As this data suggests recovery will not happen overnight, but homeowners are however looking for new ways to access the homes that they want.
As the option of moving becomes less and less viable, many homeowners are increasingly opting to renovate their homes, either to boost their value before selling or in an attempt to turn them into the home they would ideally like to buy. A recent survey has shown that in the UK, an increasing number of people are considering this, with more than half of those surveyed opting to add a conservatory to their current home than move into a larger one.
While these home improvements might prove incredibly lucrative to homeowners, many are struggling to access the funds to renovate.
For many consumers, secured loans would prove to be a viable alternative to access these much needed funds, in particular for those who might struggle to meet a lender’s strict credit score criteria. Via a secured loan property owners would be able to access the funds, both large and small amounts, to suit the renovation project in question.
This is a fantastic opportunity for brokers to reap the benefits of this trend. By positioning secured loans as a tool to access funds for home renovations, brokers would not only drive business in the short term but also further place secured loans into the mainstream lending market.
