A new kitchen, bathroom, extension or garden can make a huge difference to a property. Whether you are looking to improve your property, to sell or enable you to live in it for longer, a home improvement homeowner loan can be a cost-effective method to raise funds.
Second mortgages can spread out the costs of any investment and make it affordable. As the loan is secured against the equity in your property, it does mean that if you are unable to pay back the loan, your lender can take the money you owe them from this.
Whilst an extension or work on your home can provide benefits to your lifestyle or quality of life, it may have a negative effect on your bank balance. Taking out short term, high-interest loans may seem easy, but it can put pressure on families further down the line.
At trufe. we work with our customers to make sure taking out a second mortgage is straightforward, whilst also evaluating the advantages and disadvantages against other financing routes.
Getting the work completed on our property has changed our lives. We thought it was out of our reach financially, but trufe. ensured we were looked after and made everything possible."
A Home Improvement Loan is usually taken out prior to work being carried out at on property as an upfront payment/deposit for builders, contractors and materials. Most common for people aged 65+, the loans are then paid off over a set period of time.
The total you will repay is then dependant on how much lenders will allow you to borrow and the interest on that amount. This is calculated by several variables including your credit rating, how long you want to pay it back and interest rates.
Our fees are included within the final loan and are 5% of the total loan amount up to a maximum of £2995.
As a home owner you have demonstrated a level of credit worthiness which helps open the door to lower interest rates as your risk rating is reduced. Taking out a loan against your property further provides security for lenders that can be valuable when looking to borrow large amounts.
Using a home owner loan to raise funds to improve your property can spread the cost over 3 to 25 years making it more affordable than other loan mechanisms. Once the work is complete you can also settle your loan early which may save interest (charges may apply).
Less than a month ago I never thought it was possible but Sarah has made house buying for the first time as easy and as stress-free as possible. Always very professional and has gone above and beyond to make sure I fully understand what is happening at every stage.
Highly recommended. Sarah offers a friendly and efficient service. I have an extremely busy lifestyle, so had very little free time on my hands. Sarah made sure that she took care of everything while carefully considering my personal needs. I cannot recommend her services enough, she’s made buying my first home a doddle.
My mum gifted my partner and I her home and Trufe handled it. Sarah is so quick, thorough and professional she impressed all of us. Should I ever need a mortgage advisor in the future this is where I will go. Absolutely fabulous service and I heartily recommend them.
At trufe. we understand the loans market and as an experienced independent broker, can source tailored loans for our customers.
As with all loans, it is important to manage the risks and at trufe. we take our responsibility to our customers very seriously… if a remortgage or secured loan isn’t suitable, we will tell you!
For a free evaluation of your current situation please contact our team of experts.
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