When energy costs began to rise, a West Yorkshire homeowner started looking at ways to better manage their bills and improve their home’s energy efficiency.
After exploring their options, they chose to install solar panels and a battery system, with the total cost of the work coming to around £11,000. To help spread the cost, they decided to use a loan.
“The loan gave us peace of mind. We could do the work without having to change something. It gave us more certainty about how we could pay for the work.”
Having a fixed interest rate also helped them understand what their repayments would look like over time.
“Because the interest rate was fixed, we knew what the monthly repayments would be over the 10-year term. That made it easier to plan.”
A straightforward process
The homeowner described the application process as clear and manageable.
“There were checks and information we had to provide, but overall it felt straightforward.”
Considering the impact Before going ahead, they had an expectation of how the changes might affect their energy bills.
“We had an idea of how much our energy bills might reduce based on our usage at the time, although that can change depending on energy prices and how much energy we use.”
They also considered how any potential savings could relate to the cost of the loan.
“For us, it helped to look at whether any savings on energy bills could contribute towards the repayments, although that will depend on individual circumstances.”
Looking ahead
The homeowner sees the improvements as a longer-term investment in their property.
“Over time, the system may continue to provide benefits, particularly once the loan is repaid, although this will depend on factors like energy prices and system performance.”
Thinking about improving your home?
If you’re considering energy efficiency improvements, it may help to explore the options available and how they could work for your circumstances.
Find out more: https://www.lendology.org.uk/partner/west-yorkshire-combined-authority/
Important information
We recommend that you carry out an independent retrofit assessment to find out which works are suitable for your home and budget.
Loans are subject to status and are typically protected by a Title Restriction. Missing payments could affect your credit rating and ability to obtain credit in the future.
Representative Example (3.26% fixed interest rate, Representative 3.29% APR)
Loans are subject to status and are typically protected by a Title Restriction. Borrow £10,000 over 10 years, £97.77 monthly repayments. Total amount repayable = £11,576.86, including £20 fee for registering the Title Restriction against your property at the Land Registry. The £20.00 fee is only payable if a loan is agreed by Lendology and you decide to proceed with a loan. We do not charge interest on the fee.
A Title Restriction means that you may not be able to sell your home without our permission unless the loan is fully repaid.
Missing payments could affect your credit rating and ability to obtain credit in the future.
This is a financial promotion approved by Lendology CIC.