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Your 2023 Loan Guide for a Loft Conversion

  • Posted by: Sebastian Grayson
L-Shaped Dormer Loft Extension in West Norwood - Your 2023 Loan Guide for a Loft Conversion

Loft extensions are a savvy investment that can add as much as 20% to the value of your home. There is a cost involved, but if you make wise decisions when planning your loft extension, you can recoup the money you spend. A typical loft conversion in the UK can cost anywhere from £45k to £65k upwards, depending on the scope and specifications of the design. Roof light loft conversions with no alterations to the roof structure are the cheapest, whereas a design that involves making structural changes to an existing roof is going to be more expensive. If you are planning a loft conversion this year, here is your 2023 loan guide for a loft conversion.

Why Spread the Cost?

Converting a loft is a significant financial outlay and most people don’t have that kind of cash sitting around, which means borrowing the money or adding the cost to your mortgage.

Spreading the cost makes the investment in a loft conversion more affordable. You can pay for the work over a period of up to five years if you use loft conversion finance. This is the best option for most homeowners. 

Simply Easy Refurbs finance is a great option if you want to spread the cost. 

How to Finance a Loft Conversion

A secured loan is the cheapest way to borrow money compared to credit cards and unsecured loans, but they are riskier because you are securing the loan against an asset, typically your house. Therefore, if you fail to keep up with repayments, you could potentially lose your home. 

Unsecured loans for home improvement or finance packages are affordable and easy to apply for. You can get a loan via your bank or visit a third-party loan provider. 

Alternatively, why not try the new finance option available from Simply Easy Refurbs? We work with a licensed credit broker to offer affordable repayments, so you can get your loft converted faster. 

What Affects the Cost of Financing a Loft Conversion or Extension?

It is important to be aware of the factors that may affect your ability to obtain finance for a loft conversion. A licenced credit broker like the one we use to provide loft conversion finance will check the following:

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All lenders look at an applicant’s credit score when deciding whether to offer finance. If you have a low credit rating, CCJs, and other black marks, you might not be eligible for credit. Always check your credit rating regularly, so mistakes can be picked up and rectified with the credit reporting agency. 

A lender will also consider your income and outgoings, which is known as an affordability check. If you don’t have much disposable income or your credit utilisation is already high, the lender might refuse your loan application. 

Check How Much You Can Afford to Borrow

It is easy to see how much repayments will be if you try our handy finance calculator. Input the amount of the loft conversion and see what your repayments might look like. You can change the loan period to make repayments more affordable or shorten it to reduce the amount of interest you pay. 

It’s a useful tool for seeing whether a loft conversion loan is affordable. That way, you can make an informed decision before you go ahead and apply for loft conversion finance. 

Loft conversion finance is an excellent way to spread the cost of a loft conversion or extension. By applying for finance through us, it speeds up the process and you can have your smart new loft conversion sooner. 

Contact us today for a loft conversion quote. 

If you’re ready to sit back and enjoy a Simply Easy Refurb on your home, contact us today.

Author: Sebastian Grayson