A new boom in home improvement loan applications has taken many analysts by surprise. It appears as though many more homeowners are now seeking home improvement loans and many attribute this to falling values. By fixing up their homes, these home owners may be able to undue the damage caused by this drop. One thing is certain, home improvement loans are certainly popular right now and will undoubtedly continue in this trend as home values continue to drop.
David Wishart, director of personal loans at Lloyds TSB: “In recent months we have seen a significant increase in home improvement personal loan requests. For the last decade homeowners have been able to sit back and rely on rising property prices to increase the equity in their home but sadly this is no longer possible. If you want to trade up and avoid substantially increasing your mortgage, you’ll need to add value to the house you’re currently in.”
Wishart added, “Whether your motivation is a quick sale, adding long term value or accommodating changing lifestyle needs, it’s vital you consider the financial investment you’re about to make. A personal loan can provide a hassle free, affordable way of spreading the cost.”
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