- 03
- Apr
Those planning on adding an extra bedroom to their property could be advised to take out a personal loan, a financial expert has suggested.
According to research by Alliance & Leicester, a loft conversion can add about £100,000 to the value of a property.
However, senior personal loans manager Richard Al-Dabbagh claimed that a low-rate personal loan"can be a far cheaper option than moving to a larger house to gain an extra bedroom".
He added that for those who can afford higher monthly repayments over the shorter-term a personal loan may prove to be a cheaper alternative to a mortgage advance.
Meanwhile, general manager for the Building Cost Information Service, Andrew Thompson, advised Britons to take in the full cost of any home improvement works and suggested that they should take into account the money spent on redecorating and eliminating fire risks.
Last month, James Jones, consumer affairs manager for Experian, claimed that the majority of consumers use personal loans and other forms of credit "wisely".
Interfinancial providing you with breaking personal loans news.
