There has been no shortage in the number of people looking to take out secured loans and personal unsecured loans for home improvements, according to the latest figures from Sainsbury's Bank.

An estimated 425,000 home improvement loans were taken out during 2008, according to the finance arm of the retailer, with the number of secured loans and personal unsecured loans, specifically for home improvements rising by 53% between 2007 and 2008.

Steven Baillie, head of loans at Sainsbury's said that it is well documented that the housing market struggled last year, and these figures might suggest that people have decided to stay put and make the most of their existing homes.

He explained: "It may also suggest however that they're trying to add value to their current homes in order to get a better price for them when the property market recovers.

"If people do decide that they need unsecured loans or secured loans to pay for their home improvements, they should make sure they look around for the best rates on the market, which could save them a considerable amount in repayments."

The state of the housing market is causing people to spend increasing amounts on home improvements, according to Sainsbury's Finance.

In total £11.3 billion worth of loans were taken out partially or wholly to cover home improvements during 2008, spread across more than 1.1 million loans. This is 53% more loans than were taken out partially or wholly for home improvements during 2007.

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Secured Loan Now, Business Loan Now, Bridging Loan Now, Debt Rescue Now and Choose Loans are all trading names of M60 Mortgages Ltd and specialise in arranging secured loans, personal unsecured loans, homeowner loans, home improvement loans, car finance loans, debt consolidation loans, residential and commercial bridging loans, commercial mortgages and business finance, and buy to let mortgages and overseas mortgages using whole of market high street banks and specialist finance lenders.

We also specialise in arranging debt management plans and IVAs (individual voluntary arrangements).

Posted 01/04/2009 15:44:58