Home improvement loans
Home Improvements are ideal if you need more space but cannot afford to move house, want to stay in the area in which you currently live, or want to increase the value of your property.
Popular Home Improvements
These can prove to be expensive home improvements but they are the ones which add the most value to your home. Due to this it is essential that you ensure that the improvements are done to a high standard and also that you ensure that you have planning permission (if necessary) in place before the renovations begin. If you intend selling your property, it would be expected that any building works be under warranty or guarantee, so always use a reputable builder or installation engineer. Try to save as much money as you can on your loan by looking for a cheap home improvements loan or a low rate home improvement loan. Also if you are looking to update your heating system or need to insulate your home then check first to see if you are eligible for a Home Insulation Grant as this could save you a great deal of money, and may give you the option of financing even more home improvements than you first thought possible.
Mortgage to Move House versus a Loan to Improve your Home
As the number of mortgage applications began to decline, home owner loans start to increase. This is because first time buyers have been thin on the ground due to mortgage products being withdrawn. This has had a knock on effect in the property market. Home owners are struggling to sell their property and move to a bigger home. In many cases, renovating a current home to increase space and make upgrades has become the more appealing option.
There are other renovations which a home improvement loan could be used such as general redecoration or landscaping the garden.
Home Improvement Loan Providers
Home improvement loans could be taken from many sources such as a further advance on an existing mortgage or a secured loan with another mortgage provider or secured loan provider. This type of loan usually offers the lower monthly repayments as they tend to have the lowest interest rates and can be spread over longer periods. However, you should always remember that your home may be repossessed if you do not keep up repayments on your mortgage or any loans secured on it. Cheap personal loans might be more attractive as they are not secured on your house.
As with any other type of finance always read the terms and conditions and to compare which loan would be best home improvement loan and most cost effective. Compare the total amount payable rather than just the APR as this takes into account any charges which will be added to your loan.