Britons using personal loans for home improvements
01 September 2010 10:04:55
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| Personal loans being taken out to fund home improvements. |
Sainsbury's Finance conducted a study which found that work on properties accounted for 19.5% of the total value of loans issued in the first six months of the year.
This compared with a figure of 19.4% for the whole of 2009, with the average value of loans used for home improvements rising from £8,237 last year to £9,225 in H1 2010.
Steven Baillie, head of loans at the company, explained that homeowners should ensure they compare personal loans if they are planning to improve rather than move.
"If people do decide that they need a loan to pay for their home improvements, they should make sure they look around for the best rates on the market, which could save them a considerable amount in repayments," he said.
The latest research comes after Sainsbury's Finance revealed recently that one in five Britons intending to buy a car in the next six months will fund all or part of the purchase with a personal loan.
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