What is Loft Conversion Finance?
These types of personal loans are a means of receiving the funds necessary to pay for any costs related to converting a loft.
So, if you’re looking for an excellent way to finance the conversion of your loft with an unsecured personal loan, you’ve landed in the right place. Financing your dream loft conversion has never been easier with Flexy Finance’s home improvement loans.
With our quick and straightforward application form, a helpful team dedicated to assisting your needs, we will do the hard work for you.
What is the Average Cost of a Loft Conversion?
The cost of your renovation will inevitably vary depending on things such as the size, structure, and type of room that you want to build.
These type of home improvement projects usually start at around £15,000 for a room in the roof loft conversion, increases to £20,000 for a dormer loft conversion, and can be up to £60,000 depending on your choices and options.
How Does Loft Conversion Finance work?
Before we jump right into it, it is important that you know how we do things here at Flexy Finance.
Our finance options are catered around our ‘treat others how you would like to be treated’ philosophy, which is why we have made the application quick, easy, and stress-free for our customers.
You can also relax knowing there is no calls or paperwork involved! All you have to do is follow the simple step by step instructions below to get one step closer in your home improvement journey.
1. Choose a Loan Amount & Term
We offer loan applications for everyone. Which is why our loans start at £100 and finish at £5,000. We also take pride in being as flexible as possible, which is why our monthly payment terms are between 1-60 months. All you have to do is decide on your loan amount and term to begin your application.
2. Apply with a Few Details
After you have decided on your loan, you will need to provide a few personal details so that we can verify your identity and assess the purpose of your loan. These will include the following:
- Forename and surname
- The purpose of your loan
- Date of birth
- Email address
- Contact number
- Marital status
- Number of dependants
3. Receive an Instant Decision
After we have received all the necessary information, all you have to do is wait for a quick decision on your home improvement loan whilst we search a panel of top UK lenders to match you with the right one for your needs. Within only seconds of your application, you should know if the lender has accepted you.
4. Repay the Balance
Once you have received the money into your account, you are required to repay the balance of your loan in affordable monthly instalments over a period that is mutually agreed between yourself and the lender. Please also note that it is compulsory that you repay the total amount borrowed, including any interest rates.
|Annual Interest Rate||150% pa (Fixed)|
|Total Amount of Credit||£850|
|Loan Duration||11 Months|
|Total Amount Repayable||£1,609,25|
|Total Charge of Credit||£759.25|
|Monthly Repayment Amount||£146.30|
What Are My Credit Options?
Converting your loft into another living space is an extremely popular property renovation project in the UK as a loft conversion can add significant value to your home. As it is in high demand, there are an abundance of personal finance options available to compensate and here are just a few.
Saving up is probably an option that you’ve even considered yourself, but one that a lot of people give up on. But saving up doesn’t need to be a difficult task. Get yourself set up on the Money Advice Service’s budget planner to help you save more effectively and affordably.
You may not be able to save up the whole amount to fund your treatment, but every little helps!
Although you may not be able to pay for the entire cost of the work and materials needed for your loft conversion, you may be able to use a credit card to pay any deposits.
As credit cards can tend to have quite high rates of interest, it may be worth looking at what 0% interest cards are available. With these types of introductory offers, you’ll find that you won’t be eligible to pay any interest on the money you borrow, however, you should ensure that you clear the balance in full as to not affect your credit rating and pay any high rates of interest.
Things to Consider When it Comes to Paying for Your New Loft
Planning a loft conversion is not a simple home improvement project. It takes careful financial planning and covers a large number of different aspects. Not only will you have to consider costs relating to the build, but you also need to think about other costs relating to regulations, the architecture of the build, decorating costs, as well as planning permission fees.
Do I have to account for any costs relating to building regulations?
You must receive building regulations approval in order to carry out the work. These regulations are put in place to ensure the necessary health and safety measures are implemented.
This means that the flooring must be solid, ensuring the design and structure of your loft is stable, the roof is secure, and that there are necessary safety precautions to ensure safe escape from fire.
