Finding a low cost home improvement loan for families on low incomes

If you've got a good steady income then you can always go for a high street bank home improvement loan and easily afford repayments - but then again, if you're earning a steady income you're unlikely to need such a loan and could save yourself to avoid paying interest on top of the amount you borrow.

For those of you who don't have the salary or savings to meet the strict criteria for a home improvement loan from the bank - or don't want to jump through hoops to get a loan you might struggle to repay - there are a few cheaper government alternatives to help you along. These schemes are normally aimed at low income families, however, so you shouldn't apply if you can realistically afford a bank loan. You're likely to be rejected anyway as these loans are specifically designed by the government for those most in need.


Disabilities Facilities Grant

The DFG scheme can help you pay for changes to your home if they are required because of a disability, or someone moving into your home with a disability. The loan is designed to cover new equipment (i.e., stair lifts) and alterations which otherwise can't be bought because of your financial status. These are given by your local council and are based on any income and savings you earn; the amount you receive will be based on individual circumstances.


Local Authority Home Improvement Loan Schemes

In recent years local authorities have been putting more money into home improvement schemes for the community, to cover the cost of things such as repairs or general improvements. Schemes can be in the form of a grant - which you don't have to repay - or a loan taken against the value of your home. Unlike a high street bank you don't have to worry about high interest rates as the loan is based on needs and circumstances.


Home Improvement Loan Agencies

Some Home Improvement Agencies can offer excellent advice on finding the best loans for your circumstances or advise you on how to adapt, repair and maintain your home. They can also include a review of available housing options, any extra help you're entitled to, welfare benefits or general advice. You can contact the Home Improvement Agency from Foundations on 01457 891 909 for England or Care and Repair Cymru on 029 2057 6286 for Wales.

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