Cheapest 80k loan for home improvements

Jay_Factor

Nuggets of wisdom appreciated.

I would like to carry out home renovations next year totalling 80k (top end budgeting)and wondered what the cheapest way to finance this would be. I would prefer an unsecured loan, ie I do not want to borrow against my house as there is no outstanding mortgage on it.

I was thinking about a combination of personal and credit card loans, with repaymet over 60 months, however are there better and more targetted products out there for people in a similar position?

Thanks

19lottie82

You won't get an unsecured loan for 80k. You won't get loans / credit cards totalling 80k. Sorry.

What sort of renovations cost 80K?

Either cut your cloth to what you can afford, consider a loan for a more realistic amount (general rule of the thumb for max amount is 50% annual income minus existing debt amounts, IF you have a good credit record), or look for a secured loan. However the latter generally isn't advised, as if you can't make payments your home si at risk.

Jay_Factor

Noted. Thanks for taking the time to respond.

19lottie82

No problem. Also to explain my first point a bit more, I think the largest non secured loan offered is 25k

Pixie5740

The chepeast way to finance it would be pay remortgaging your home. Most lenders offer maximum unsecured loans of £25,000. Also as a general rule of thumb the most unsecured borrowing you can get is equivalent to about 50% of your income.

Thrugelmir

Jay_Factor wrote: »

ie I do not want to borrow against my house as there is no outstanding mortgage on it.

Why not,. It's your cheapest and only option.

jaylee3

I think a 'cheap £80K loan' is a bit of an oxymoron.

Thrugelmir

jaylee3 wrote: »

I think a 'cheap £80K loan' is a bit of an oxymoron.

People believe interest rates are currently normal.

A thought that is really quite concerning:eek:

27col

i can't imagine anyone lending you £80k without getting some security. It sounds as if the only security you could offer is the house itself. Ergo, a mortgage.

Babbawah

Thrugelmir wrote: »

People believe interest rates are currently normal.

A thought that is really quite concerning:eek:

In my reality there is no such thing as "normal".

What's it like to live in your reality?

hostertlady

Pixie5740 wrote: »

The chepeast way to finance it would be pay remortgaging your home. Most lenders offer maximum unsecured loans of £25,000. Also as a general rule of thumb the most unsecured borrowing you can get is equivalent to about 50% of your income.

I second this, plus it will add value to your home..(hopefully
as a matter of interest, what are you planning to do?
huge extension?
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