Home Improvement Loan
Calling all home owners, do you have:
* Repairs you need to do to your home?
* Improvements you’d like to make?
* Some other DIY project?
Would you like:
* A loft conversion?
* Add a conservatory?
* Knock through a wall for an open plan?
* Add an ensuite?
Or perhaps you may just like to make your garden a bit more pleasing to the eye.
Loanable can help with a Home Improvement Loan!
Home improvement loans come in many different shapes and sizes, and can be a secured or unsecured loan.
Looking for a loan today?
What is a Home Improvement Loan?
A Home Improvement Loan is a loan specifically to make repairs or improvements to your home. In most instances, you need to be a homeowner in order to take out such a loan.
It is possible as a tenant you may be able to receive a personal loan to do decorating, and some minor improvements, but any major renovations, or large scale DIY projects would need to be approved by the landlord, and is their responsibility.
Why Take Out a Home Improvement Loan?
Simple, to make repairs and/or improve your home.
It may be you are need of a new roof, or your drains and gutters are falling down.
You may want to pave an existing drive, add a conservatory, do a loft conversion, paint, get new flooring, a new bathroom, or update your kitchen.
Not everyone has the cash on hand to do these repairs or improvements, so they get a home improvement loan.
Also, many upgrades, repairs, or improvements, increase the value of your property. By adding value, should you decide to sell the property later, you may be able to recoup your expenses, such as the loan, plus additional appreciation.
Home Improvement Loans for some are considered an investment.
Secured or Unsecured?
Home improvement loans can be unsecured, meaning the property is not a part of the loan, or secured, such as a second charge on the property.
There are advantages and disadvantages to both.
A secured improvement loan will usually have a lower interest rate, and possibly a longer term. This means lower monthly payments.
However, as the loan is secured against the property, you need sufficient equity in the property to be approved for the loan. In addition, if you fail to make the payments, your home could be at risk.
An unsecured home improvement loan may carry a higher interest rate, but is not secured by the property.
If you have weak or bad credit, then a secured home improvement loan can be easier to qualify and be approved for.
How Much of a Home Improvement Loan Do I Need?
How much of a Home Improvement Loan you need and qualify for will depend on a few factors:
* Is the loan secured or unsecured
* How much equity you have in the property
* What repairs or improvements do you wish to make
* Your credit and affordability
There are many advantages to a Home Improvement Loan:
* Improve or repair your home
* Depending on the equity you have and your credit easy repayment terms
* Bad credit not a problem as it can be a secured loan
* Increase the value of your home
Let Loanable fine you the Home Improvement Loan you need today!