Using your home equity is one of the most cost-effective ways to finance a large, extensive home improvement project. Funds are also directly deposited to your bank account so you can use the funds in a way that best suits your needs. Secured loans can allow you to borrow larger amounts and may give a more competitive interest rate, as your home guarantees repayments to the lender.
The interest free loans (subject to an administration fee of up to 15{657e9098d68c1152ff2fc4be1a87e55dcc1063a8cd33d914f3179b66a076c616} determined by the local authority) are available to homeowners and landlords to help remove these hazards from their homes. A bank account with an agreed overdraft may also be an option, but watch out for hefty charges and make sure you stick to the terms and conditions.
Reduce your EMI : With tenure of 10 years, you can reduce the EMI amount on your Home Improvement Loan, so that your outgoings every month do not come in the way of your lifestyle and living standards. If you don’t have enough (or any) equity in your home yet, a home improvement loan (not secured by property) may be a better option.
One home improvement loan program worth investigating is the Title I program , underwritten by the federal Department of Housing and Urban Development (HUD). Wessex Resolutions CIC may insist on loans being protected at the Land Registry by a Title Restriction.
This guide to home improvement loans should help you to decide whether it is the right finance option for you. Take a look at our competitive rates below to see what your monthly repayments could be. And unlike a line of credit, home equity loans can be fixed or adjustable rates.