Homeowners choose to improve not move
A new survey from Nationwide Building Society reveals around half (47%) of homeowners are choosing to make home improvements within the next year, compared to just 8% of people who are planning to move.
Among those planning to make home improvements, 72% want to update or modernise their décor, while one in 10 (9%) are running out of space in their property.
The most common amount borrowed for a home improvement personal loan is around £10,000 over five years. Most people will approach their bank for a loan, but existing customers from some of the big high street banks could be paying £1,100 more over the term of the loan compared to Nationwide customers.
Nationwide charges 6.3% APR Representative to FlexAccount customers who use the account as their main current account1. The rate is applicable for loans of up to five years between £7,500 and £14,9992 and can be taken out through a branch, over the telephone or via the internet.
Those who do not have a Nationwide current account can take out a Nationwide current account in a branch and make it their main account in order to qualify for a 6.3% APR Representative rate today.
Paul Wootton, Nationwide's head of personal loans, commented: "A static housing market means many people are unable to move home and are opting to make home improvements instead.
"Making major renovations to your home can be expensive and people could be spending much more than they need to if they fail to shop around for the best rate.
"The Nationwide personal loan is one of the most competitive on the high street and is certainly one to consider."