A secured loan, also known as a homeowner loan or a second charge mortgage, enables you to borrow a larger sum of money (usually £25,000 upwards) using collateral such as your home as security against the repayments.Credit subject to status. Freedom Finance is a credit broker and not a lender.
Second charge mortgages from 5.1% APRC. Second charge mortgage representative example (If you choose to add fees to the loan).Assumed borrowing of £35,000 over 120 months, plus a broker fee of £2,870 and lender fee of £367.50 would result in monthly repayments of £476.14, the borrowing rate is 8.6%, the APRC is 11.2% (variable), total charge for credit would be £22,136.80 and the total amount payable would be £57,136.80. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Not only does an extension improve the quality of living for the occupants in terms of extra space, but an extended kitchen or additional bedroom can also increase the monetary value of a home.
Maximising the available space is a key approach to increasing the value of your home. A home improvement loan can be spent on transforming a loft or basement into an additional bedroom or lounge area. This is especially valuable in areas where space is at a premium.
A home improvement loan spent on double-glazing will not only increase the desirability of the property, but the increased energy efficiency will reduce your monthly heating bills.
Perhaps one of the most popular of home improvements is the addition of a conservatory or orangery. As well as creating additional living space and the opportunity to enjoy the garden whatever the weather, a conservatory is expected to add around 7% to the market value of a property.
Investing in a stylish decking area can raise the desirability and therefore the value of a property by creating an additional entertaining space outdoors.
Decorating a property keeps the interior fresh and well maintained so that when the time comes to sell, the property is desirable to potential buyers.
A home improvement loan can be used to invest in a property with the goal of increasing its value, and have become popular as an alternative to moving house.
A secured loan for home improvements is usually taken out for larger amounts of credit, which can then be repaid over a longer repayment term.
Some decide to fund their home improvements by releasing equity from their home. This is done by switching the mortgage to a higher amount of borrowing, and then using this capital to invest back into the house. When the right home improvement loan for you has been found and accepted, you can then look for tradesmen to help you with the job.
Our aim at Freedom Finance is to provide you with the information you need to make educated decisions when it comes to your borrowing and your money. The online financial market place is filled with conflicting, jargon-filled information about which loan product is the right one for you.
These deals may look attractive, but many of them apply only to those with an outstanding credit history. In reality, the best deal on offer might not be available to you. With our comprehensive finance guides, we aim to equip you with the know-how to make the best decisions about your borrowing and your money.
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Whether you're planning on some home improvements, replacing your car or simply getting your finances in order, a loan from Freedom Finance could be more affordable than you think. Use our calculator above to find the ideal loan for you. All quotations given are for illustrative purposes only. Credit subject to status. The rate you are offered will depend on your personal circumstances, credit assessment procedures and other related factors.