The Best Ways to Pay for a New Kitchen?
At Staffordshire Kitchens & Granite, we believe a new kitchen to be one of the most transformative upgrades you can make to your home adding usability, appeal and even value. So choosing the right supplier and deciding on the best way to fund the project requires careful consideration.
Lets face it, regardless of size and style, a new kitchen represents a significant spend. At Staffordshire Kitchens & Granite we are extremley competitive. Nonetheless, prices can start at around £10,000 - travelling upwards depending on your choice of furniture, work-tops, accessories and appliances.
Within this blog we want to highlight what we believe to be the best ways to fund your new kitchen project whilst pointing out the issues with national kitchen brands and their ‘seemingly attractive’ finance deals!
Beware of National Kitchen Brand Finance Deals!
Many of the national kitchen showroom brands offer credit. On the face of it, these deals can seem quite attractive – BUT – be aware! Whilst this might be a fast route to a new kitchen, it’s seldom the cheapest or the best option for the following reasons:
Higher overall cost — Even “0% finance” is rarely truly free. Prices are often inflated to cover the credit facility, meaning customers pay more for the same kitchen.
Higher APR (annual percentage rate) – An APR often incudes extra ‘compulsory’ charges like application fees and annual account fees. Things that, even when put in the small print, are not always clear at the outset and often overlooked in all the excitement of a new kitchen!
Limited flexibility — Credit ties customers to rigid payment plans, fixed products and strict installation timelines.
Lower personalisation — Mass-market retailers rely on volume. Finance is designed to push customers through a fast, standardised process.
Credit checks & affordability hurdles — Not everyone passes and those that struggle are often offered higher interest rates depending on their credit score.
Early repayment penalties — Many plans charge fees if customers want to clear the balance early.
There are Better Payment Options!
Obviously, if you can afford to ‘dip’ into your savings then this is always a great option because it means that you are not subject to loan interest, credit checks or long-term commitments. However, for those where this isn’t an option, you could consider:
Using Property Equity. For homeowners with equity, dipping into it can be significantly more cost‑effective than retailer finance. Besides lower interest rates, you can achieve longer repayment terms, more borrowing flexibility and better cash flow. More importantly, you are not subject to inflated finance inflated kitchen prices. Instead, you pay the ‘true cost’ of the kitchen and not a finance loaded version!
A personal loan. A personal loan can be simple and benefit from fast approval as well as fixed monthly payments. If you have good credit then this is ideal for kitchens under £20K. Furthermore, there is no impact on your mortgage.
Credit Unions. Credit Unions are community‑based lenders offering very fair rates. Locally (local to Cannock) there is ‘Fairshare’ and ‘Walsave’ and they come with
lower APR’s than many banks, more flexible underwriting and of course - no inflated kitchen pricing! Credit Unions are ideal for people with average credit and a kitchen budget of up to £15K
To Sum Up
Whilst ‘0%’ and nothing to pay until…. xyz -finance deals, from the national kitchen showrooms, might initially seem attractive, please be aware of the pitfalls already illustrated within this blog and above all, keep sight of the fact that your focus should be on the quality of the furniture as well as quality and flexibility of service. This is always going to be better with an independent, long established retailer like Staffordshire Kitchens and Granite, along with transparent pricing.
To organise a FREE NO OBLIGATION consultation, at a time and date to suit you: mitch@staffordshirekitchensandgranite.co.uk