Getting a home improvement loan to refurbish your entire home or just a section will add to your overall quality of life and it will make you more comfortable in your home.
If you are considering a home improvement loan in the UK, you might be wondering what factors qualify you for one. Here, we have provided you with a list of 7 of these factors:
1. Credit History
According to users of UK.collected.reviews, your credit history will reveal your financial position. It will disclose your borrowing history and whether you have gone bankrupt at any point in time. So, if you plan to get home improvement loans in the future, you need to balance your financial life to build a good credit history.
To get a home improvement loan, you have to reach a certain age. This depends majorly on the agency issuing the loan but on the standard, you must be above 18 years old to apply for one. There are agencies issuing home improvement loans to retirees, individuals around 65 to 70 years old and so on. You only need to do your research and find one that gives loans to people of your age range.
This might not be considered if you are applying for a secured home improvement loan where you borrow against the value of a property. Here, you pay less interest and you can borrow more. But the unsecured home improvement loan requires you to have a steady stream of income which is enough to pay back the loan weekly or monthly as you are not borrowing against a property.
4. Existing Bank Account
You will surely pay back the loan through a bank account, so you must have an existing bank account where your financial history will also be examined to know if you are eligible for the loan or not.
5. Have a Personal Bank Account in the UK
If you are taking the home improvement loan in the UK you need to have a personal bank account with the name you will issue at the agency while securing the loan. All transactions will be made through your bank, so it is important.
6. Be a UK Resident within Some Years
As a new immigrant you might not be considered for a loan, you must have lived in the UK within a number of years to be qualified for one. The number of years varies, depending on the agency issuing out the loan.
7. Criminal Records
If you have a criminal record of duping people or applying for loans with fake properties, you won’t be considered. If you plan on getting a home improvement loan in the UK you need to have a record of no criminal activity.
Check all the boxes and nothing will disqualify you from getting a home improvement loan to refurbish your home for your comfort or to give it a 21st-century look that will attract buyers If you plan to sell the home.