As reputable lenders, Harmoney assesses your finances and takes the utmost care to ensure you can afford to repay your loan. Things to consider about home improvement loans What repayments can you afford?īefore applying for your home improvement loan, take a moment to consider the repayments and decide how much you can realistically afford to pay per month. While it may seem cost effective to use the low-interest rate mortgage, the savings are often negated by the far longer term of the loan when compared with a short-term personal loan.įor more information read our article on comparing interest cost and interest rate. Homeowners are often tempted to borrow extra money on their mortgage to finance renovations. Harmoney does not offer secured personal loans. If the loan is defaulted, the asset is repossessed by the loan company. In the case of a renovation loan this could be the house itself or another asset like a vehicle. ![]() Secured personal loans require an asset to be put forward as security to guarantee the loan. What types of home improvement loans are available? Unsecured personal loansĪn unsecured personal loan does not require you to offer up an asset as security, which means your home, car and other assets are not collateral when you take out this type of loan.Īll Harmoney loans are unsecured. ![]() What is a home improvement and renovation loan?Ī home improvement and renovation loan is a type of personal loan which you can use to finance home improvement projects, whether it’s DIY or a large-scale professional operation.Ĭommon reasons people take out renovation loans include kitchen renovations, home repairs, putting in swimming pools, bathrooms renovations and solar panel and water tank installations.
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