Upgrade Your Home with a Secured Loan
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Whether you are thinking of selling up in a few years and want to increase the value of your home or are looking at ways to improve your standard of living, a home improvement loan could allow you to get things underway.
It can be seen as an alternative to remortgaging your property, enabling you to borrow the money you need without affecting your existing deal.
From using a property undergoing home improvements as security to bad credit options and eligibility criteria, we explain more below.
This is one of the most common reasons for taking out a secured loan, as it offers access to funds that can be used to add value to your property.
When referring to home improvements, it can mean anything from painting and decorating to more substantial work, such as a loft conversion or installing a new kitchen.
Most lenders will consider a property that is undergoing light refurbishment, as long as the property is watertight, structurally sound and has connected kitchen and bathroom utilities.
A full, in-person valuation may be requested by the lender if the property is undergoing more extensive refurbishment works.
They will want to establish whether the property is habitable and if any structural changes are being carried out.
However, if the property is classed as being non-habitable, you may still be eligible for a bridging loan, which could still enable you to access the funds you need.
If you’re unsure about the suitability of your property for a secured loan, feel free to get in touch with us and we’ll answer any questions you need help with.
Every lender has its own criteria, but in general terms they will want to check that you:
It’s a good idea to use a loan calculator which will give you an estimation on your monthly repayments so you can check if it is an affordable option.
If you prefer to speak to someone directly about your eligibility and the best type of loan to suit your needs, our experienced advisors can help you find a loan based on your preferences.
Our guide covers answers to some common property-related questions.
We have loans for all credit types even if you have a less than perfect score
Find the financial boost you need to start or grow your property portfolio
Get the help you need to remortgage or resolve a complex application.
Getting a quote won’t affect your credit score
With a secured loan you will need to use your home as security. If you are unable to maintain the repayments on the loan, your home could be at risk of being repossessed, although this is often the last resort.
The benefits of taking out this type of loan is that you can usually borrow more than an unsecured loan at a lower rate of interest and longer repayment terms.
You should consider the pros and cons of a fixed-rate or variable rate loan to see which one is more suitable for your circumstances.
With a fixed-rate loan, the monthly repayment amount remains the same for a fixed period, so you always know where you stand. The payments on a variable rate loan can rise or fall, as it depends on any changes made to the Bank of England base rate. You should only take out a variable rate loan if you are sure that you can afford to repay an increased amount of interest, should the base rate rise.
The Willows team are on-hand to explain more about how secured home improvement loans work and offer advice about fixed and variable rate options.
Taking out a home improvement loan is a long-term commitment, so you should consider:
If you are unsure about any of the above, you may want to consider an alternative option for your home improvement project.
However, if you believe a secured loan is still the right option for you, then it’s a good idea to speak with a broker who can help identify the best deal for you.
There are lenders that will offer secured home improvements loans to borrowers that have a less than perfect credit score.
It may be more challenging to get an unsecured home improvement loan if you have bad credit, as most high street lenders tend to view it as being too high risk.
However, even if you have a CCJ, IVA, default, previous bankruptcy or mortgage arrears on your credit file, you may be able to find a secured loan by working with us as have access to specialist lenders.
To balance the risk, interest rates tend to be higher for applicants with a bad credit history, so this is something to take into consideration before you start the process.
We’ve helped countless people with bad credit to find affordable deals that work for them, so no matter how complex your situation there’s a good chance we can find a solution for you.
We’re extremely proud to be rated ‘Excellent’ for our service standards year after year. Since 2008 we’ve helped thousands of customers across the UK to find the right finance for their needs – no matter how complicated the circumstances.
Finding the right finance doesn’t have to be complicated – so, we’ve made the process clear and simple. Whether you’re applying for a Secured Loan, Mortgage or Bridging Finance, we’ll compare the market for the best options that meet your criteria and provide you with a fast no-obligation quote.
The initial enquiry takes under 2 minutes to request an in-principle loan or mortgage quote.
We compare a wide range of lenders to provide your best options quickly – without affecting your credit score.
Happy with your quote – we’ll make completing the process simple and easy for the lender to approve.
We’re here to help every step of the way and ensure you get your money quickly.
If you have a question – we’d be happy to talk to you – simply call us…
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At Willows Finance we ensure your personal information is kept secure and confidential.
PRIVACY OF YOUR INFORMATION
At Willows Finance Ltd, we appreciate that your privacy is extremely important to you. With this in mind, we have put in place a number of measures to ensure that any personal details we obtain from you as a result of visiting this website is processed and maintained in accordance with accepted principles of good information handling and also in accordance with the Data Protection Act 1988.
This statement provides you with details of the type of information we may hold about you, how we obtain and use information and how we protect your privacy.
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 6678545 (Registered in England and Wales)
This document outlines the services we provide. If you need clarification, please contact us at 01656 766158.
We offer first and second charge regulated mortgage contracts for business or personal use.
Other finance options may include:
Regulatory Status:
We offer an advised mortgage broking service and provide enough information for you to make an informed decision.
We are not independent financial advisers. Free debt advice is available from the Money Advice Service.
You can view our privacy policy at: https://willowsfinance.co.uk/privacy-cookie-policy/.
Lenders may also have their own privacy policies which will be provided to you.
We charge a broker fee upon loan completion. The average fee is approximately 5%, depending on your situation.
Fee details:
No refund is offered after completion. You may pay upfront or add the fee to your mortgage. Fees and commission will be detailed in your ESIS and Mortgage Agreement.
You will receive a Mortgage Agreement and an ESIS document detailing:
You may cancel your application anytime before completion without any charge. Mortgages cannot be cancelled after completion.
Missing payments can lead to charges, repossession, and negative impacts on your credit rating.
Consolidating debt may result in higher long-term interest. Securing debt against your home increases risk.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.
If you wish to complain, contact us at:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Tel: 01656 766158
You may be able to refer your complaint to the Financial Ombudsman Service.
We are covered by the FSCS. You may be eligible for compensation of up to £85,000 per person per firm for mortgage advice and arranging.
More info: www.fscs.org.uk
After processing your application, you’ll receive a Mortgage Agreement and have a 7-day reflection period.
Contact us during this period with any questions. To proceed, sign and return the agreement.
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