Personal loans taken out for home improvements
16/02/09
According to Sainsbury’s finance, the number of personal loans being taken out for home improvements have increased. It is thought that last year as many as nearly £4 billion worth of loans were taken out purely for home improvement purposes. If this is the case, then these figures show around a twenty-four per-cent increase in the number of loan being taken out for home improvement purposes.
“It is well-documented that the housing market struggled last year, and our figures might suggest that people have decided to stay put and make the most of their existing homes. It may also suggest however that they're trying to add value to their current homes in order to get a better price for them when the property market recovers,” commented Head of loans at Sainsbury’s, Steven Baillie.
He continued, “If people do decide that they need a loan to pay for their home improvements, they should make sure they look around for the best rates on the market, which could save them a considerable amount in repayments.”
