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.
Here are four ways to fund home improvements or an extension.
Those looking to fund smaller DIY projects could consider a personal loan or 0% purchase credit card. This type of lending is not secured against any asset, so borrowers usually need a good credit score (unless using a bad credit lender or bad credit credit card). Some providers offer consumer the chance to check their credit score for free. Borrowers can also use our loans eligibility service to see which lenders are more likely to accept them for a loan.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
Loans are subject to status and valuation, secured on residential property and not available to those under 18. The APRC quoted will be offered to a majority of applicants. You may be offered a higher rate depending on your personal circumstances. All rates and terms may change without notice so please check with Loans Warehouse before undertaking any borrowing.
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