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Finance for Windows
Finding the £5,000 or more needed to install new windows in the average home or office presents obvious challenges, especially during these cash strapped times. With the loss of incentives such as the Green Deal in recent times and no other help in sight from the Government, there are a limited number of ways to finance your window installation.
Pay Outright
If you are lucky enough to have money put aside then it is far better to pay for your new double glazing outright rather than opt for something like a loan. The reason is simple, you don’t have to pay interest and you aren’t likely to get into trouble later down the line if things get tight.
Installing double glazing has a number of benefits apart from reducing heat loss such as cutting down outside noise and making your home more secure. If you can afford to part with your savings, it’s a good investment for the future.
Get a Bank Loan
The next best option is to approach a bank for a home improvement loan. You may be able to remortgage to fund the installation or you can take out a low cost loan for the amount. Either way you will be paying interest over a period of time so it helps to shop around for the best deal.
Get Financing from the Double Glazing Company
A number of double glazing companies offer their own financing schemes including what initially seem like very beneficial rates and even interest free payments for a set period of time. Of course, double glazing firms have a fairly bad reputation but that doesn’t mean there aren’t good ones out there. If you are taking up their offer of finance make sure you check and then double check the small print and perhaps take the added option of running the contract by an experienced solicitor. The cost might be a little bit more but at least you’ll be sure of getting a sensible deal.
Financing through a double glazing company will often come with a higher overall level of interest even if they are offering a period without interest. That could mean, under certain circumstances, you would be paying almost double for your windows. When you check any deal make sure you know what penalties you are liable for if, for instance, you pay the loan off early or miss a payment. This can also tell you a lot about the company you are dealing with and the financing they provide.
Finally, don’t be swayed by heavy sales tactics and always have a cooling off period before you decide to sign any contract.
The Green Deal
Up until recently you could have financed your new windows through a Green Deal loan. This was a Government initiative that allowed you to offset paying for an installation such as double glazing or loft insulation with a loan that was repaid through your electricity bill. To qualify you needed to have an assessment which made recommendations about what energy saving measures were best for your property.
Unfortunately, this initiative was stopped in July of 2015 as it was not providing the value for money that MPs had hoped for. While many agreed that the Green Deal was not the best solution many were angrier that the Government did not see fit to put an alternative in place that particularly allowed those on low incomes to take the right energy saving measures to reduce their utility bill payments.
Pay in Stages
Another option, particularly if you are dealing with a smaller, local company, is to have the work done as and when you can afford it. You may be able to save up the money for your bay window at the front of the house and get that done first and then gradually have the rest installed over a longer period of time. If you have found a reputable local company then this shouldn’t be a problem. If a company is trying to force you into a finance deal after you have said this is the way you want to go, then we don’t need to tell you that you should be wary of them, especially if they start offering time limited deals.
