Credit £3,250 for 36 months | Interest (fixed at 41.16%): £2,464.57. | Total amount payable of £5,714.67.
Representative 49.9% APR. | 36 repayments of: £158.57.
One of the largest expenses we will ever have in our lives is when we get on the property ladder and buy a house.
It not only is the largest expense we will have, but also the most demanding; demanding in that as a homeowner we are now responsible for any repairs, upkeep, maintenance and improvements.
One other aspect of being a homeowner and living in a property for many years is that over time things wear out.
In the years we may live in the same house, the boiler may need replacing, the fridge will get old and not chill as well as it once had, the washing machine may leak, and in general, aspects of the property may need to be modernised and kept up with the times.
This can be especially true if you are looking to sell the property later on down the road.
Not all properties we may find as our next abode are going to be in 100% perfect move-in shape. We are individuals and as such we like things our own way, and this includes and is especially true for our homes.
You may find a property that is in the perfect location, just the area you want to live in, but the house itself needs some work.
You may also find a house that is just what you are looking for in every way, but it is too small, but there is room to build onto the house, and it can grow with you.
These changes and improvements all require money to have them done.
The house may be habitable and fine for now, but you can see where there is room for improvements.
Just moving house can be expensive. You may need new flooring or carpets, you want to decorate and paint before you move in. You want a shower put into the bathroom prior to moving in. These costs can add up, and you haven't even spent a night there yet.
As you live in a property, over the years things will break, wear out, and in general just need replacing. As there is no more Mr. Landlord to phone any more to have these repairs and updates made, we as homeowners are now responsible for them. And responsible for the costs of them as well.
So how do we pay for the necessary repairs and updates to our homes as time goes on?
There are many ways to cover these many homeowner expenses:
If we have been living within our set budgets and have set-up a pattern of savings, we may just be able to take money from savings for the repairs and improvements we need over the years. Hopefully the cost of these improvements do not exceed our savings.
A homeowner can go to a bank or lender and request a personal loan to make the home improvements they need. Personal loans are for any reason, and due to this fact can be a high risk to a bank.
The lender may charge higher interest rates, and the borrower may need good credit in order to qualify for the loan.
These are loans that are specifically for making improvements to a property.
They can take on many forms, one as a personal loan, which is not secured by the property, and also as a secured loan. The loan is secured against the property; similar to a second mortgage.
While for some these secured loans may be an option, they are also adding to the debt load on the property, while hopefully adding some value in the form of the improvement.
As to if this balances out, or the improvement increases the property's value more than the loan, it can depend on the improvement, the property, the market, and other factors.
When you think about it, there are only two ways to pay for the improvements and repairs, either your saved money, or to borrow from someone else. It may be the improvements or repairs are costly, such as the expense for a new roof, or to add a conservatory.
Financing home improvements and repairs can be looked at as an investment in the property. Your house/property is appreciating in value, meaning it is going up in value, and your mortgage balance is going down; you are gaining equity.
Your house is an investment, that hopefully earns you money as it grows. So improving it, and making necessary updates, is an investment into the property itself, and can increase its value.
So financing these improvements is a strong option if we do not have the savings to pay for them outright.
There are many forms of financing available to a homeowner looking to make repairs and improvement to their property.
Some forms of financing may require a valuation on the property. Not only does this valuation add a cost or fee to getting the loan, if the property is not valued high enough, the loan may be denied.
These are loans or financing for a specific repair or improvement that may be done by a contractor, and they have helped you in securing the financing. It may be replacing windows, adding a conservatory, or a loft conversion.
The contractor makes the improvements and is working with a finance company who is paying them their costs and fee. You then pay back the finance company.
This form of financing can be secured by the property, or unsecured.
However, not everyone is going to have good credit and qualify for some of these forms of financing.
If you have poor credit and need to do repairs or improvements to your home, a Buddy Home Improvement Loan may be the answer.
A Buddy Home Improvement Loan does not require someone to have good credit, or a good credit score, they just need a good buddy who will guarantee the loan.
The loan can be for repairs, maintenance, and even modernisation of a property.
The loan is not secured against the property, so there is no threat of repossession, as in the case of a second mortgage or secured loan.
You just need a good buddy to help you be approved for a Buddy Home Improvement Loan.
Buddy Loans is a direct lender £1000-£7500 +441618504141 Alexandra Court, Carrs Road, Cheadle, SK8 2JY rated stars by Trustpilot.com based on 1128 merchant reviews
Always helpful, reliable and will go out of there way for customers, never had an issue an this is my second loan with them Same great service each time!
Great Company, the communication from start to finish was great, my loan was quickly approved and I received the full amount within 48 hours. I highly recommend Buddy Loans to anyone looking for a guarantor Loan.
Great customer service
I dealt with 2 people mainly and they were soo helpful. Couldnt ask for better customer service.
Very helpful, everything was explained to me and I was asked if I understood each step. Good communication and all callers very friendly. The loan will take a lot of worry off my daughter and I was happy to be her guarantor.
I found them very polite and helpful, they quickly and efficiently sorted out my loan and kept me up to date with its progress. Daniel in applications was brilliant as was Paul in the underwriting team. Thoroughly recommend them!!
Prompt and fast payout
A very professional firm with very little paperwork involved all done and completed within a week. Faultless.
I was a guarantor
These were great. Polite, professional and had a genuine concern to ensure all was explained. I was the guarantor for a good friend and know these guys helped him so much.
Excellent friendly helpful service
Every person I spoke to was very friendly and helpful and they were very knowledgeable about their product would recommend to anyone looking for a loan
Amazing service and very easy and simple process
Amazing service and very easy and simple process. Thank you very much. Would highly recommend. Staff were great very friendly and very informative about everything
From the initial application online right through to the pay out team, brilliant! Easy online application followed by a prompt call back. The whole process was explained thoroughly by a friendly team. Can't thank Buddy enough!!
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Representative 49.9% APR.
Terms and Conditions apply. Suitable Guarantor required. All loans are subject to status and affordability checks prior to approval. All applicants must be 18 or over.
You can use your Buddy Home Improvement Loan for any repair or improvement to your home that you wish. The choice is yours.
No, Buddy Loans are not secured by your property. Our loans are based on affordability and the fact you have a guarantor.
Yes, Buddy Loans grants loans based on two factors:
A family member, a good friend, anyone who knows you and knows you will repay the loan.
That is a difficult question to answer as there are many reasons a property may increase in value. Yes, improvements to a property can increase its value, so can market conditions, and other properties in the area.
No, a Buddy Home Improvement Loan is not secured against the property, the loan is an unsecured instalment loan. If you miss a payment your house will NOT be repossessed. We will simply contact your guarantor to seek payment.
No, as a Buddy Home Improvement Loan is not secured against the property, there is no valuation of the property. You just need a good buddy and you've got a loan.
Once we have yours and your guarantor's details, approvals can be the same day, and the money in your bank within 24 hours.
Money in your
account the next day
Minimum period for repayment: 12 months | Maximum period for repayment: 60 months | Minimum APR 49.8% | Maximum APR 49.9%
Representative example: Amount of credit £3,250 for 36 months. Interest (fixed at 41.16%): £2,464.57. Total amount payable of £5,714.67. Representative 49.9% APR (Variable). 36 repayments of: £158.57.