Home improvements help make the most of your property. Whether it’s an attic conversion, extension, a new kitchen or simply redecorating, it’s a great way to increase the value of your property.
Of course, improvements can be very expensive. Saving up isn’t always an option for homeowners – especially if you have a growing family. That’s where a home improvement loan can help.
A home improvement loan can help you make important changes to your property and spread the cost over a period of months or years. They can be essential for homeowners who experience unexpected circumstances that may result in damage to the home which needs to be fixed.
Even if you don’t own your own home, you may be able to benefit from a home improvement loan as some lenders offer opportunities to tenants, although you will need to have approval from your landlord before applying.
These loans are typically unsecured loans used to make home improvements, such as installing a new kitchen or bathroom or even adding an extension. This means it is a different type of loan to a secured loan such as a mortgage. You can read more about the difference between secured loans and unsecured loans here.
If you have bad credit or you have been rejected by other lenders for a home improvement or personal loan, this doesn’t mean that you won’t be able to benefit from a home improvement loan.
When you opt for a loan with a guarantor, you can be accepted even if you have bad credit so you can get on and make those home improvements you’ve been planning for. A guarantor is there to provide the assurance that if you were to miss payments, they would make them for you. There are some guidelines on who can be a guarantor, for example, they cannot be your partner and must be over the age of 21. You can find out more about guarantor loans here.
A home improvement loan with a guarantor can be great for a range of individuals in different situations. You may want to consider one if you:
If you are interested in applying for a home improvement loan with a guarantor, it’s important to know that they work a little differently to regular personal loans.
Firstly, it is important to find the right person to be your guarantor as this is a big decision for both of you. Both you and your guarantor should also be aware of the checks that they will need to undergo to qualify. These will include affordability checks and other checks to go over the details of the loan. This helps to ensure that your potential guarantor is in a good position to act as a guarantor.
You can find out more about how a home improvement loan with a guarantor works here.
If you think that a home improvement loan with a guarantor might be the right fit for you, you can use our online calculator to work out what your repayments might look like based on the amount you want to borrow.
Apply today for your home improvement loan with a guarantor and compare the best deals available.