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Whether it’s extra space for a growing family or finally time for a new kitchen, a home improvement loan could be the solution to not having to up sticks and move. LoanKey can help you find the ideal loan to fund your latest home improvements project.
Home Improvement Explained
What are Home Improvement loans?
Home improvement loans at LoanKey are loans secured on your property. The borrower uses the funds to update, renovate or improve their home and pays it back through their monthly payments.
Be it a practical improvement like a new central heating system or a more adventurous loft conversion, a home improvement loan is one step closer to a more pleasurable, and potentially more valuable, place to live.
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Using your Home Improvement loan
You should’ve already carried out research before applying for your home improvement loan, but if you haven’t, LoanKey suggest you do. Find out exactly how much your project will cost, including labour and materials. This will allow you to understand a realistic budget for your project, as well as having a contingency budget for any unexpected expenses.
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Choosing your Home Improvement loan
A secured home improvement loan must be supported by an asset such as your home itself (providing you have equity in it). Lenders tend to offer better interest rates and repayment options with your home as the key asset. Whereas an unsecured home improvement loan often comes with fixed rates and less flexible repayment options. However, you must keep up your repayments on a mortgage or any other debts secured on it. Failure to keep up repayments could lead to the property being repossessed.
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Home Improvement Borrowing
LoanKey allow you to borrow from £3,000 to £500,000 over a timeframe that suits. This could be 3 year to 30 years, it’s up to you. For those of wanting to make minor adjustments to your home, to those who are dreaming of bigger things, LoanKey’s range of borrowing options allow you to recreate a new home without selling up.