The average British homeowner will spend £1,509 every year on home improvements, according to MoneyExpert.
It has warned taking out the wrong personal loan to fund the improvements could end up costing consumers as much as £2,500 more on a £10,000 four-year loan, if they fail to do thorough research.
Almost 1.2million households spent over £10,000 in the last year on home improvements, the research indicated.
Five-year fix for Newcastle
Newcastle Building Society has launched a five-year fixed rate product priced at 5.05 per cent.
The deal is available up to 95 per cent loan-to-value with higher lending charges in place on loans over 90 per cent. The product has a completion fee of £549.
Remortgagors can also access a free valuation up to £410, or £250 cashback, while an early repayment charge of 5 per cent during the fixed rate term is also in place.
