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Alternatives to a home improvement loan
Alternatives to a home improvement loan
If you find that your credit score is preventing you being accepted for the best 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.
However, secured loans are a good choice for anyone planning a big project as they can be used to borrow up to £100,000 – depending on how much available...
Related topics : home improvement loan / credit score loan home / home equity loan credit
Disadvantages of a home improvement loan
Disadvantages of a home improvement loan
The best loan rates are generally for borrowers looking to make repayments over three and five years, so you will often pay a higher interest rate to borrow over a shorter term.
The interest charges on larger or smaller amounts can prove a lot more expensive too, while your credit score has a significant impact both on the interest rate you will pay on a loan, and the amount you will be able to borrow.
As rejected credit applications have a detrimental...
Related topics : home improvement loan rates / credit score loan rate
Secured loans guide
Secured loans guide
Secured loans, also known as homeowner loans, offer a way to borrow larger amounts for less by using your home as equity. So if you are looking to borrow say £25,000, secured loans are definitely worth a look – especially as most of the top personal loan deals are only available on up to £15,000.
Loans of this kind are also a good option for anyone whose low credit score makes it hard for them to get a low-rate personal loan. There are risks involved in borrowing via...
Related topics : secured loan credit / low credit score loans / homeowner loan rates
Home improvement loans
Home improvement loans
Home improvements can be a great way to make a property a better place for you and your family to live, while increasing its value at the same time.
However, even though making improvements to your current house or flat often works out a lot cheaper than trading up to a larger home, many projects still require a significant financial outlay.
Whether you want a new kitchen, need to repair your roof or are planning an extension that will transform your home, you may...
Related topics : home improvement loan rates
Advantages of a home improvement loan
Advantages of a home improvement loan
A personal loan offering the chance to borrow up to £15,000 over five years, for example, is a popular means of funding home improvements.
You can currently borrow between £7,500 and £15,000 at an interest rate of 5% or thereabouts. This makes a loan of this kind a very cheap way, in historical terms, to access the extra cash you need.
Advantages of choosing a personal loan also include that your payments are fixed – making it easier to budget – and...
Related topics : home improvement loan rates
Finding the right home improvement loan
Finding the right home improvement loan
Personal loans deals, just like those available on other financial products such as credit cards and bank accounts, vary widely. But securing the best terms and lowest interest rate possible can make a massive difference to the amount you repay.
So it makes sense to shop around. You can do this quickly and easily by using the MoneySupermarket loans channel to compare hundreds of different loans from a wide range of lenders.
The Help me find a loan tool...
Related topics : home improvement loan
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