The Facts about Central Heating Finance
Whether you’re replacing an old system or installing an entirely new one, the cost of a central heating system can seem intimidating. Very few of us have thousands of pounds sitting around just waiting for the boiler to break or the radiators to rust. If you are looking for a new central heating system then you may also be looking for a way to spread the cost, and we want to help you understand the process of getting central heating finance.
Fortunately finance for heating systems is fairly easy to get these days, and at very reasonable rates. There are plenty of finance options available to provide you with affordable warmth. Government backed schemes periodically provide finance for home improvements that will reduce your environmental impact, and a better heating system is a key part of achieving this. We can put you in touch with a range of financial institutions. Banks can be approached for personal loans. And in between these two lie organisations such as credit unions, whose purpose is to provide personal finance for those in need of help or who are working on beneficial projects. Anyone with a CCJ or have been refused credit in the past, may still be eligible for this type of finance.
So what do you need to know about these schemes?
What central heating finance can cover
What you cover with your central heating loan is largely up to you. If you want to swap the central heating system for your whole house, including the radiators and boiler, then you can find a loan to cover that. Parts, labour and the seven or eight year boiler warranties we provide can all be covered in the costs.
Whatever the work that is needed on your boiler or central heating, you can find finance to cover it.
The first step is to approach a central heating services company like ourselves and book an appointment to get a quote. We can provide the costs for your new boiler, central heating installation or whatever option you are looking for. This will give you something to take to the bank or credit union, demonstrating what you want to do with the money and how much you need.
Terms and conditions – what to expect
The details of you loan will vary from scheme to scheme. You are likely to get better rates from a scheme deliberately designed for improved central heating or green home improvements, and the duration of the loan will affect the cost.
The loan will usually be at fixed interest rates for a period of 1,2 3 or 5 years. The shorter the loan the more you will have to pay back at a time, but the less it will cost you in the long term through interest. So when considering the length of the loan you will need to balance your short term ability to pay against long term savings.
While interest will usually be calculated monthly, the overall cost is expressed as typical APR – the Annual Percentage Rate. This is how much of the overall size of the loan will be added on as interest over the course of a year, and is the main measure of the cost of the loan. All other things being equal a low APR is good, and green loans of 9.4% typical APR are available, though you may be able to find something lower.
Why it’s worth it
Seeking out finance for your plumbing and heating lets you get the system you want into your house faster. It may add to the costs through interest, but it will also save you money through the improved efficiency of your new heating system.
So call us now or contact us through the website to get your quote and any additional information you need. Don’t let the cost hold you back from being comfortable in your own home.