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Information on a Home Improvements Loan

According to the Halifax bank, around 17,000 of their customers take out a home improvements loan each year to maintain or repair their property. In fact, taking out an unsecured or secured loan to make improvements to a home is one of the most popular reasons for people borrowing money. Whether it is to add a conservatory, update your pipe work or simply give your property a much-needed lick of paint, there are loans available to cover your costs.

Most people want a home improvements loan for as short as is financially possible. After all, you do not want to be paying for a conservatory in a home you no longer live in. Halifax's most popular loans range from between £7,000 and £15,000. These loans are repayable over a period of anywhere from one to seven years. The typical interest rate is 8.8% APR unsecured, although this does depend on a person's financial circumstances and also their credit record.

Ocean Finance also offers a home improvements loan and they specialise in working with people who have a poor credit history. If you have County Court judgments or have been made bankrupt in the last seven years than Ocean Finance may be able to offer you a deal. Their rates start at 11.9% and travel right up to 24.9% APR. Their rates are higher as they tend to deal with customers who are a higher default-risk.

According to the Do it Yourself website, the average cost of a new bathroom is £500 and a new kitchen around £1000. This means you do not have to borrow thousands to improve the look of your home. Seeking expert advice from a financial advisor can also help you avoid spending more than you need to when it comes to your home improvements loan.

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