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A home improvement loan is often an extension of your mortgage.
Mortgage lenders actually encourage a carefully managed and
planned home improvement program, because it helps to raise
the value of the home that they made an investment in.
Some lenders
will advance money to you in separate parts. The reason for
this is that you can never really tell how much money to borrow
when making a major home improvement. It could be less than
you thought or it could be more. So it is a better idea perhaps
to not take your home improvement loan in one go. This controls
the risks of the lender as well as you so you should be able
to get a good deal.
Home improvement
loans are for essential improvements. You cannot apply for
a home improvement loan for an extension unless you are able
to prove that it is essential. Non-essential work can be funded
by a mortgage extension, but you have to pay that back over
the full term of the mortgage unlike the home improvement
loan.
Need new
windows? A conservatory? A driveway? A new kitchen? Or just
want to "fix-up" the house!
Why not have all of them and a little cash to spare?
Proceed
to the application
form.
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