Let Us Answer All of Your Questions
What is Loft Conversion Finance?
Loft conversion finance is a means of receiving the funds necessary to pay for any costs related to converting a loft. So, if you’re looking for the best way to finance your loft conversion, you’ve landed in the right place. Financing your loft conversion has never been easier with iThink Finance’s home improvement loans. With a quick and straightforward application form, a helpful team dedicated to assisting your needs 24/7, we will do the hard work for you.
What is the Average Cost of a Loft Conversion?
The cost of your loft conversion will inevitably vary depending on things such as the size, structure, and type of conservatory you want to receive. It usually starts off 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 do our Loans Work? How Does Loft Conversion Finance work?
Before we jump right into it, it is important that you know how we do things here at iThink Finance. Our finance plans 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 loans for everyone. Which is why our loans start at £1,000 and finish at £20,000. We also take pride in being as flexible as possible, which is why our repayment terms are between 12-72 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 best 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 interest.
|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 Loft Conversion Finance Options? Your Loft Conversion Finance Options
Getting a loft conversion is an extremely popular home improvement option in the UK. Because it is in high demand, there are an abundance of loft conversion finance options available to compensate. Take a look below.
- Save Up
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 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!
- Medical Credit Cards
Medical credit cards are a specialised type of credit card that can be used to purchase medical treatments and surgeries. They are issued by different medical service providers, but they may be difficult to obtain if you struggle with a poor credit history. Read More »
They also tend to have shorter repayment periods and therefore may not be as affordable as our medical loans, for example.« Show Less
- Medical Loans
Medical loans can be accessed by a variation of different lenders online, and from banks. Medical loans with iThink Finance are flexible, affordable, and uncomplicated. We offer loan amounts from £1,000 - £20,000 and repayment terms of 12-72 months. Read More »
This option is great for those of you who are looking for a quick, easy, and affordable way to fund your surgery. There are no extra fees or paperwork involved, and you might even receive the funds into your account the very same day you apply!« Show Less
Factors to Consider when Financing your Loft Conversion Things to Consider When it Comes to Paying for your Loft Conversion
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 a loft conversion. These regulations are put in place to ensure the necessary health and safety measures are implemented. This means that the flooring must be solid, the design and structure of your loft is stable, that the roof is secure, and that there is necessary safety precautions to ensure safe escape from fire. Read More »
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.« Show Less
- 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. Read More »
- 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. Read More »
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 best lender on the market, suited to your individual needs and circumstances.« Show Less
- 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.
Why Choose Us?
We pride ourselves on providing the best service to our customers. This is why we try our best to be as transparent, flexible, and helpful as possible. Not only are we dedicated to assisting your needs 24/7, 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. Read More »
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!« Show Less