Repair Your Home with a Secured Home Improvement Loan

If you own your home, repairs and maintenance are a fact of life. Whether you are undertaking vital repairs to your bathroom or kitchen or are planning major maintenance work such as new windows or a new roof, the cost of home repairs can run into thousands of pounds.

So, how do you finance repairs to your home? Our guide looks into the cost of home maintenance and the ways in which you can finance the essential work you need to undertake.

Home Repairs an Essential Part of Owning Your Property

Every house needs repairs and maintenance. And, a 2004 survey conducted by the Energy Saving Trust found that buyers often face repair bills when they move into a new home.

The survey found that 40 per cent of buyers end up paying for boiler repairs whilst a third have to splash out on repairing plasterwork. Almost half encounter problems with windows whilst a fifth end up spending money to deal with the problem of rising damp.

Billions Spent on Home Repairs Every Year

Lloyds TSB reported that Brits spent £16.6 billion on home improvements and repairs in 2008 whilst a recent survey published in the Independent discovered that the average UK homeowner planned to spend £2,831 on repairing, improving or extending their property this year.

And, more and more people are undertaking home repairs themselves rather than paying a tradesman. DIY spending has increased by 42 per cent over the last decade whilst spending on builders fell by 11 per cent over the same period.

The cost of home repairs can be substantial, meaning that finding the cash for the work is often a concern.

Cost or Home Repairs Can Be High

Whilst some repairs to your home may cost a few pounds, more significant repairs can run into thousands of pounds. For example, replacing your windows and doors can cost around £400 per window and over £500 for a new door. Replacing your roof can set you back over £3,000 whilst a damp proof course may cost the same amount.

It can also cost several hundred pounds for rewiring, boiler repairs or repairs to damaged laminate flooring.

So, whilst increasing numbers of people are carrying out some home repairs themselves, the cost of the work can still be substantial.

Financing Home Repairs with a Home Improvement Loan

One of the most popular ways to finance essential home repairs is through a home improvement loan. Rather than using potentially expensive credit cards or unsecured loans, a secured home improvement loan allows you to borrow against the equity in your home.

Lenders will typically lend between 75-90 per cent of the value of your home (less any existing mortgage or secured loan) and you can generally choose the term of the loan in order that the monthly repayments are affordable to you.

You may have to demonstrate that the loan is affordable to you and the lender may also check your credit history. However, even if you have a less than perfect credit rating, you may still be able to benefit from a home improvement loan.

So, whether you need a new boiler, new windows or a brand new roof, a home improvement loan may be the perfect way for you to borrow the money you need to repair your home.

To get your home improvement loan, fill our form on the right.