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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - Switching deals
In need of a cash boost?Providers often entice new customers with cash incentives for moving current accounts. Compare deals and find out how to make the switch:
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
Landlords have a responsibility to ensure that their properties meet the Government’s health and safety requirements, as well as being at a good standard to attract renters.
This means that buy-to-let (BTL) properties often need refurbishing and, according to a report published by Shawbrook Bank last month, 62% of landlords have undertaken refurbishments in the last 12 months.
Of these, 18% renovated more than one of their properties.
The majority of landlords surveyed by Shawbrook Bank found themselves out of pocket paying for the refurbishments, with 60% using personal savings or investments.
Although, using personal funds to pay for revamping a BTL property may be a good option, there are alternatives for landlords looking to renovate a BTL.
Landlords looking to carry out small renovations costing a few thousand pounds could consider using a 0% purchase credit card.
A 0% purchase credit card offers an interest-free period on purchases made using the card. This means that landlords who repay the balance in full before the interest-free period ends will not have to pay interest on the money borrowed. After this period, interest will be added to outstanding balances.
The longest interest-free term on a 0% purchase credit card is currently 23 months, available on Tesco Bank’s Clubcard Credit Card Purchases Mastercard. A further six 0% purchase credit cards offer interest-free terms of 22 months and two offer 21 months of no interest.
To compare all 0% purchase credit cards visit our 0% purchase credit card comparison chart.
Another option available to landlords looking to fund a BTL renovation is a personal loan.
A personal loan could be a good choice for those looking to fund refurbishments costing £5,000 to £10,000, such as installing a new bathroom or kitchen.
Interest rates on personal loans have remained competitively low over the last few months.
For example, someone looking to borrow £10,000 over a five year period, will find that a number of lenders offer personal loans from 2.8% APR, which would result in monthly repayments of £178.64 and a total amount of £10,718.40 being repaid.
To compare all personal loans visit our personal loan comparison chart.
Landlords needing to make extensive renovations to a property, or fund multiple renovations, costing £20,000 or more may want to consider using a second charge mortgage, also known as a secured loan.
A second charge mortgage allows property owners to borrow a substantial amount of money, but an existing mortgaged property must be used as security against the loan.
This makes a second charge mortgage a much risker borrowing option compared to credit cards or personal loans, as if the borrower does not keep up with the repayments it could result in them losing their property.
Saying this, for landlords a second charge mortgage can be a good way of obtaining funds to carry out extensive renovations, but they should factor in the cost of the repayments when setting rent and be confident that they will meet all repayments. More information about second charge mortgages can be found on our secured loans page.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
As almost all average savings rates decline, consumers may need to take action to see their money grow in real terms.
As almost all average savings rates decline, consumers may need to take action to see their money grow in real terms.
As predicted, the Bank of England voted 8 to 1 in favour of cutting the base rate to 4.75% in November.
As predicted, the Bank of England cut the base rate to 4.75% in November.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
As almost all average savings rates decline, consumers may need to take action to see their money grow in real terms.
As almost all average savings rates decline, consumers may need to take action to see their money grow in real terms.
As predicted, the Bank of England voted 8 to 1 in favour of cutting the base rate to 4.75% in November.
As predicted, the Bank of England cut the base rate to 4.75% in November.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.