Secured Loan for Home Improvements

Why a Secured Loan Could be a Suitable Option to Fund a Home Improvement Project

Home improvements can be expensive and can often run into the thousands and sometimes tens of thousands. In this instance you may need to borrow a large sum of money.

A secured homeowner loan uses the equity you have built up in your home as security against the amount you are borrowing from a lender. This means that lenders will often lend large sums of money. Fluent Money can offer secured loans ranging from £10,000 to £500,000. You also have the choice to take the loan over the long term, our terms offered are between between 3 and 30 years. Taking a secured loan out over a longer term can mean that the monthly repayments are lower, however the overall cost may be higher and this is something you have to consider.

Your regular income is also not as crucial with regards to the the eligibility criteria because you are securing your home against the loan.  This can work favourably for you if your monthly income has been reduced. Perhaps you are retired and or you have decided to work part time instead of full time. A secured homeowner loan is also flexible in the sense that you can still apply if you have an existing mortgage (known as “second charge loan”).

If you’re looking to make your dream kitchen a reality, your home more energy efficient or adding that much needed extension then, depending on your personal circumstances, a secured homeowner loan may be a suitable option for you. Our Fluent Money advisers are specialists in homeowner loans and have access to a panel of lenders that offer a range of competitive and flexible loans.