24 August 2006
Many homeowners are opting to take out a secured loan to undertake improvements on their property, according to new research.
A study by Nemo Personal Finance has stated that many homeowners are now looking to improve rather than move home and are taking out a secured loan package to assist them in their painting and decorating DIY projects.
Phil Jones, joint managing director of Nemo Personal Finance, said: "Home improvements can provide homeowners with an alternative to moving house if they need to accommodate a growing family, or if they simply want more space.
"Since paying out our first loan in February 2005, almost a quarter of customers have borrowed specifically to fund home improvements, with the overall majority of customers having an element of home improvements attached to their need to take a loan out with us."
Nemo secured loans offers rates ranging from 6.7% APR variable to 13.4% APR variable, with typical rates standing at 8.4%. Homeowners can borrow between £10,000 and £100,000 with the repayment length ranging between five and 25 years.
Compare secured loans and find the best secured loan for you with the uSwitch.com loans comparison service.