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Home Financing Your Project
DRS Building Services - Family builders Ashford Kent
How to finance your building project. PDF Print E-mail

When you are seeking to raise finance, there are a number of forms of finance borrowing

All forms of finance borrowing involve you accumulating additional debt, which you have to repay. Before you take out a conventional loan or mortgage, consider some of these alternatives:

  • Agreed Overdraft

This is a form of unsecured loan.. Agreed overdrafts can often be a very cost-effective way of borrowing money, but are not to be confused with unauthorised overdrafts, which are very expensive.

With an agreed overdraft you agree with your bank manager a limit on how much you can go overdrawn on your current. You pay interest only on the amount you are overdrawn (not the agreed limit) so if your funds go up and down a lot, this can sometimes work out cheaper than a normal loan.

  • Guaranteed Loan

If you do not have any security (eg: you don't own your house) then it may seem that an unsecured loan is your only option. But, suppose your parents have a good track record at the bank, and they own their property: some banks may allow your parents to "guarantee" the loan (ie: your parents promise to pay it if you can't) for which you can then get a lower rate.

  • Family or Friends

In some cases, family or friends may be prepared to lend you money, and even leave it to trust that you will repay it. Even so, it is a good idea to put the arrangement in writing (even if only a brief letter) including the timescale in which you will pay it back, and any interest, to avoid any misunderstanding and/or resolve any dispute if things go wrong.Why choose unsecured loans

  • Unsecured Loan

Unsecured loans enable you to borrow money without offering any security in return to the lender

  • Secured Loan

Secured loans may be easier to obtain than unsecured ones, especially if your credit rating is poor or you need to consolidate some existing debts. They are easier to get because the lender is taking less risk.

Secured loans may be cheaper to pay back. The interest rate, set by the lender, often reflects the degree of risk involved: more risk leads to higher interest rates, reduced risk leads to lower interest rates.

  • Remortgage

If you have equity in your property, remortgaging can be a means to raise finance to pay for home improvements.
Last Updated on Tuesday, 25 November 2008 10:19
 
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