repay each month and how much the total interest is going to be, this is one of the best ways to make use of quick personal loans.
Are your Home Improvements Worth it?
Taking out a loan, even the cheapest personal loans for home improvements, is going to cost you money. So if you are taking this step to add value to your property you should try and think like a potential buyer. Installing a jacuzzi on the decking of your newly landscaped garden might appear to be a good idea. However, when you have factored in the costs, it may not add the amount of value to your home that you envisage.
How much value do home improvements add to your home?
|Home Improvement||ROI (return on investment)||Median Profit||Average Cost|
As you can see, if you are doing home improvements solely to sell your house for more, it may not be worth your while to invest too much. However, if you are planning on living there and enjoying the results for at least a few years, you will be getting far more value out of your works.
Additionally, these kinds of improvements are not as appealing to some buyers as you may think. Most new house buyers will want to put their own stamp on a home. So, let’s say you are doing improvements like replacing a kitchen or bathroom in order to get a better price for your home. Choose neutral colours for walls and tiling. Make sure that essential maintenance is all covered by good rewiring, a modern central heating system, new carpets and dealing with all leaks and draughts.
Essential Home Maintenance
If your home is old or is in a state of poor repair, maintaining the property should be a priority. Ensure that the electrical wiring system is safe and that all gas installations are up to date and serviced regularly. These are both essentials when it comes to maintenance.
If you do not have central heating then this is a good investment. It will not only help to add value to the home but will reduce heating bills as well as making your home a more comfortable place to be. In fact, a new and more efficient boiler can reduce heating bills by 35%. Home insulation is another priority that will add value to your home.
Home Improvement Loans Calculator
A home improvement loans calculator will help you budget for your individual project. It will also allow you to determine the cost of loan payments. Look for a best rate personal loan. If you are thinking about making changes to your home, there are lots of home improvement loan calculators online. They will help you work out the payments for the sum that you have in mind to borrow.
The calculators are simple to use and they will help you to work out a figure based on the estimate that you have received from your chosen builder. You simply enter the loan amount, the term of the loan, the APR, and the first payment due date. Then, click on submit and the calculator will do the rest. These calculators can be used to make comparisons between lenders. You can also calculate how much can be saved if you make the monthly payments larger or for a shorter period of time. This is an excellent way to make sure that you can really afford a home improvement loan or remortgage to pay for the changes that you want.
Home Improvement Loan UK
Most home improvement loans in the UK are pretty much straightforward. You need to be clear on how much you need, as well as how much you can afford to pay back. If you’re confident you can afford it, you can get a loan from many lenders. As a responsible broker, Personal Loans Now can help you find the right home improvement loan for your needs.
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Get Quotes for Home Improvements
Before you even contemplate borrowing, it is a good idea to get some idea of the total cost for the work that needs carrying out. Make sure to get at least three quotations for the work. Ask for recommendations of companies from work colleagues, friends and family. Then, look closely at the track record of the companies concerned.
Checking reviews from previous customers is also a good idea. There are various websites like www.checkatrade.com that can be used for this purpose. You can also ask for references or contact details for previous customers to ensure that your chosen tradesman is honest and reputable. Always make sure that you get a full quotation before contemplating a home improvement loan to pay for the cost of the work. An estimate is just that and without a firm quotation there could be a huge shock when the final bill is presented.
Home Improvement Loan Options
There are many different options when it comes to home improvement loans. It’s up to you to investigate carefully and choose which type suits you best.
|Loan type||Description||Do Personal Loans Now Offer it?|
|Secured home improvement loans||If you are a homeowner, you can get a secured homeowner loan for lower rates than unsecured loans from specialist lenders.||No, we only deal with unsecured loans.|
|Unsecured home improvement loans||You can get a loan without putting up any collateral, so you don’t need to put your house or car at risk to borrow money.||Yes – APPLY NOW|
|Short term home improvement loans||Although these loans generally span a few years, you can get a home improvement loan with a loan term of just a few months.||Yes – APPLY NOW|
|Long term home improvement loans||Some lenders will allow you to borrow for as much as fifteen years, although you will pay heavily for this in interest.||Yes – APPLY NOW|
|Bad credit home improvement loans||Having bad credit shouldn’t stop you from finding a reasonable loan if you find the right lenders to apply with.||Yes – APPLY NOW|
Secured and Unsecured Home Improvement Loans
Personal loans that are taken out for home improvements are usually the unsecured type. This means that there is no danger of your home being at risk should there be a problem making the payments. Even if you have a substantial amount of equity in your home, an unsecured personal loan is often the best option to pay for changes. The amount you can borrow will depend upon your own personal circumstances and what improvements you are seeking to make. Remember, even the terms of a pre-approved personal loan can change once you apply. However, a typical home improvements loan could be between £5,000 and £15,000.
The Length of Home Improvement Loans
The term of the loan will be up to the lender and you. It might be any period between one and seven years. Only you will know how much you are comfortable borrowing and how much you can comfortably afford to pay each month. This will be worked out in conjunction with the lender. If you are uncomfortable with large amounts of debt and are uncertain about your position at work then this may not be the time to go ahead with home improvements.
