Your home requires improvement works now after it has serve to your comfort for long. And of course you would like to finish the improvement works at low cost. Secured home improvement loan is therefore what you are looking for if you require loan for the works to be done. Through secured home improvement loan, you can add a room or enlarge one, you can make your whole home look like of a modern designed or simply you can make your kitchen technologically best suited and so on. What is more, the loan enables you in enhancing value and equity of your home as you complete the improvement works.
Secured home improvement loan is provided against your home. The advantage of secured home improvement loan is its lower interest rate and larger repayment duration of say 25- 30 years. This means that while you have finished the improvement works, you can spread the lower interest rate loan into number of installments so that monthly outgo towards the loan installments gets reduced. And so secured home improvement loan is seldom a repayment burden on the borrower.
Under secured home improvement loan, you are entitled to borrow anywhere from £5000 to £75000 depending on your repaying capacity represented by annual income. Good credit is always an added benefit in taking the loan at reduced interest rate. But since you have put your home at stake with the lender as collateral, your bad credit is not at all an impediment in taking the loan. However the lender may sell your home in case you default on the loan payments.
Compare different secured home improvement loan providers for individual interest rates and settle for a suitable lender. Make sure to pay off the loan installments regularly for enhancing your credit score along with increasing your home value.