Increasing The Value of Your Flat With No Money in the Bank

Is your flat falling apart at the seams? Is the kitchen out-dated and in desperate need of an overhaul? Do your bathrooms need an update and a more modern look? Do you have a multitude of ideas for how you want to renovate your flat, but don't have the money to pay for it?

If this is the case, and you own your flat, then you are in luck. With a secured loan, you can use the equity in your home as collateral against a loan that can pay for your costly renovations.

How does it work exactly?

First off, to figure out what size of a loan that you could take out against your property, use this simple formula:

Take the appraised value if your home, and from that amount, subtract all outstanding mortgages and secured loans that are currently outstanding on the property. This number represents the total outstanding equity in the property.

So let's say that your flat is worth 150k pounds, and you currently have 110k pounds in outstanding mortgages and secured loans on the property. This means that you have 40k worth of equity in your flat.

Most lenders will let you borrow up to 100% of the total equity in your home. So, you would be able to borrow up to 40k pounds to finance the renovations on your flat.

A secured loan lender will be added onto your mortgage. This is done to minimize their risk, in the event that you default on the loan. The benefits to you is that you pay much lower interest rates than someone who is taking out an unsecured loan, plus you are able to borrow much larger quantities of money.

It is often said that for every dollar in quality renovations that you pay for on your home, you will realize two dollars in increased value for the home. This can make financing renovations on your flat an extremely wise financial investment.

To apply for a loan, simply click on the link below and you will be taken to our secured loan application form. Filling out the form will take no more than 2-3 minutes, and you will be contacted by an agent at a time of your choosing. Apply today!