Whether you’d like a new kitchen, en-suite bathroom, an extension – or simply want to give your lounge a new lease of life – our home improvement loans are designed to help you get more from your property. You need to pledge your home as collateral in order to avail a secured home improvement loan. Loans of up to £25,000 are available, and all applicants will be subject to an eligibility and affordability assessment, to ensure they are able to afford the loan repayments.
Apply for a loan online in minutes and instantly review your offers, with no impact to your credit score. If you lack ideas then you may ask the home improvement company to offer some suggestions with examples of their work. The interest rate will also depend on the borrower’s credit score , the loan term and the amount borrowed.
It could be a loan to remove old, ragged carpets, or loans to make major additions like new rooms or an updated septic system. Your bad credit history may make impossible for you to get the financial assistance for your project. Always use the APR when comparing home loans The APR (Annual Percentage Rate) allows you to compare the loans offered by different Mortgage and home loan lenders in a like for like manner, and shows you the true cost of the loan as a yearly rate.
Pre-approval can also be done online for a fast home improvement loan, making it faster should you choose that particular lender. The property or home acts as the security for the loan and will therefore mean you have to give lower interest rates. Its sampling of offered rates is even more competitive than Freddie Mac’s(FRE Quote) statistics.
The customer has certain choices here; he is able to refinance to get a new loan, sell the house, or start payment of the new variable or flexible rates. A secured loan for home improvement that is less than £25,000 can be called off within a week with no obligation under the 1974 Consumer Credit Act.