Home Renovation loans allow you to borrow money from reliable lending companies to refurbish your home to the desired standard. There are various types of home renovations. There’s the kitchen renovation, bathroom upgrade, garage revamp, bedroom remodelling etc.
According to UK.collected.reviews, the truth about this loan is that it is usually unsecured. Before asking for a loan, it is important that you have taken an inventory of your renovation plan and how you intend to pay back the loan.
Home renovation loans are not usually advisable when there’s no sight of a payback plan. Make sure you secure a loan like this within your means.
Here are some of the best home renovation loans in the UK today.
This is a private company loan scheme that helps borrowers meet their home remodelling dreams. This loan allows a reasonable amount of £3,000 to £25,000. It is a loan that has a 1-5 years payment plan. This loan is specifically for UK residents, with a minimum age of 21 years and earns a minimum of £12,000 per year.
2. Post Office Personal Loan:
The post office personal loan also serves the same purpose of helping homeowners attain their desired goal of a home renovation. The loan amount ranges from £1,000 to £25,000 with a 3.0% interest. The loan lasts around 1 year to 7 years. Only available in the UK for people within the age of 21 and an above, minimum yearly income of £12,000 with a good credit rating.
3. Freedom Finance Personal Loan:
Freedom Finance loan is also one of the best home renovation loans in the UK in 2021. It offers loan services of £1,000 to £25,999 with a 6.8% interest rate, a 2-7 years payback plan, a maximum age limit of 70 years with a minimum of 18 years also with a yearly income of £12,000. It has a fair credit rating.
4. Monevo Personal Loan:
The Monevo Personal loan performs the same function of assisting homeowners to realize their home goals. The loan offers a minimum amount of £1,000 to £35,000. It has a 10.6% interest rate, a payback plan of 1-5years. Only available to UK citizens with 75 years as the maximum age and 18 years as the minimum. Eligible for people with the yearly earning bracket of £7,000 upwards. Its credit rating isn’t favourable.
5. Aspire Money Personal Loan:
Aspire Money Personal loan also gives UK citizens’ personal home improvement loans. It has an amount that ranges from £500 to £25,000. It also has a 30% interest rate, with a one to five years payment plan. The age eligibility bracket is 18-65 years old. It has a poor credit rating as well.
There are so many home renovation loans in the UK with varying rates and credits. Make sure you research properly about which you can handle to avoid landing into a serious crisis when paying.