Alliance & Leicester loans support 'lucrative loft conversions'

Wed 4th Apr 2007

Those people savvy enough to make extensions to their home could increase the value of their property significantly, new research from Alliance & Leicester shows.

According to the group, a loft conversion could prove to be one of the most financially fruitful undertakings.

While the average dormer loft conversion costs in the region of £23,000, Alliance & Leicester estimates that such an enterprise can add £100,000 to the value of a property.

The group is encouraging those people who want to undertake a conversion to their home to take out a competitive Alliance & Leicester personal loan.

Offering loans of between £7,500 and £20,000 at a typical rate of 6.3 per cent, the Alliance & Leicester personal loan will entail affordable monthly repayments.

Richard Al-Dabbagh, personal loans manager at the group, said: "Taking out an Alliance & Leicester personal loan in order to fund all, or part of a loft conversion, can be a far cheaper option than moving to a larger house to gain an extra bedroom.

"Carrying out home improvements instead of moving can have amazing results, potentially increasing the value of your existing property and also saving a great deal of money as well," he added.