If a your home and roof repair isn’t covered by your homeowner’s insurance, you may have other financing options through a home loan or other avenues. If you need to finance your new roof, or retrofitting your home, then have a look at some of these options. Here are some options to consider:
1. Green Loans
An-post claim to have the Irelands lowest rate for home energy rate loans and will help you pay for your home energy upgrade – borrow €5,000 to €75,000 for up to ten years. If you’re getting your home upgraded and using an SEAI home energy improvement grant, you’re ready to apply. For more information go here. An-post Green Home Energy Improvement
Customers how go down this route tend to use it to improve their wall, attic or roof insulation, heating upgrades such as boiler and heat pumps and other upgrades to reduce the monthly cost of energy spend. Loan applicant’s homes must have been built prior to 2006. They must also submit an SEAI ‘Declaration of Works’ document with the loan application.
AIB Green Personal Loan – AIB have a new green personal load that customers can apply and avail of at low rates of 6.40% APR. Standard personal loan rate is at about 8.95% so a good bit lower than the normal rate. As this is a green initiative, you will need to spend at least 50% of it on a green initiative if you take out this loan. So for other repairs such as roofing extra, this could probably be included. You must be a current customer to apply for this loan.
Bank of Ireland Green Home Improvement Loans – BOI’s green home loans are offering the loans at 6.50% APR and loans start from €2000 up to €65,000. Loan terms are from 1-7 years. You can defer the first 3 months repayments and you do not need to hold savings against the loan. Like the other green loans available above, the work being undertaken must include a retrofitting activity such as installation of solar panels, insulation of any kind, and so on.
2. Local Credit Union
House2Home along with Energia The Local Credit Unions have come together to provide The CU Greener Home Scheme, a one stop shop for those looking to finance a retrofit. Grants of up to 40% are available as part of the scheme and discounted by House2Home.
The SEO provides a grant of 35% for homeowners who complete a deep retrofit project. The remaining 5% is provided by Energia participating with Credit Unions and they are offering discounted loan rates from 4.9% APR depending on the amount of the work to be done.
3. Using Your Saving To Finance Home Improvements
Home loans are great for high spending, as they typically have lower interest rates than other umbrella financing options.. However, it also has some disadvantages.. These loans usually have a lengthy approval process that can take up to two to four weeks. Considering using your savings or part of them may be a consideration given the cost of running a home and the amount of money spent on energy per month over the winter. By putting into your home, the reduced cost of spending money on ESB bills, solid fuels and other related energy costs may be appealing than just leaving your money sitting in your account. You may have to way up the option of savings in account against the inflation costs of living and the depreciation of your money over time. That against the increasing value of investing in your home, it may prove to be the best money you can invest. According to IReach Insights, found that 56% of Irish households are considering home improvements.
If you need estimate.ie to give you a quote for home improvements, then go here to get a quote from your local tradesman professionals. Free Estimates here
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