Personal loans to fund increased home improvements

Tue, 13 Sep 2005

The housing market is showing signs of slowing, but it looks like homeowners are choosing to revamp their homes rather than sell up.

Over the next six months, Brits plan to spend just under £79.3 billion on home improvements, the Sainsbury’s Bank Home Improvement Index revealed.

This is £22 billion more than in the previous six months.

Over £7 billion of these home improvement bills will be funded by personal loans, Sainsbury's Bank claims.

The personal loan provider's loan manager Rachel Brereton pointed out that this research shows that £13.2 billion of planned home improvement expenditure over the next six months will be financed through credit cards and personal loans.

"However, in the excitement people can often forget to shop around for competitive finance offers which can cost them thousands of pounds in unnecessary interest repayments," she warned.

Ms Brereton said Sainsbury's offers personal loans with interest rates that start from 6.5 per cent APR typical. She added that these personal loan rates are among the lowest available.

She also added that Sainsbury's new Visa card offers one of the longest zero per cent APR deals on purchases at ten months.

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