Halifax recently conducted a survey into home improvements regarding what people intended to spend and how they financed it. Almost half of the people surveyed said that they did intend to carry out some home improvements in the next 12 months and over half of those people intending to, would spend around £1,000. In terms of financing the home improvements, most people said they would use their savings. Some said that they would take on a personal loan and others would increase their mortgages.
Tip
For those of you intending to take on loans and extra mortgage borrowing for home improvements, make sure you do the maths. Adding an extra £1,000 to your mortgage can make a huge difference to the amount you repay at the end, especially if you have some way to go before your mortgage ends. For those thinking of loans, check the interest you will be charged. £1,000 can turn into many when it comes to repaying over time. Learn more about Mortgages in Mortgage Crazy.com.