08 February 2005
British people will resort to personal loans to finance DIY and home improvements over the next six months, new research claims.
Sainsbury’s Bank’s latest Home Improvement Index reveals that more than 11 million people will spend a total of £57 billion on renovating their home in that period, and more than £4 billion will come from personal loans.
Indeed, around one out of every seven loans from Sainsbury’s Bank is taken out for home improvement projects.
If you are funding home improvements through personal loans, it pays to shop around for a competitive offer,” said Rachel Brereton, loans manager for Sainsbury’s Bank.
“Our rates start from 6.5 per cent APR typical and are among the lowest available. On a loan of £10,000, we could save you around £2,000 in interest repayments when compared with some other leading lenders.”
Other sources of income for DIY spending include credit cards, at £3.52 billion, and re-mortgaging with £2.84 billion.
Women are the biggest spenders on DIY according to the research: women are planning to spend a whopping £26 billion- some £1.76 billion more than men.