Home Improvement Loan

JS2006

Hi Guys,

I'm lookinf for some advice as I'm thinking of taking out a loan for home improvements. The only loan I've ever had is my overdraft and that was a no brainer (well, back then it was!).

My flat deperately needs new doors/windows (ground floor, wooden windows and single glazing. Leaks/draughts and 2 attempted break ins in 10 years) and a new kitchen (cabinets are falling apart and everything leaks)

I've been quoted just over £3k for doors/windows and I'm thinking it might be around £5k for the replacement kitchen. I was thinking of getting an £8k loan over 4/5 tears but have no idea where to start. I don't know if my bank (who I still have a £1k overdraft with) or a loan comparison website would be best.

If anyone could point me in the right direction and give me a bit of advice I would be really grateful. Thanks!

Apples2

Do you have a job?

CLAPTON

some details would help

do you own the property
is it mortgaged
your income
your exisitng debts
on the electoral roll
what does your credit file say about you

jason1231972

JS2006 wrote: »

I've been quoted just over £3k for doors/windows and I'm thinking it might be around £5k for the replacement kitchen. I was thinking of getting an £8k loan over 4/5 tears but have no idea where to start. I don't know if my bank (who I still have a £1k overdraft with) or a loan comparison website would be best.

Your windows/doors quotes seems reasonable, but £5k is a lot for a kitchen. Even if you need everything right down to the floor up to the ceiling, plus all new appliances and units, it can be done much cheaper than this.

I'm in the process of totally renovating a medium-sized kitchen. New floor tiles, new wall tiles, new sink and units/cupboards, new work surfaces, new fridge and cooker, and it's coming in at well under £2k. I can do all the work myself (inc. fitting the kitchen), but even if you have to draft in paid labour, £5k is a lot. You can always buy all the materials yourself and get a good local handyman/woman to do the labour.

Ikea is the way to go for a basic but quality kitchen suite. If you're not a handy kind of guy, they even do standalone kitchen suites that require no fitting at all (bar the under-sink plumbing), and they actually look really good.

JS2006

Thanks for replying guys, this is exactly the reason why I'm asking here - I don't even know what kind of information I'd need to provide.

I do have a full time job and I do own the property. I wouldn't like to get a secured loan though. I am on the electoral roll and have no idea what my credit score would look like. I don't have any other loans but do have a couple of debts which, due to their nature are interest free. I have around £200-300 per month that I could use to pay towards repayments but obviously would like to pay as little as possible whilts still getting a good rate.

I was quoted around £4k for a new kitchen as its quite a large kitchen and it would need the plumbing replaced due to the old stuff being 25 years old!

CLAPTON

maybe answer my questions above

JS2006

CLAPTON wrote: »

maybe answer my questions above

do you own the property - Yes
is it mortgaged - No
your income - £16k p/a
your exisitng debts - around 3000 (not actual loans and being repaid monthly)
on the electoral roll - Yes
what does your credit file say about you - I can't access my credit score online, as i have tried before and been told to send in documents of ID

19lottie82

you might struggle to get an 8k loan with a 16k salary and 3k existing debts.

i think the general formula for how much you can borrow is 50% of your salary minus your existing debts......

so 16k/2 - 3k = 5k loan tops.