Secured loans could pay for vital maintenance

Homeowners who are keen to carry out vital maintenance on their properties but are short of cash may find a secured loan can help.

New figures from Lloyds TSB have suggested that over the last decade Brits have started to spend more money on this type of work.

Statistics from the bank revealed UK households spent £16.6 billion on home maintenance in 2008 - an increase of £2.5 billion in real terms since 1998.

They also showed growing numbers of people are looking to carry out improvements themselves, rather than relying on tradesmen.

Nitesh Patel, economist at Lloyds TSB, pointed out last year the amount of cash set aside for DIY fell as the credit crunch tightened its grip.

He stated: "Such spending can be delayed during difficult times. However, this can only be postponed for a limited time."

People who feel they cannot put off important maintenance work any longer may want to consider taking out secured loans.

This type of borrowing can be relatively competitive as the customer's property is used as security.


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