To guarantee that these regulations are fulfilled, there will be accompanying costs. For example, you may require fire-proof doors, durable and strong flooring materials, and perhaps even sound insulation.
Are there any costs involved in planning permission?
It is important to note that not all loft conversions require planning permission. They are usually labelled as ‘permitted development’ as long as you’re plans do not interfere with the existing footprint of the property.
Nevertheless, if your plans do not comply with ‘permitted development’, then you will need to apply for planning permission.
In this case, there is usually a fee you have to pay for your application. If you’d like to have an idea of how much you need to pay for this, simply use the planning permission fee calculator.
Have you got good credit?
When applying for any type of personal loan, you must ensure that your credit is in tip-top shape, as this will increase your chances of being accepted by the lender. To improve your credit, you should make sure that you are paying your bills on time, checking for mistakes on your credit report, get registered on the electoral roll, and refraining from making lots of credit applications in a short space of time.
However, because we search a panel of top UK lenders, there is already a higher chance of you being accepted for a loan, even if you don’t have excellent credit. Although having good credit is important to a lenders decision, it is not the only thing they consider. They also consider factors such as income and debt. As a broker, we are able to match you with the correct lender on the market, suited to your individual needs and circumstances.
How do I choose the right loan?
When choosing the right lender, you should make sure to look out for the following things:
- That they have affordable and flexible monthly repayment terms
- That they offer low-interest rates
- That they are regulated by the FCA. To do this, you can search the company under the Financial Services Register.
How much is the interest rate on a loan?
The current representative APR on the loans that we broker is 1013.30%.
How does represenative APR work?
APR stands for ‘annual percentage rate’. It refers to the total cost of borrowing money over a year, including the interest and standard fees you have to pay. ‘Representative’ means that 51% of applicants will receive the same interest rate advertised or a lower amount.
For example, the representative rate Flexy Finance offers is 1013.30%. Therefore 51% of customers will receive that rate of interest or lower. It is not a guarantee that customers will receive the same representative APR in their loan agreement.
Not everyone within the 51% will receive the same rate as the APR that is advertised. You will likely receive a personal rate which may be different from other applicants.
A personal rate may be higher, lower, or the same as the representative APR. It is usually determined by your credit score, how much you want to borrow, and your finances. APR is often used as a comparison tool to help people compare different loan providers.
I am struggling with debt – what should I do?
If you’re struggling with debt, then you should not take a loan out to cover long-standing debt. This can cause further financial problems and it is always advised to never borrow more than you can actually afford.
If you are struggling from debt there are organisations that can provide advice to you for free. This websites include:
Why Choose Us?
We pride ourselves on providing a fantastic service to our customers. This is why we try our best to be as transparent, flexible, and helpful as possible. As a credit broker, not only are we dedicated to assisting your needs, but we do not charge any fees and our application process is secure and confidential as we use 256-bit encryption protection. This means that you don’t have to worry about your details being distributed to third parties without your permission beforehand.
We also believe that building long-lasting relationships with our customers is the key to ensuring customer satisfaction. We work tirelessly to provide the most up-to-date financial advice through our blog posts and are constantly trying to come up with new and innovative ideas to make your experience on our site an enjoyable one. So, what are you waiting for? Apply for Home Improvement Loans today, and make the first step in your home improvement journey!
What is loft conversion finance?
Loft conversion finance is a type of personal loan which can be used as an alternative to paying for a loft conversion. The loan can be secured or unsecured against an asset and is repaid via monthly instalments. Meaning that you don’t have to remortgage your house to afford it.
How can I get loft conversion finance?
You can get loft conversion finance by applying online. You will have to provide basic information about yourself and your finances. You’ll also have to provide your contact details in order for a broker to contact you if your application is successful.
Why choose Flexy Finance for loft conversion finance?
At Flexy Finance we understand that loft conversions are a necessary investment to turn your house into a home. That’s why we work with a panel of regulated lenders who are able to offer loft conversion finance tailored to your needs. Our simple online form can be completed in minutes.