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