Should You Finance Your Home Renovation?

Here at T&K we understand that home renovation projects take up both time and money. Regardless of whether or not you’re looking to upgrade from single to double glazing, or extend your living space with conservatories, most projects easily costs up to the thousands. 

However, just because there’s a 4-digit price tag that isn’t within your price range, it doesn’t mean that it’s any less affordable. There are many companies, including us, that offer payment options that make home renovations accessible to everyone. That is, regardless of upfront budgets.

At T&K have a 94% pass rate for finance plans to make home renovation as affordable, accessible, and easy to use as possible.

Most Popular Payment Options 

Payment plans come in varying levels of accessibility to accommodate different circumstances. To implement these payment plans, most payment options will require a deposit. However, it’s worth noting that this will be the only upfront cost you’ll have to cover.
The most popular options which we here at T&K offer are

Interest Free Payment Plans

Interest free payment plans allow you to spread the payments of your renovation project across a fixed period of time without having to pay any additional costs as a result of facilitating this. 

For example, at T&K:

Windows and Doors with a 50% deposit allows you to spread the cost of payments across a period of up to 30 months, without having to pay any additional interest.

Buy Now Pay Later

Buy now and pay later allows you to defer payments for a length of time to allow buyers to save up for their new renovation. Allowing you to literally “Buy Now, Pay Later”.The best part of this process is that you’ll typically have a period of time to settle the payment after wards. 

At T&K Our Terms For Buy Now, Pay Later Are: 

Just 25% deposit and then nothing to pay for 9 months. Settle within 9 months and then pay no interest. Just a £29 early settlement fee. Repayments with an interest rate of 13.9% APR representative spread across 120 months. Available to all products, not just windows and doors.

Interest Bearing

Much like the previous payment plans, you pay a percentage of the cost up front, and you divide your payments into bite-size chunks. Typically you’d be able to have a longer period than a typical payment plan because it has an interest rate on top.

At T&K Our Interest Bearing Plans are as follows: 

Just 25% deposit and then spread the cost over 60 or 120 months. Repayments with a low interest rate of 8.9% APR representative. Available to all products.

Representative example: Cash price goods: £6,500, 25% deposit of £1,625, total amount of credit £4,875. Duration 123 months (including 3 months deferral). 120 monthly payments of £64.03. Total amount payable £9,308.60.

So, Should You Finance Your Home Renovation Project?

Before jumping onto a payment plan, it is worth noting that credit is subject to application and status. Meaning that you have to apply for these payment plans in the first place, otherwise you may end up unable to pay back what you owe. However, at T&K we’ve reached a 94% pass rate and we’re confident that we can facilitate to your circumstances. 

If you need to learn more, or if you’re ready to take the jump

We have a dedicated finance page on our website that clarifies all our payment plans and more, or you can speak to an industry expert about your home renovation ideas and we’ll find a way that works for you.