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Last Updated on January 22, 2021

New Boilers on Finance – Interest Free Pay Monthly Schemes & Plans

Zac Houghton

Zac Houghton

Construction expert and founder of Loftera.

Have you ever thought about how much it would cost to replace your boiler?

We asked the question in a recent blog post discussing new boilers costs and more, and found that some UK residents have been quoted as much as £5,000 for a new boiler.

That’s a staggering amount of money and begs the question – can I get a boiler on finance?

Luckily, the answer is yes. There are plenty of boiler finance schemes available. It’s all about choosing the right one for you.

So, without further ado, let’s get down to explaining the benefits of pay monthly boiler schemes.

 

boiler on finance

Table of Contents

Pay Monthly Boilers: The Finances Explained

It’s amazing what you can pay for on finance nowadays. Laptops, cars, washing machines, even clothes!

Buy now, pay later schemes are a fantastic way of helping those who don’t have thousands in the bank to purchase the items that are important to them. Even those who are fortunate enough to have the money readily available sometimes opt for the monthly payment options, in a bid to spread the costs to a more affordable monthly amount.

If you are looking for a combi boiler finance deal, or an equivalent for any type of boiler for that matter, you have come to the perfect place.

Spreading the cost with 0% boiler finance deals makes perfect sense, as you don’t end up paying any more than you would if you paid the full amount up front. Everyone’s a winner this way!

A fully functioning boiler is essential to modern-day life. The ability to enjoy a warm shower, clean the dishes or even wash our hands relies on a fitted boiler, so you want to make sure that you have a quality one installed in your home.

Such quality tends to come with a premium price, which can look unaffordable at first viewing. However, that higher bracket of £5,000 can be paid off for shy of £100 per month over a five-year period if an interest free repayment deal of five years is agreed. In fact, the exact amount would be £83.33 per month.

As we say, that is the highest end of the scale. The average price for a new boiler in the UK is between £1,500 and £2,000 – making for much more affordable repayments.

Let’s take a look at the monthly repayment amounts for a variety of new boiler costs in and around that price range with a 0% interest rate.

Cost of Boiler

Repayment Term

Monthly Repayments

Amount Repaid

£1,000

10 years (120 months)

£8.33

£1,000

£1,000

5 years (60 months)

£16.67

£1,000

£1,000

2 years (24 months)

£41.67

£1,000

£1,000

1 year (12 months)

£83.33

£1,000

Cost of Boiler

Repayment Term

Monthly Repayments

Amount Repaid

£1,500

10 years (120 months)

£12.50

£1,500

£1,500

5 years (60 months)

£25

£1,500

£1,500

2 years (24 months)

£62.50

£1,500

£1,500

1 year (12 months)

£125

£1,500

Cost of Boiler

Repayment Term

Monthly Repayments

Amount Repaid

£2,000

10 years (120 months)

£16.67

£2,000

£2,000

5 years (60 months)

£33.33

£2,000

£2,000

2 years (24 months)

£83.33

£2,000

£2,000

1 year (12 months)

£166.67

£2,000

Cost of Boiler

Repayment Term

Monthly Repayments

Amount Repaid

£2,500

10 years (120 months)

£20.83

£2,500

£2,500

5 years (60 months)

£41.67

£2,500

£2,500

2 years (24 months)

£104.17

£2,500

£2,500

1 year (12 months)

£208.33

£2,500

Cost of Boiler

Repayment Term

Monthly Repayments

Amount Repaid

£3,000

10 years (120 months)

£25

£3,000

£3,000

5 years (60 months)

£50

£3,000

£3,000

2 years (24 months)

£125

£3,000

£3,000

1 year (12 months)

£250

£3,000

If you have been given a quote for a new boiler that fits somewhere in and around one of the above prices, and are confident that you will be granted a 0% interest deal, the monthly repayments option can be a real game changer, at no extra cost to you.

Interest free boilers have allowed hundreds of thousands of homeowners throughout the UK to keep their home supplied with warm water without having to shell out a lump sum that can put a real strain on their finances.

Why Boiler Payment Plans?

If your current boiler hasn’t completely failed on you, it can be difficult to commit to purchasing a new one. Don’t worry, you’re not alone. Thousands of people before you have waited until their boiler actually stops working completely before deciding to finally replace it.

Thousands will continue to do so for years to come as well, so don’t feel bad. That decision to replace your current boiler becomes that bit harder when you see the zeros listed on the price of a potentially newer model.

That unwanted price tag becomes a lot less daunting when broken down into monthly repayments. So, with this option very much on the table, let’s take a look at why people opt to purchase a new boiler on finance.

