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Personal loan 'could fund home improvements'

Homeowners who are planning to make major home improvements have been advised to consider funding it with a personal loan.

Alliance & Leicester stated that many of those planning to carry out work such as a loft conversion would be tempted to take out an advance on their mortgage.

However, it advised that taking out a personal loan could be a more affordable way of funding the renovation.

Richard Al-Dabbagh, personal loans manager at Alliance & Leicester, said: "A personal loan could represent a cheaper alternative for those who can afford higher monthly repayments over the shorter term."

The firm also stated that adding a loft conversion to their house could be cheaper than buying a bigger house, while it could also add to its value.

Earlier this week, Yorkshire Bank advised homeowners that installing energy-efficient features such as loft insulation could help to boost the asking price of a property.

Click here to see how much you could borrow with a Lombard Direct personal loan.

04/04/2007 15:02:17

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