Home improvement loans are loans specifically designed
by loans companies to help you fund an essential home improvement project.
Home improvement loans provided by loans companies are secured on the
value of the borrower's property. The amount available to the borrower
is subject to the equity in their property and their ability to repay
home loans when their outgoings and other loans are taken into account.
Loans to make improvements
to your home that will increase the market value.
A home improvement loan is one that is issued by the lender on the
basis that you use the amount of the loan to make improvements to
your home that will increase the market value.
Typically a home improvement loan is offered by your existing mortgage
lender, where the equity value in the house acts as security for
the lender. Where this is the case, the amount you can borrow may
be determined by the amount your improvements will add to the market
value of your home.
Home improvement loans can be arranged at the same time as you are
buying the property. This is as long as the total amount of mortgage
and home improvement loan will not exceed the value of the property.
The reason why you would want to get this loan from your mortgage
lender is that you may be able to obtain the same interest rate
on the loans that you are paying on your mortgage, which cannot
be beaten with a personal loan. |
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Home improvement loans are in some ways an extension of your mortgage,
in that the first port of call for someone wanting to carry out major
home improvement work on their home would be their mortgage lender. It
is, however, a separate loan, which can be paid back over a different
period.
Loans secured for home improvement are flexible in duration.
The mortgage lender will not discourage this home loan, as it is in their
interests for improvement work to be carried out on the home they are
lending on, considering that they effectively own it until the mortgage
is repaid.
Loans secured for home improvement are flexible in duration. The loans
are independent of mortgage loans and are typically available with loans
repayment terms of between two years and twenty five years.
With home improvement loans homeowners can borrow anything from £5,000
to £75,000 for a larger home improvement project.
There are countless home improvement projects that can be undertaken using
improvement loans. New interior decoration can be funded by loans for
home improvement, as can the purchase and installation of a fitted kitchen,
bathroom or conservatory.
If you want better storage in your home then loans secured for home improvement
can be used to purchase fitted bedroom furniture or to develop unused
spaces in your home.
Loans for home improvement can be used for garden improvement too, such
as landscaping the garden.
Larger loans for home improvement can be used to design and build an extension
to your home.