Bad credit rating is not synonymous to discontented lifestyle. You need not live in a wrecked home owing to shortage of cash. A planned remodeling of your home can escalate the value of your property besides giving you and your family a chance to live in a spruced up abode.
As the cost of a home improvement project is the way lower than buying a new home, you should not give it a second thought when your walls are calling for a new look.
However before you go ahead with the renovation project and start the search for home improvement loans in UK, it is important to know certain aspects. Here is a step by step guide on the same.
1. Define the expenses and calculate how much you need.
With bad credit rating and shortage of funds, it is important to apply for loans after doing some homework. You should clearly know how much you need and raise only the required amount. You should not borrow more than what you require.
The best approach to do the calculation is writing all the plans on a paper and finding out cost effective solutions for the same. You can search the market and know the cost of all the projects. List down all the DIY projects and look for cheaper alternatives. You can also plan certain recycling options to reduce the cost. Only a practical assessment of expenses can help you reach to the amount required for loan.
2. Answer how much you can pay as loan instalment
After you know the amount of loan, figure out how much you can spare every month for loan instalment. You would need a low cost instalment loan. Depending on your budget calculate the percentage of interest rate you can afford every month.
3. Use professional consultation
After completing the basic homework you would need to know how to source the funding for home improvement. Depending on your debt to income ratio, the cost of loan would be determined. You would basically require affordable loans with no upfront fees. A debt should always be raised to repay successfully on time. When you pay out successfully, you build a good history and become eligible for more credit in future.
In order to avail all these benefits and more, contact an FCA regulated loan broker. The brokers are professionals who can help you search the closest match loans without charging any fees. The regulated brokers never cold call you. You need to fill a form on a broker’s website and they would conduct a search in the panel of the regulated lenders with them and find a loan according to your preferences.