If you’re considering giving a new lease of life to your interior, remodelling your kitchen, or building an extension can make your home feel like new. However, regardless of any renovations you wish to make, it’s crucial to ensure you have the funding in place.
Whilst you can dip into savings, or use credit cards, there are alternative ways to fund your home renovations.
A secured loan (also known as a homeowner loan) allows you to release money against your property for any legal purpose, without affecting your mortgage.
It is easy to understand secured loans are connected to collateral, usually your car or home. However, secured loans are easier to access by homeowners who don’t have an immaculate credit history.
Some of the benefits of a secured loan can include:
- Rates can be low;
- You may still be able to borrow if your credit rating isn’t perfect;
- They often have a long repayment period that allows you to spread out the monthly payments;
- They can help you improve your credit scores by maintaining regular payments.
Remortgaging for home improvements could be a great solution for homeowners who need to borrow a large amount. If your application gets accepted, you may even secure yourself a better deal and sufficient funds for your home improvements.
Some of the benefits of remortgaging can include:
- There is a chance to secure a better interest rate.
- The possibility of consolidating debts into a single monthly payment.
Our team can offer you advice if you’re looking into remortgaging or secured loans. Just give us a call or email, and we’ll be happy to discuss.
Our team can offer you advice if you’re looking into remortgaging or secured loans. Just give us a call or email, and we’ll be happy to discuss. click here for someone to give you a callback