The Easy Way to get an Affordable Home Improvement Loan!

Adam Brand Adam Brand | Operations Director

Making improvements to your home makes your property more enjoyable while also increasing its resale value. That is why so many people do it. You can undertake your own renovation projects even if you do not have the cash on hand. You can do it by obtaining a home improvement loan from a reputable bank or building society.

The types of loans we are talking about are known as 'secured' loans. They get their name from the fact that a loan is secured by you offering your property as collateral against what you borrow. Banks are willing to make these loans affordable and relatively easy to come by because they can always repossess your property should you default.

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Finding Affordable Loans

Before we get to the whole idea of 'fast cash', let us first talk about what constitutes an affordable loan. When you take out a secured loan, there are two things you need to be concerned about in terms of affordability: annual percentage rate (APR) and the total cost of borrowing.

The APR is the amount of interest you pay on the outstanding balance of your loan every year. As for the total cost of borrowing, it includes all of the charges and fees assessed by banks when making a loan. This can include things such as establishment fees, administrative fees, filing fees, appraisal costs, etc.

When lenders advertise a representative APR, the number you see is a combination of the standard APR plus all of the known costs of borrowing. The higher the representative APR, the more you will pay. However, do not trust the representative APR as set in stone. Banks need only approve 51% of applications at this number to advertise it; the remaining 49% can get higher rates.

The important thing is to compare multiple lenders and loan products to find the one that is most affordable. Just as with car insurance, you should try to compare as many lenders as possible. More comparisons mean greater chances of getting the best deal.

Getting Fast Cash

The ability to get fast cash is one of the things that appeals about a home improvement loan UK. Banks and building societies offer fast approval and fast cash as ways of enticing consumers. Nevertheless, be careful: delivery of cash within hours of approval usually entails an extra cost. That cost can be quite substantial.

One other thing to consider is what lenders actually mean when they advertise fast loans. Sometimes this is a reference to the initial approval process, which, using electronic means, can often be completed within minutes. Other times the fast cash offer references the entire process, from start to finish. It is important to know what your lender is referencing when advertising fast home loans.

Funding Home Improvements

Thanks to the availability of cheap secured loans, property owners can take advantage of the value in their homes to fund improvement projects. You can apply for a loan to renovate your kitchen or bathroom, add a conservatory, or even convert the loft into additional living space. The beauty of the secured loan is that you can use the money in whatever way you see fit. You could even use some of the money for home improvements and the remainder of the cash for other expenses.

Secured Loan Expert suggest you take advantage of the secured loan concept – but do so with caution. If you stretch your monthly budget to the limit by taking out a new loan, you could find yourself in serious trouble should your financial circumstances change. That could result in the repossession and sale of your home in the event of default.

As long as your budget will allow, a home improvement loan can be a game changer. Investing in your home will increase its resale value, making your most important investment an even better one.

Free Professional Advice from the Experts

If you need help to find the lowest cost home improvement loan please call our secured loan expert team. Our advice on all aspects of secured loan borrowing is completely free.

Our team have access to a whole of market panel of the top high street and specialist lenders from which we can source the best deals on offer in just a few minutes. Our experts will help you understand the full charges for each loan so there are no surprises, help you compare and find the best deal to suit your individual needs, create and submit an optimised application showing your case in the best light to ensure the highest chance of approval.

Call our friendly team today and let them use their knowledge and experience to do the hard work for you.

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