Brits seek loans for home improvements

Around 15 per cent of people have taken out loans for home improvement work One in six people are acquiring loans that will fund their home improvements, it has been revealed.People who are looking for double glazing and other home improvement quotes are seeking loans to fund their renovations, according to a new study.

The research by Halifax, which was undertaken to highlight what consumers are applying for unsecure personal loans for, revealed that 15 per cent of people who took out such finance in 2008 did so to make improvements to their properties.

It was revealed that renovations were one of the most popular reasons for people to seek out loans, along with buying cars or consolidating debts.

Russell Galley, director of loans at Halifax, said the report highlighted how Brits use such finance for "a wide variety of reasons".

He added: "There is a continued trend in the number of people who are looking to invest in themselves and their future."

Earlier this week, another study by Halifax revealed that 55 per cent of homeowners have made improvements to their properties in the past 12 months. ADNFCR-2394-ID-19190336-ADNFCR

Article Added: 28/05/2009 11:40:53

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