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Are You Worried about Funding Your Home Repairs?

by Martyn Weber on Sep 27, 2019

When you are looking to make repairs or alterations to your house it can be a daunting prospect where you are going to get the money to fund these repairs from, you always have the options of:

  • Overdraft

High-interest rates running 10-20% for a secured overdraft are generally too expensive to allow you to fund in a positive way.

  • Unsecured Loan
    You could opt for an unsecured loan, but unless you have an amazing credit rating then again these are going to be very high interest
  • Secured loan

These offer a cheaper interest rate, but then you are worried about what this would mean for the profitability of selling the home in future and you are tied into a long contract

  • Bridging Loan

You can look at getting a short term bridging loan that allows you to fund any home repairs or alterations that you may have using a bridging loan calculator, you can look at how much it will cost you over the period that you are looking to borrow over

Checklist

With these different options, you can look at what is the best option for you and how you are going to fund the work that is required. 

Whether you want to make the house ready for sale or just improve how your property looks you  have multiple options but if you are looking for a return on an investment the bridging loan may be the best and cheapest way to get the funds that you need to make the improvements that you want before confirmation of a sale is available.

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