Personal loans an option for home improvers
April 3, 2007 by admin
Filed under News, News-Loans
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.”
