Additional research shows one in five UK homeowners will be taking out a loan to improve their home, a leading money comparison site reveals.
A fifth of homeowners have admitted to borrowing money in the past for necessary home improvements, with the average loan value standing at £14,037.
“With the warmer weather arriving, and TV full of DIY adverts many people may be thinking about taking advantage of the extra holidays and lighter nights to make changes around their homes,” said Tim Moss, Moneysupermarket head of loans.
“Homeowners who had been looking to move may be forced to spend money to improve the value of their property, or simply make changes to ensure they can live happily in their home for an extended period.”
Homeowners in the West Midlands were revealed to spend the most on doing up their homes, with the average loan taken out standing at £29,586. Those in Scotland were shown to spend the least, on average £6,305, which is 45 percent less than the UK average.
While those in Northern Ireland were most likely to have taken a loan out for home improvements, as 28 percent admitted to have taken one out. This was closely followed by homeowners in the East of England, who 24 percent claimed to have taken out a loan.
Paying of a Personal Loan
If you have taken out a personal loan to make home improvements, or have racked up a hefty credit card bill take a look at the best way to pay the money back.
If money is tight at the moment, and you cannot see yourself paying back a large chunk of the money you owe, you could consider a balance transfer credit card. With offers on the market of 0 percent interest for 22 months for balance transfers, this gives you time to save up the money to repay your debt.
Source http://www.compareprepaid.co.uk/
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