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How to fund a buy-to-let renovation
Derin Clark

Derin Clark

Online Reporter
Published: 30/11/2021

Landlords have a responsibility to ensure that their properties meet the Government’s health and safety requirements, as well as being at a good standard to attract renters.

This means that buy-to-let (BTL) properties often need refurbishing and, according to a report published by Shawbrook Bank last month, 62% of landlords have undertaken refurbishments in the last 12 months.

Of these, 18% renovated more than one of their properties.

The majority of landlords surveyed by Shawbrook Bank found themselves out of pocket paying for the refurbishments, with 60% using personal savings or investments.

Although, using personal funds to pay for revamping a BTL property may be a good option, there are alternatives for landlords looking to renovate a BTL.

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Should you take out a loan to pay off your credit card?

During the recent lockdowns many consumers were able to use their unexpected extra disposable income to repay credit card debt, but for others the boredom of being housebound resulted in them racking up credit card debt.

As the end of the year approaches, now is the perfect time for those who have seen their outstanding credit card balances increase over the past 20 months to take steps to clear their credit card debt. For many a personal loan can be a good way to pay off credit cards, but this option is not best for all borrowers. Here we take a look at the benefits of taking out a loan to pay off a credit card debt and the alternative options available.

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How would a base rate rise impact your finances?

Many finance experts are predicting that the Bank of England will increase base rate in the coming months to help tackle rising inflation, with some suggesting a rise could come as early as next month.

Base rate has a knock-on impact on the interest rates set on borrowing and savings accounts, with a low rate often helping to encourage consumer borrowing, while a higher rate usually results in consumers seeing better returns on savings accounts.

Right now, base rate stands at 0.1%, its lowest point since the first rate was set in 1694. It was cut by the Bank of England to this rate in March 2020 to help steer the UK economy through the pandemic. Now, however, the Bank of England has suggested that a base rate rise could be imminent as inflation remains above its target of 2%.

If base rate is increased it will likely have a direct impact on savings, mortgages and other types of borrowing. Here we look at how a base rate rise could impact consumers’ finances.

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Best savings, mortgage and loan deals 26.08.21

Every week we highlight some of the best personal finance deals currently available. These deals are selected based on their competitive rates and features that benefit consumers. We’ll include a selection of market leaders as well as new products entering the market.

This is only a selection of the financial products available, those looking for a new savings, mortgage, loan or credit card deal should use our charts to compare the best deals.

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Rising house prices and limited stock - should you invest in home improvements?

House prices have increased year-on-year by 7.6% in July 2021 according to the Halifax House Price Index, resulting in an average increase of £18,500 compared to a year ago. And, with housing stock still depleted after the surge of demand caused by the stamp duty holiday, homeowners may want to use this additional equity to make improvements to or extend their home.

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Recent News

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How to clear your summer holiday debt

13th August 2021

After a difficult 18 months many have been taking advantage of the easing of lockdown rules to enjoy the summer holidays

After a difficult 18 months many have been taking advantage of the easing of lockdown rules to enjoy the summer holidays

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Stamp duty holiday drives bridging loans

5th August 2021

The latest Bridging Trends data for quarter two, 2021 shows more landlords and investors used bridging loans to complete their property purchases quickly, before the Stamp Duty holiday savings started to reduce from 30 June 2021.

The latest Bridging Trends data for quarter two, 2021 shows more landlords and investors used bridging loans to complete their property purchases quickly,

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Moneyfacts Weekly Product News – 29.07.21

29th July 2021

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market

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The best personal loan rates available to consumers

28th July 2021

Consumers looking to take out a personal loan will be pleased with the latest research showing that average rates on £5,000 and £7,500 personal loans have fallen since the start of the year

Consumers looking to take out a personal loan will be pleased with the latest research showing that average rates on £5,000 and £7,500 personal loans have

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Most Popular Loans News

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How to fund a buy-to-let renovation

30th November 2021

Landlords have a responsibility to ensure that their properties meet the Government’s health and safety requirements, as well as being at a good standard to attract renters

Landlords have a responsibility to ensure that their properties meet the Government’s health and safety requirements, as well as being at a good standard to attract renters

Read More
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Everyday Loans wins Non-Mainstream Loan Provider of the Year 2021

12th February 2021

Everyday Loans won the award for Non-Mainstream Loan Provider of the year 2021 at the Moneyfacts Consumer Awards last month. Analysts at Moneyfacts reviewed the loans available from non-mainstream lenders to create a shortlist.

Everyday Loans won the award for Non-Mainstream Loan Provider of the year 2021 at the Moneyfacts Consumer Awards last month. Analysts at Moneyfacts reviewed the loans available from non-mainstream lenders to create a shortlist.

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Should you take out a loan to pay off your credit card?

23rd November 2021

During the recent lockdowns many consumers were able to use their unexpected extra disposable income to repay credit card debt

During the recent lockdowns many consumers were able to use their unexpected extra disposable income to repay credit card debt

Read More
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Stamp duty holiday drives bridging loans

5th August 2021

The latest Bridging Trends data for quarter two, 2021 shows more landlords and investors used bridging loans to complete their property purchases quickly, before the Stamp Duty holiday savings started to reduce from 30 June 2021.

The latest Bridging Trends data for quarter two, 2021 shows more landlords and investors used bridging loans to complete their property purchases quickly,

Read More

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