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Personal loans an option for home improvers

April 3, 2007 by admin  
Filed under News, News-Loans

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Personal loans are an option that people considering carrying out expensive work on their homes should consider, Alliance & Leicester has said.

According to the company, improvements such as loft conversions can add up to £100,000 to the value of a home.

However, developments like these do not come cheap, with the average cots of a dormer loft conversion currently around £23,000.

Many homeowners may instantly think to add such an expense to their mortgage, but Alliance & Leicester claims that a personal loan could be up to £15,000 cheaper in terms of interest payments.

“Carrying out home improvements instead of moving can have amazing results, potentially increasing the value of your existing property and also saving a great deal of money as well,” said Richard Al-Dabbagh, senior personal loans manager for Alliance & Leicester.

“If you are looking to undertake a sizeable home improvement, there will be a massive temptation to simply take out a further advance on your mortgage. But a personal loan could represent a cheaper alternative for those who can afford higher monthly repayments over the shorter term.”

Tags: work, dormer loft conversion, home improvement, property, interest payments, loft conversions, Richard Al-Dabbagh

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