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Articles
- Personal finance explained
- All about secured personal loans
- How can I finance a new car?
- Personal loan finance made easy
- What are home loans?
- Is debt consolidation worthwhile?
- How can I finance my home improvements?
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Personal Finance Explained
26th SEPTEMBER 2006
Many high street lenders and internet companies now offer loans to cover all sorts of situations but how do you go about personal finance planning?
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How Can I Finance My Home Improvements?
26th SEPTEMBER 2006
If you would like to update your kitchen, create a relaxing bathroom, add a conservatory or maybe even a loft conversion, then you will be considering home improvement loan finance.
Add Value To Your Property
Home improvements can add value to your property and improve your lifestyle without the expense and upheaval of moving house. Whatever your project there are several ways to finance home improvements
Refinance or Remortgage?
One option is to think about refinance. Many home owners could benefit from re-mortgaging. This involves repaying your existing mortgage by taking out a new one, usually with a different lender. The idea is that the new loan is at a lower rate so your monthly payments will be reduced. At the same time you can change the repayment period or increase the amount to take advantage of the equity in your property. This is possible if the re-sale value of your home is greater than the existing debt. You can then use this additional amount for home improvements. However, there will be some costs involved in refinance. These could include an arrangement fee and early redemption fees when paying off your current mortgage.
The Unsecured Option
You could also consider unsecured personal loans for home improvements. Interest rates are likely to be higher than on secured loans but this may be offset by lower fees on smaller amounts.