Home improvers 'should shop around for personal loan'
Nov 30, 2006
Homeowners who are considering taking out a personal loan to pay for home improvements should make sure they shop around for the best deal, it has been advised.
Research from price comparison service Moneyexpert showed that British homeowners spent an average of £1,509 on employing tradespeople to work on their home in the past year.
However, big spenders could be wasting as much as £2,500 by paying for work with an unsecured loan if they do not do their research, the company said. On a loan of £10,000 over four years, the total repayment could currently vary by as much as £2,501, or by £52 per month, research revealed.
The chief executive of Moneyexpert said that home improvements were one of the most popular reasons for taking out a personal loan, but when people went for major renovations and considered borrowing more than £10,000, they needed to ensure they got good value for money.
Personal loans could vary in price dramatically, he warned, and consumers could end up paying back as much as a quarter of the amount they borrowed in extra repayments unless they researched the market carefully. There were other factors to consider too, such as early redemption fees and minimum income requirements, and taking out a personal loan should not be a snap decision.
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