A new boiler can be a great, if not essential addition to your home. A new boiler can help to improve your home heating as well as save you valuable money on your heating bills. In fact, your boiler is accountable for around 60% of your total household energy bills, so installing a new boiler may actually be cost-effective, saving you money in the long run.
Fitting a new energy-efficient boiler may provide a return on investment in the long term, but a boiler can be an expensive initial outlay. To purchase a boiler and have it installed can cost around £3000, which can be too costly to shell out in one go. Fortunately, many schemes offer a boiler finance service, where you can pay back the cost of your boiler at a later date or in manageable installments.
Will I be eligible for boiler finance?
Boiler finance schemes are offered throughout the United Kingdom through many different lenders, whether these are boiler suppliers, energy suppliers, boiler manufacturers or heating and plumbing engineering companies.
To apply for a boiler on finance, you usually only need to supply a few personal details to enable the finance lender to complete a credit check to make sure that you are suitable for a credit agreement. Once you have a successful application, the lender will pay for the boiler and installation work and then you will have a credit agreement in place in order to repay the lender.
What boiler finance options are available?
Pay monthly schemes allow you to repay the cost of the boiler in small monthly amounts over a set period of time. Over one year, the payments will be higher to cover the cost in 12 payments, whereas over three or five years, you will be able to pay a smaller amount back but over a longer time frame.
Pay monthly schemes are ideal for allowing you to plan and stick to your budget and making sure you have enough money for all of your bills and outgoings. The schemes are straightforward and easy to manage so you can feel in control of your finances.
One of the issues with pay monthly schemes is the length of the contract, if you are planning to move house, then you’ll still have to repay the monthly fees to comply with your contract.
See an example of what you can expect to pay in our ASAP Plumbers Boiler Finance section here.
Key things to remember
- While a boiler finance scheme allows you to be in control of your money, it is important to bear in mind that you do pay slightly more for this service as the lender will charge interest.
- Finance schemes are often a long-term contract and should be a decision that is carefully considered.
- There are many schemes with different boiler manufacturers, so ask our friendly heating engineers or call us on 0203 441 6626 for more information.
- Boiler finance schemes will often include a boiler warranty too, make sure to check the small print.
At ASAP Plumbers, we have a wealth of boiler experience and knowledge and will be able to find the right boiler for your home or commercial property in London. If you need help finding the right boiler for you, then get in touch with our friendly team on 0203 441 6626.