A personal loan is a great way to finance improvements on your house. In essence, the loans are used to maintain and often even increase the value of your home. You can use the money for repairs, a new kitchen or bathroom or for an extension, conservatory or loft conversion. Generally, any action that can be considered to increase the value of your property in such a way that it increases the expected sales value of the home can be deemed to be making home improvements so, if youre really ambitious, this could even mean adding a swimming pool or tennis court to your home.
Unlike some other forms of borrowing used for home improvement purposes, a personal loan is different to home equity release or refinancing your mortgage and it is a form of borrowing which is very popular because of its unique advantages and flexibility in its structure. Depending on the amount you wish to borrow and over what repayment term, you can opt for the unsecured or secured route. The unsecured option is usually chosen for smaller amounts (up to 25k) repaid over a shorter period of time (10 years or less), so if your plans are more costly than that and/or you need longer to repay the loan,...
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