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Loan Information - Home Improvement Loan

 

Home Improvement Loans

 

Information on Home Improvement Loans

A home improvement loan is a way of funding major improvements to your home. These are generally cheaper than most means of borrowing since it increases the value of the property thus making it a more secure and a valuable asset to the lender. This is most certainly the case if the lender is also the provider of your mortgage, they also make money, not only on your mortgage repayments but also the interest on the loan itself. This is someway and extension on your exsisting mortgage so, naturally your mortgage provider is the first prospective lender to approach. Don't forget, as stated before, you are improving the value of an asset which is held by the company as security already.

Although this is can be an extention of your mortgage, the repayment period does not have to be the same - don't forget one of the golden rules of borrowing, the quicker you pay it back, the less interest you will pay. BUT be warned, check any early repayment clauses that MAY occur. Also, dont be tempted into borrowing more than you need. If the loan is deemed essential to the improvement of the property a good choice maybe a remortgage.

There is also the benefit in some cases to take a break from your monthly payments, this is commonly known as a payment holiday. This could give you a head start in getting certain work done.

Some things you maybe able to use a Home Improvement Loan for:

  • Building Extention
  • Conservatory
  • Double Glazing
  • Fitted Kitchen
  • Fitted Bathroom
  • Rewiring
  • Plumbing
  • Swimming Pool

List of Major Secured Loan Providers

List of Major Unsecured Loan Providers

List of Major Debt Consolidation Loan Providers

OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.