Make sure you choose a reputable loan company. Then, you can be certain that they will be a responsible lender and will only allow you to borrow what they are confident you can repay. After all, lenders are in the business of making money. Lending to people who may pose a risk is not in their own or your best interests.
Borrowing A Larger Sum Of Money for Home Improvements
If the home improvements you want to make are substantial, such as a conservatory or big extension, you may be able to borrow a larger sum by applying for a secured personal loan. Taking a loan using your house as collateral to pay for home improvements has both a good side and a bad side. On the good side the interest rate for taking out a secured loan will usually be lower. However, borrowing more money against your home can put it at risk. If repayments are not kept up, there is always the danger of repossession.
Currently both unsecured and secured personal loan rates are very low. As long as you can borrow the full amount you need, an unsecured loan might be the better option.
Borrowing One Large Sum Or Splitting The Loan
If the amount you want to borrow is substantial e.g. £25,000, the rate of interest is likely to be higher than if you borrowed less money. The best home improvement loan rates are for amounts between £7,000 and £15,000. This is because the demand for this range of borrowing is greater than the demand for larger or lesser amounts.
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A lender is unlikely to allow you to borrow two separate amounts at the same time. It might be possible to take on a loan and then another in a couple of months time. But, there is always the danger that the second application will be turned down. You may choose to take out two loans with two different lenders; again, make sure you’ll be able to keep up with two monthly repayments.
Home Improvement Loans With Bad Credit
If you find that your credit score is preventing you being accepted for the best rate home improvement loans, one option is to consider a secured, or homeowner, loan that uses your home as security. But falling behind with the repayments on a loan of this kind will put the roof over your head at risk.
Home Improvement Loan For Bad Credit
Secured loans can be a good choice for anyone planning a big project, especially if you have bad credit. You can use them to borrow up to £100,000 – depending on how much available equity you have in your home.
For smaller amounts, meanwhile, a 0% credit card could be an option. However, this is only as long as you are disciplined enough to limit your spending. You will need to manage your repayment plan carefully so that the balance is paid off by the time the interest-free period comes to an end.
If the worst does happen and you can’t get a bad credit personal loan, you can sometimes get funding from other sources. For example, let’s say you want to insulate your home, and you are unable to get a home improvement loan due to bad credit. In that case, you can apply for financial assistance from your energy supplier or the government.
Alternatives To Home Improvement Loans
Having a poor or bad credit score it is going to make it difficult to be accepted for a home improvement loan. In this case, there may be some alternatives on offer. If you have rejected the idea of a secured loan on your home as an option there are certain government grants which you can apply for. These can be used to improve your living conditions.
Local authorities will give grants and very low cost loans for work such as insulation of windows, doors and walls or essential repairs. Anyone who lives in rented accommodation must get the permission of the landlord before applying for help with home improvements.
Home Improvement Agencies
Home improvement agencies (HIAs) are not-for-profit organisations run by housing associations, local authorities and charities. They can help people who own their own homes, or who live in privately rented accommodation, and who are elderly, disabled, or on a low income to repair, maintain or adapt their home.
For example, an HIA can:
- Arrange for repairs to be carried out to your home.
- Help you to get funding for repairs to be carried out to your home.
- Give you advice about a range of issues which affect your living conditions.
- Organise the fitting of small aids and adaptations to help you live independently in your home.
- Install security measures to your home such as door and window locks, door chains and viewers.
source -The Citizens Advice Bureau
Home Improvement Loan Interest Rates
If you have decided that taking out a personal loan is the best way to fund home improvements, how do you get the best deal? Doing some careful research before you make an application for a personal loan is the key to getting a good deal. But, always make sure that the lender is fully regulated and registered. You may choose to take a flexible online personal loan, for the event that you want to repay early.
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There are many websites offering comparisons for personal loan rates. But, it is also important to look at which companies are more likely to accept your application for home improvement loans. Submitting applications to multiple lenders will not only damage your credit rating but might result in no loan offer at all.
Make use of eligibility calculators as well as personal loan calculators. You will be able to get information about:
- how much you can borrow
- over what period of time
- what the interest rate will be
Searching for personal loans using money advice websites will not leave a footprint on your credit record. All the search tools are simple to use.
Home Improvement Loan Applications And Confidentiality
One of the worries that people raise when looking for home improvement loans is the aspect of confidentiality. In addition, there is always the prospect of getting unsolicited offers once you have been doing research on a website.
The major money comparison websites all offer full confidentiality and protection of data. However, you may find that there is a sentence asking whether you want to be kept up to date with offers. As long as you decline this box you should be fully protected against unwanted spam or unsolicited offers.
Used sensibly and with planning a personal loan for home improvements is a good use of this kind of financial product. Take some time to do research. Then, you can be sure to get the best deal with a low interest rate that will make the loan more affordable.
Home Improvement Loans
It’s always better to save up rather than borrow, but sometimes you don’t have that option. If you really need to extend the house, or do up the kitchen or garden or whatever else it is, sometimes you don’t want to wait. If you have explored your options carefully, and decided that a home improvements loan is the right option for you, then we at Personal Loans Now would be delighted to help you out. As an introducer to Monevo, we have access to a huge range of direct lenders who offer all types of personal loans. So, no matter what you are looking for, you can simply apply with us and we will do our best to get you what you need.