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Consequently, those looking to upgrade their homes could be well advised to consider applying for a low-rate loan. Speaking earlier this year, Richard Al-Dabbagh, senior personal loans manager for Alliance & Leicester, suggested that opting for such a personal loan to add extra space onto a property can be a much cheaper option than moving into a larger home. Mr Al-Dabbagh asserted that, despite facing higher monthly repayments in the short-term, taking out a personal loan can prove more competitive for consumers over the years than opting for a mortgage advance. His comments come after research from the financial services firm showed that having a loft conversion can add some 100,000 pounds on to the value of a house.
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