Do you own a home and want to start work without the intervention of a company? In this case, it will not be easy to get a loan.
When buying a property, it is common to have to carry out work to improve the comfort of his home, to expand or develop some parts. Is it possible to contract a credit work when it is done without the intervention of a professional? Answers.
Finance work by taking out a mortgage
Many borrowers take out a home loan to finance work in their home. However, to include the financing of work in a mortgage, certain conditions must be respected.
It is first necessary to calculate the amount of work to be undertaken. Indeed, the bank must be able to identify the capital dedicated to the works and that dedicated to the acquisition of the property. Once the cost of the work is clearly defined, you can benefit from a preferential interest rate.
Another condition: the work benefiting from a mortgage must be carried out by a professional or qualified craftsmen. In order for the bank to release funds, you will need to submit the selected quote.
Thus, the borrower who undertakes work himself can not get their financing through a home loan. It is imperative to use the services of a professional.
Alternatives to the mortgage
If it is not possible to include the financing of self-made work in a mortgage, other solutions are possible.
The assigned loan allows the borrower to obtain dedicated capital for the work. This method of financing has some disadvantages: a higher interest rate, evidence to provide from the bank.
The personal loan gives the subscriber the opportunity to carry out work himself without having to justify himself to the lender. In return, the interest rate associated with this type of loan is generally high.
To finance one’s own work, the borrower can finally resort to the repurchase of credit . This operation consists of gathering all the loans previously subscribed into one in order to benefit from a single, lower monthly payment. It is possible to include an additional amount of money, such as work financing.
Work done by oneself: choose the right financing
To choose the right financing, start by making an appointment with your bank advisor who will make you a first proposal. Before accepting it, do not hesitate to use a free online comparator without commitment . After having indicated certain information, this tool will propose you a list of offers adapted to your needs. You will be able to choose the option that suits you best.
If you want to benefit from personalized support, you can go through a broker. This professional with a large network of partners is able to offer you solutions adapted to your project financing work. He gives you advice and answers your questions on the subject. By using a broker, you can save money and time.