Carry Out Home Improvements With A Secured Loan Or A Remortgage

Gazing into the garden at the back of your home

, you think to yourself that it looks nice with the tulips swaying in the breeze. However there are ways you think of making the garden even better.

In the centre of the garden there is a spot that would be ideal to install a swimming pool, and it would be even nicer with a patio around it.

You get so carried away with the thought that you can actually see yourself sitting in a comfortable seat sun bathing and you imagine that you can hear the happy little voices of your children.

It would be wonderful to spend much needed spare time with your kids that you feel you do not have enough free time for in your busy work schedule.

You go online and look at the costs of having such a pool installed and are disappointed that it seems expensive and notice that the company that is advertising their swimming pools also provide loans.

However the interest rate is high at round about 25%, and you consider that the pleasure of having your own swish heated pool, and the value that it will add to your home is just not worth all the money that it will cost.

It is expensive to obtain a home improvement loan from the company carrying out the work.

These ways are remortgages or secured loans, otherwise called homeowner loans, and they are low interest cost effective ways of doing home improvements.

Both remortgages and secured homeowner loans are home loans that require an asset of a residential property.

If there are no penalties to come out of your mortgage, a remortgage would be the better choice.

All the shopping about can be eliminated by seeking the services of a whole of the market mortgage broker who has all the lenders at his finger tips to offer you the best rates available, which currently start at less than 2%.

If you are in a deal with your current mortgage lender, obtaining a secured loan may be the better altenative that will avoid you paying an early repayment penalty that are high at between 2% to 5% of the outstanding mortgage balance.

It makes a pool very affordble, with secured loans costing from 9% and remortgages from less than 2% for a tracker remortgage.

The repayments can be spread out up to twenty five years making them affordable to most people.

by: Liz Moir

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