Loans News

Borrowers looking to make home improvements will find the average cost of an unsecured personal loan has fallen year-on-year, according to the latest research.

In particular, loan rates have fallen on small sums – on a borrowing amount of £3,000 over a three-year repayment period, the average loan rate is down from 14.6% a year ago to 14.3% today.

A recent survey from Direct Line revealed 50% of consumers they surveyed wanted to renovate to gain extra space. Loft conversions can be a popular way to maximise living space, and insulation can cost £2,750, according to research by estate and letting agents Barrows and Forrester.

Borrowers can avoid paying more than £600 in interest charges on an average loan by choosing a fee-free 0% credit card instead. The longest 0% balance transfer card will cost less than £100 on a debt of £3,000. Based on the longest fee-free 0% balance transfer card, paying £140 for 22 months will clear the debt before interest applies.

Employing a garden design landscaper will cost an average of £100 per square metre.

If you are looking to give your garden a complete makeover this holiday it could cost you between £5,000 and £10,000, according to Checkatrade, a directory for tradespeople.

This cost is based on a “transformational project”, which typically requires more work than just restyling a specific area of your garden. It is also based on a project for a large rear garden of 100 metres squared.

If you think your garden requires less work, then the services and materials of a garden design landscaper typically cost £100 per square metre.

For basic work, installing a new lawn costs approximately £14 per square metre, while planting a small tree can cost £50.

On the more expensive side, decking out a portion of your garden can cost anywhere between £80 and £160 for every square metre.

Matt Tristram, of Loans Warehouse, spoke to Moneyfacts about the advantages of using a “holiday loan” to finance your getaway.

With the long Easter weekend fast approaching, and summer on the horizon, many of you are probably thinking of taking a city break.

However, with the cost of living showing no signs of slowing down, financing this holiday could become complex for some families. This is why some are considering a personal loan, or “holiday loan”, to help finance their getaway trip.

Below we have discussed what you should know if you are considering a holiday loan.

Article written by Watts Commercial Finance, Moneyfacts.co.uk’s preferred commercial finance broker.

Commercial deals of this magnitude are uncommon. Many high-profile lenders are sceptical of offering a commercial investment loan of just over £2 million at a 65% loan-to-value ratio for office premises in the heart of Manchester.

But Watts Commercial Finance Senior Commercial Manager Mark Jerman has managed to secure this deal for a professional property investor in just 23 days from credit approval.

“This was a fantastic coup for my client - an experienced property investor who was able to add another prime city centre property to their extensive and growing portfolio,” said Jerman.

“With the expert help of Paul Bagan and Mathew Baker at Recognise Bank, we were able to move from credit sanction to completion in just four weeks - an excellent example of how a strong broker / lender relationship can get a deal across the line quickly.”

At Watts Commercial Finance, we work with hundreds of lenders and have built strong and long-lasting relationships with them to ensure the best possible outcome for our clients. Through regular contact with our Business Development Managers, we are able to understand the appetite of each lender so we know who best to approach when mainstream lenders say ‘no’ and our clients come to us for help.

Our team of Assistant Commercial Managers then works closely with our lenders at each stage of the application while liaising with solicitors and valuers to ensure that the deal is processed as quickly and smoothly as possible.

At Watts Commercial Finance, we turn that ‘no’ into a ‘yes’ and provide the valuable funding our clients require. So, if have been declined by your existing lender and would like support in arranging funding for your business #wattstheanswer