How do I work out the best way to finance a home improvement?

How do I work out the best way to finance a home improvement?

Step one is to figure out how much your plans will cost and what you can comfortably afford. Don't risk overstretching by doing too much at once.

Once you've established what you can afford, it's a good time to consider how to finance the work:

  • Our Loan Calculator(opens in a new window) will show you the rate and monthly repayment cost for a Royal Bank of Scotland home improvement loan
  • Using existing savings could help you avoid paying interest costs. However it's a good idea to keep some savings aside to cover any unexpected expenses
  • Credit cards and overdrafts could cover smaller amounts over the short term, but they may work out expensive if used for longer term borrowing

If you have a Royal Bank of Scotland mortgage on the property, you may be able to take additional mortgage borrowing(opens in a new window). Remember that this may extend the term of your mortgage, the debt will be secured against your home, and a set-up fee may apply.

Your home may be repossessed if you do not keep up repayments on your mortgage

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