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Nest Thermostat E¹

Pay monthly boilers: How they work and why you should consider one

More and more UK homeowners are buying their new boiler and paying monthly - because even if you've got two grand in cash, do you really want to spend it on a giant kettle?

The average price of a new boiler installation in the UK is over £2000. You can save on average 20% on this number just by being savvy enough to compare prices but sometimes even that won't be enough to allow you fund your new boiler installation in cash. Fortunately, the ever-increasing availability of boiler finance is the straw you've been clutching at. 

How to pay monthly for a boiler

Market trends suggest new boiler installations taken out on pay monthly finance plans are quickly becoming the norm. This is good news for customers because of the competition it generates and just how easy it is to come by new boiler finance now.

On average, 75% of Heatable customers are looking to spread the cost of their new boiler with monthly payments. This number was as high as 85% during last winter's coldest period.

You can find installers offering pay monthly boilers in your area, here.

Can I get a new boiler and pay monthly with no credit check?

Unfortunately not. Spreading the cost of a boiler over manageable monthly payments will require entering into a finance agreement with a lender and they'll have to credit check you for your eligibility.

Having a credit check isn't anything to be concerned about. They're commonplace for all products and services offered on pay monthly plans.

What about bad credit? 

A credit check is something you won't be able to avoid but it doesn't necessarily mean you'll be declined because you believe you have poor credit. It's a new boiler after all, not a mortgage. Broadly speaking, if you haven't had a very recent CCJ or IVA, acceptance is unlikely to be a problem. Some lenders are even able to offer help with extremely poor credit. Even Greece can have a new boiler on finance. 

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Isn't finance a bad thing?

Finance has become a daunting word, but it needn’t be. Only missing payments is bad. Just like walking out of PC World with a laptop under your jumper and missing the till is bad. In fact, paying for a product or service on finance and keeping up with your payments can have a positive effect on your credit score (a free perk).

Of course, you should carefully consider any additional monthly payments you’re taking on board and whether it’s within your means. If you’ve done that, and it is, then finance really isn’t a bad option - especially if it's your bridge between cold and hot showers.

Top tip - give the nationwide installers a wide berth unless you're in a position to re-mortgage your house and sell at least one of your children. 

How much of a deposit will I need to put down and how long will I pay for?

In regards to deposit amount, generally as much or as little as you like. A hefty deposit (leaning towards 50%) will greatly reduce your monthly costs, probably to the very affordable region of £10 per month. But if you're looking to pay for your boiler monthly, it's very unlikely you can afford that 50% deposit or would want to part with that amount in cash, if you could. 

If you're debating a smaller deposit amount, between £50-£400 - carefully consider whether the affect it has on your monthly repayments is worth parting with that cash.

The period of time in which you'll make the repayments for your new boiler works similarly, in that it's largely down to your preference. Paying the boiler off over a longer period of time, for instance 10 years, will bring down the monthly cost significantly with shorter periods having the reverse effect - but obviously you'll have the payments boxed off much sooner. It's common for pay monthly boilers to be offered on finance packages ranging between 1 and 10 years.

Depending on the pay monthly deals you've unearthed from the underbelly of the internet's vast offerings, you might just realise that boiler will pay for itself, at least.

Pay monthly from around £17 a month on average

As mentioned above, the bigger your deposit and the longer the term, the cheaper your payments will be. Typically, the average payment for a pay monthly boiler is around £17-20. That's about the same as your average boiler cover, or insurance plan.

Will the new boiler be of the same quality, warranty length etc?

You'll receive the exact same service and new boiler deals as you would have done, if you were paying cash. Whether it's a Worcester-Bosch boiler with pay monthly payments you're looking for, a Vaillant or an Ideal boiler on finance.

Make savings where you can. Look out for new boiler deals offering pay monthly new boiler installations with 0% APR.

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Heatable is registered in England and Wales No. 08804726 (VAT No. GB205805920 ). Trading address is 1 Station Road, Great Sankey, Warrington, Cheshire, WA5 1RH. Heatable acts as a credit broker (not as a lender) and offers credit products through a panel of lenders. Heatable is authorised and regulated by the Financial Conduct Authority (reference no. 805259).

[1] Price based on a like for like combi swap in a 2 bed, 1 bathroom terraced home with a standard flue

[*] Installation dates are subject to installer availability

[¹] only available on combi boiler installations