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Could an air source heat pump help combat the rising cost of living?
Leanne Macardle

Leanne Macardle

Editor
Published: 29/04/2022

In an attempt to combat the rising cost of living, homeowners are increasingly looking for ways to lower their energy costs – and one option that’s growing in popularity is installing an air source heat pump. But could it be worth considering?

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Loan rates fall as demand for home improvements rise

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.

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What would the average garden makeover cost you?

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.

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Should I use a loan to fund my holiday break?

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.

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Case study: Broker helps investor add illustrious property to their portfolio

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

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Recent News

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Should I use a loan to pay for my home improvements?

19th March 2022

Before you remortgage your property for new home improvements, consider using a secured loan. Matt Tristram of Loans Warehouse spoke to Moneyfacts about the advantages of this type of borrowing.

Before you remortgage your property for new home improvements, consider using a secured loan.

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Base rate increases to 0.75%, what does this mean for you?

17th March 2022

The decision could have an effect on your savings, ISA, mortgage, and disposable income. The Bank of England (BOE) raised interest rates today from 0.50% to 0.75%. This decision can be largely owed to Russia’s invasion of Ukraine, which will likely push inflation in the UK higher. “Higher interest rates are supposed to help cool inflation, but prices have risen due to reasons largely outside of the Bank of England’s and the Government’s control - the cost of petrol, food and other day-to-day items is rising because of global events,” said Annabelle Williams, Personal Finance specialist at Nutmeg. “Although this is a small increase to interest rates which have been hovering close to record lows for many years now, many will be looking to see if the increase is passed on to consumers through higher savings rates,” she said. This is the first time the Monetary Policy Committee (MPC) has raised rates on three successive meetings in more than two decades. With this in mind, how can these rate increases affect your personal finances?

The decision could have an effect on your savings, ISA, mortgage, and disposable income.

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BREAKING: Moneyfacts reacts to the BOE interest rate

17th March 2022

The Bank of England has today increased base rate by 0.25% up from 0.50% to 0.75%. Moneyfacts has analysed the average rates offered across savings and mortgages and considers what this decision may mean for consumers moving forward.

The Bank of England has today increased base rate by 0.25% up from 0.50% to 0.75%.

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FCA forces new terms for BNPL providers

14th February 2022

Pressure builds for a more regulated Buy Now Pay Later (BNPL) market after the Financial Conduct Authority (FCA) forced providers to change their terms and conditions. Clearpay, Klarna, Laybuy and Openpay have all changed terms in their contracts after the FCA felt there was a potential risk of harm to consumers. “The four BNPL firms we have worked with have all voluntarily agreed to change their approach. We welcome this and hope that the rest of the industry will now follow,” said Sheldon Mills, Executive Director of Consumers and Competition at the FCA. As a result, Clearpay, Laybuy, and Openpay have agreed to voluntarily refund customers who have been charged late payment fees in specific circumstances. Although BNPL products are not regulated yet, the FCA was able to use the Consumer Rights Act to enforce these changes.

Pressure builds for a more regulated Buy Now Pay Later (BNPL) market after the Financial Conduct Authority (FCA) forced providers to change their terms

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Most Popular Loans News

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Could an air source heat pump help combat the rising cost of living?

29th April 2022

In an attempt to combat the rising cost of living, homeowners are increasingly looking for ways to lower their energy costs – and one option that’s growing in popularity is installing an air source heat pump. But could it be worth considering?

Homeowners are increasingly looking for ways to lower their energy costs – one option that’s growing in popularity is installing an air source heat pump.

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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BREAKING: Moneyfacts reacts to the BOE interest rate

17th March 2022

The Bank of England has today increased base rate by 0.25% up from 0.50% to 0.75%. Moneyfacts has analysed the average rates offered across savings and mortgages and considers what this decision may mean for consumers moving forward.

The Bank of England has today increased base rate by 0.25% up from 0.50% to 0.75%.

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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

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