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  • 1. Adding an extra room in your loft or justroutine maintenance on an aging property is expensive and often the best way to proceed is by applying for a home improvement loan. Very few people want toattempt many of these home improvements themselves so tradesmen such as electricians, plumbers and carpenters will need to be
  • 2. Bear in mind that home improvement loans are just for that and assuch two options are available; secured loans and those that do notrequire equity A loan that does not require equity allows newhomeowners to apply even if they just bought their home
  • 3. Fortunately for the homeowner, a non-equity based financingarrangement is available with a fifteen year repayment term ifrequired The eligibility for finance without equity can depend on thecombined household income, which should not exceed the countylimit where the property is located
  • 4. The eligibility of the borrower, the property type and theimprovements planned are all considered because this type of loanmay only have minimal documentation and is relatively easy toprocess Remember a secured home improvement loan is usingspare equity in your property but this course of action is not foreveryone
  • 5. The upside to this type of secured loan is its available at morefavorable rates of interest but is not arranged as a second mortgageon the property The lender will only providefunds for a secured loan based on the current equity available inyour property
  • 6. The lenders need to be assured that there is in fact equity in yourproperty and that any loans already outstanding will not interfere withany new arrangement made by them if they agree to a loan Afterthis has taken place, the lenders will put a package forward whichmay not necessarily be for the full amount the homeowner wanted
  • 7. Usually, finance companies will lend you a percentage of theassessed value of your house but some lenders can lend as high as125 percent of your homes equity Any loan secured on a propertyhas a risk attached and that is especially true when the loan is largeas payments can become difficult to make at which point thecreditors can move in and take your home away
  • 8. Do not arrange a home improvement loan if it is going to cause anyfinancial strain especially if it is only for remodeling but restrict theamount to cover for important repairs or restoration only
  • 9. Please visit for free tips and general information
  • 10.