5 Steps to Secure House Renovation Loans Easily
A house renovation loan is the best personal loan and smartest way for homeowners to access finance for the renovation of their homes. Unlike some home-related financing, homeowners won’t need to provide their home title. This is not a mortgage or a reverse mortgage and won’t put their home at risk.
The house renovation loans are based on one key factor: after renovation value. Renovation loans use a home’s estimated after renovation value instead of the current home value to calculate how much a homeowner can borrow. This will give homeowners the credit for the increase in home value from the proposed renovation upfront.
Why You Need a House Renovation Loan
Your house is an investment. It’s not just an investment that is meant to appreciate over time so you can sell it someday, but it’s an investment in many other areas as well. You may not first consider it, but your house is an investment into your life and your lifestyle, as well as your comfort, your sanity, your family relationships, and your health.
Without a proper house, all of those things are at risk. You must have the house you want and need. Perhaps moving isn’t an option but fixing it up a little is an option! With a secured house renovation loan from loan.co.UK, you can finance a new addition, a repaired roof, a garage, or any number of things that can help to make your house more of a home.
You deserve it! And when you think about it, your health, sanity, and relationships are all worth it. The secure house renovation loans are a great way to get the fund you need when you need them. If you have some kind of asset that you can use as a form of collateral, you will probably qualify to get a loan.
Here’s why the company is so good
Easy to apply for
All you need is some kind of security to put up as a form of collateral against the house renovation loan. Everyone has assets and most people have more assets than they realize. You can leverage those assets to get the loan you need: how much you need, when you need it, and for as long as you need it!
Because you are providing a form of surety against the secured house renovation loan, you will have greater flexibility with the interest rate and repayment terms available! Banks take a risk when they loan out money and they are much more eager to loan out money to someone who is providing a guarantee that they will pay it back.
That means, with a loan.co.Uk loan, you will likely get a lower interest rate than an unsecured loan, and you will probably have much longer to pay it back, too! When it comes to house renovation loans, a secured loan is one of the best choices, because it works to the borrower’s advantage!
Depending on your assets, you may be able to get more money than you realized you could get with just a regular loan! And more money means being able to afford just a little bit more!!!
Your dreams will come true
Not everyone has the spare cash they need to get what they want and need. That describes most people! That’s why loan.co.Uk loans simply make sense. It helps you get the things you need when you need them.
3 Easy Step Apply for Your House Renovation Loan
- Apply online for your secured loan.
- It only takes a minute and it wont impact your credit score.
- Everything is automated so you will always get the lowest rates we have available.
- Relax! the loan company will sort everything else out.
- Just sit back until your secured house renovation loan arrives.
Secured House Renovation Loans from 3.4%
- From £10,000 to 1.5 million
- Free property valuation
- No upfront fees or hidden charges
- High loan to value available
- Fully directly FCA regulated
- Free, no-obligation quote
- Adverse & bad credit considered
- Loan.co.uk has won multiple awards
Example for a Secured House Renovation Loans
- Based on borrowing £18,000 over 120 months. Interest Rate: 5.5% fixed for 60 months with instalments of £213.33. Followed by 60 months at the lenders standard variable rate of 5.7% with instalments of £214.36. Fees: Broker fee (£1,062); Lender fee (£595).
- Total amount payable £25,756.4 comprised of; loan amount (£18,000); interest (£6,004.4) including broker fee and lender fee. Overall cost of comparison 7.902% APRC. This means 51% or more of our clients receive this rate or better for this type of product.
- Loan.co.UK have arranged borrowing with rates from 3.4% to 29% APRC which has allowed the company to help customers with a range of credit profiles. They are a broker, not a lender.
- The secured loan has a minimum term of 36 months to a maximum term of 360 months. Maximum APRC charged 29%. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
There are different types of house renovation loans that use the after renovation value, including RenoFi Loans, construction loans, Fannie Mae Homestyle loans, and FHA 203ks. Find a lender now.
House renovation loans are the only type of loan that gives homeowners credit for a home’s future value. Using the after renovation value also helps you get the lowest rate possible, as lenders typically set rates based on the loan to value ratio.
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