Spring is here – time to check out the cheapest ways to finance your 2015 DIY projects

With the worst of the winter weather behind us, it’s that time of year when many of us start planning those home improvements and DIY projects for the coming year.
Not everyone’s lucky enough to have cash in the bank to pay for that kitchen makeover, revamp of the bathroom or new patio, so picking the right finance is important if you’re looking to keep the costs under control.
It’s important to do your homework before signing on the dotted line for a loan or credit card as making the wrong choice can end up costing you a lot more than it ought to.
There are plenty of options when it comes to borrowing the money you need, but don’t fall into the trap of assuming that taking a loan from your own high street bank is best the way to go.
If you’re looking to borrow £7,500 or more then yes the banks are keen for your business and are offering rates from as low as  3.7% APR, the cheapest deals seen for more than seven years.
However if you only need two or three thousand pounds towards the cost of your makeover projects, this is where the banks are much more expensive.
If you wanted to borrow £2,500 for example, the average personal loan rate is a whopping 16% APR with some banks such as Halifax charging as much as 29.9% APR, so you can see that it makes sense to shop around to avoid being ripped off.
If you’re looking to borrow a smaller amount, another smart choice and low cost option is the Platinum credit card from MBNA which gives you 0% on money transfers for 24 months with a low one off transfer fee of just 1.94%
Unlike the vast majority of credit cards, this MBNA credit card enables you to transfer money into your bank account, so gives you much more flexibility with your spending – plus it keeps your costs to a minimum. For example switching £3,000 from the card to your bank account will cost you just the one off fee of £58.20 if you clear the interest free borrowing within 2 years.
Just as you spend hours thumbing through brochures and checking out websites to ensure you get that perfect new look for your home, It’s equally as important to compare what’s on offer when it comes to sorting out the money stuff.
Making the wrong choice can be an expensive mistake and cost you hundreds of pounds extra in interest charges, money that could be put to much better use around the home.
So while you’re on the lookout for those new kitchen cupboards or getting a quote to have the garden landscaped, don’t forget to check out the specialist personal finance websites too.
Sites such as www.moneynet.co.uk or www.money.co.uk will point you in the right direction for the latest low cost credit card and personal loan options.
Taking an expensive loan from your bank may well be something you later regret, so, don’t leave your choice of finance to chance.

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