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Fifth of November loans go towards DIY home improvements

Spring Clean House

As Britain flips its calendar over to November, people across the country will be taking out their power tools and hard hats.

New research reveals that although spring is traditionally the most popular month to do a spot of DIY, the run up to Christmas has taken its place with November the most common month to get home improvements underway.

This is according to Nationwide, which revealed that a fifth of all loans taken out with the building society in November 2011 and November 2012 were used to fund changes to homes.

On average, the amount borrowed for a home improvement personal loan is £8,305.

Use of credit cards for DIY and household purposes was also greater in November during the past two years than any other month, with the average transaction value put on plastic to buy DIY products or carry out improvements standing at £100.

John Crossley, Nationwide’s head of credit cards and personal loans, said: “We’re seeing a trend in customers using our products to help fund improvements to their home during the month of November.

“Traditionally the peak was in Spring, however we’ve noticed more and more people use our credit cards and personal loans to pay for their home improvements in the run up to Christmas.”

If you need to carry out home improvements, you should choose a lender carefully. This is especially true if you have a poor credit history or no credit record as certain lenders may refuse you a loan on this basis.

Loans for home improvements are available to give you access to the funds you may require. Of course, no such loan should be taken lightly, and as with any form of borrowing it is important that you are able to meet repayments.

In addition to doing your homework on your lender, you should get advice before starting any renovation project.

This involves speaking to your local estate agent and what people are looking for in a home in your area to give yourself the best possible chance of recouping your investment in the property when you sell.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074