Brits plan to perk up their properties...
Please note AA Financial Services Limited is a credit broker and not a lender. Finance provided by the Bank of Ireland.
That’s a dilemma that faces many families but it’s clear that Brits are reluctant to go through the hassle of uprooting to find a new pad, with just 10% planning to do so over the next two years.
But according to new YouGov research for the AA, it looks as if half of British families (48%) are instead going to sink some cash into improving their homes – and that’s just over the next six months!
Glorious garden or beautiful bathroom?
It seems that homes are going to see plenty of effort ploughed into perk-up DIY projects. Two-thirds (71%) say they are going to redecorate, whether that’s a lick of paint or some fancy new wallpaper but a green-fingered fifth (23%) are planning a serious garden makeover. And 16% are going to splash out on a new bathroom.
David Searle, the AA’s director of financial services says: “It seems that we are a nation of DIY-ers with astonishingly, half of householders looking to make improvements before the end of the year.
“We’re seeing a growing number of personal loan applications at AA Financial Services for home improvements. And after buying a car, that’s the number-one reason for taking out a loan.
“Third and fourth on the list of makeovers are adding or improving an outdoor dining area such as a patio (12%) and a new kitchen (8%). Projects like these involve serious planning to get the best value out of often a big expense. In fact, the average size of an AA home improvement loan is £13,000.
Adding value
David Searle adds: “It seems that homeowners are looking to put their £’s into improvement projects that will not just make life more pleasant but enhance their homes, without the cost and hassle of moving.”
An AA loan for home improvement could help to turn ideas into reality – whether landscaping the garden, putting in a new bathroom or kitchen. Around 3% say they are building an extension this year while another 2% will bring the outdoors in with a brand new conservatory.
Home improvement loans are available from £1,000 to £25,000 -There’s no up-front payment and no administration fee. And, if you are able to pay off your loan early, there is no early redemption fee.
A simple calculator shows you what your monthly repayments could be and how much interest you’ll pay overall, while you can also check to see that your application will be accepted without affecting your credit score on our eligibility checker. 3.1% APR* Representative (fixed) for loans between £15,001 and £25,000.
So whether it’s for the garden or bathroom beautiful it could all become a reality quicker than you might imagine!
*Representative example
Representative 3.1% APR. Based on a loan of £17,500 over 5 years, with monthly repayments of £314.89 and total amount repayable of £18,893.40, which includes £1,393.40 interest at 3.1% fixed.
*Loans available from £1,000 to £25,000.
Source: All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2026 adults. Fieldwork was undertaken between 6th - 8th April 2018. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
This is a paid promotion by AA Financial Services and does not necessarily reflect the views of lovePROPERTY. Written by Ian Crowder.