Maintenance Issues

If your current boiler is old and requires a great deal of maintenance, this can quickly add up and end up costing you more money in the long run. Purchasing a new boiler on 0% finance is the perfect way to improve the quality of your boiler and cutting out those unwanted maintenance costs.

Noisy Boiler

Is your boiler making hissing sounds or popping noises when turned on? Such noises can mean that your boiler is beginning to overwork itself. You’ll want to fix it sooner rather than later, as waiting until it completely packs in can end up costing more.

Excessive Bills

A faulty boiler can end up costing more in bills, as it is having to work harder to provide warm water. If this becomes the case in your home, the time has likely come to opt for a new boiler. Modern boilers aren’t faced with such energy efficiency issues, which is another major plus point.

A Leaking Boiler

First and foremost, if your boiler is leaking water you’ll want to read our blog on the causes and fixes available to you.

A leaking boiler is a safety hazard as well as a potential extra cost. If you spot any water gathering, you’ll want to address this sooner rather than later.

Fluctuating Water Temperature

If your water temperature is proving to be inconsistent, this is a sure sign that your boiler is past its best. Don’t compromise on your warm water – you won’t realise how much you miss it until it is no longer available.

Smelly Boiler

No, that isn’t an insult. A smelly boiler often indicates that there has been a gas leak within your boiler. If this is the case, turn off your boiler as a matter of urgency. Once done, contact a local engineer and make sure this matter is seen to as quickly as possible.

Frequent Repairs

If you aren’t needing to repair your boiler too often, you may not feel the need to opt for a new boiler on finance. However, once these repairs become more frequent, the money you are paying out to fix them could have been put towards a monthly instalment on a newer model.

Pay Monthly Boilers: No Deposit

Opting to purchase a new boiler without putting any money down takes away the hassle of having to worry about the immediate finances. This no deposit option is a popular one for many UK homeowners, as they quite literally can choose their boiler without worrying about financing it for a month.

Another option is to put down a certain amount as a deposit, so that the monthly repayments aren’t as high.

For example, if your new boiler amounts to £2,500, but you put down £1,000 as a deposit, the repayments of £1,500 will be much less. In fact, over a five-year period, you’d end up paying £25 per month over 60 months to pay off the outstanding balance.

Low Interest Rates

While some people aren’t in a position to apply for 0% interest on boiler finance deals, due to issues with their credit rating, this shouldn’t be the end of the road for this option.

Lower available interest rates mean that almost anyone can apply for a new boiler on finance. Many repayment plans of this type can be paid off in three years, all the way up to an entire decade.

With interest involved, more often than not, the longer period you choose to pay off your finance, the more you will pay in interest.

The interest rate will be fixed, which means you’ll always know how much your repayments will be. This is good for your peace of mind, as the last thing you want is to face a shock when you see that your repayments have gone up due to an increased interest rate.

Buy Now, Pay Later Boiler Finance

If you are short of money at present, a buy now and pay later option may be ideal for you. Often, the first 12 months are free for this repayment method, giving you a year to take the worry of your boiler finances out of the equation.

Typically, buy now, pay later deals come with a higher interest rate when the repayments do begin, so you will need to weigh up whether the initial free 12 months are worth it for your situation.

On the flip side, if you are confident that you’ll be able to pay off the loan in the first 12 months, then this option eliminates the need to pay off with any added interest. It’s one to consider.

Pay Monthly Boilers: A Good Idea Or Not?

So, is a pay monthly boiler scheme the right choice for you? This depends on your situation, but there are many advantages to pay monthly boilers.

Did we mention that the installation costs are often bundled into your monthly repayments? If the installation costs £100, and you pay that off over a period of time, the chances are that you won’t even notice that amount coming out each month.

You’ll also receive the exact same warranty that you would if you opted to pay for the boiler in its entirety up front. Your method of payment holds no bearing on the quality of your boiler, or indeed the validity of your warranty.

Energy efficiency (1) has become a real buzz phrase in recent times, but it is so much more than that. There is no denying that new boilers are far more efficient than their older counterparts. We humans are creatures of habit, but believe us, it is definitely a better idea to opt for a new state-of-the-art boiler as opposed to worrying about the ‘hassle’ involved in choosing a new one and having it installed. The process should be seamless, and you’ll quickly reap the rewards.

If you find yourself in a position whereby you can afford to pay for a new boiler up front, then of course that may be worth considering. The money you are then not having to pay out each month can be allocated elsewhere, which is an obvious benefit.

Our final tip is an important one. Whether your boiler is old or new, but particularly on the older models, you’ll want to commit to annual services. Our blog explains what a boiler service includes, and it is without question worth reading.

We’ll bet you didn’t know that some boiler warranties are invalid if not serviced regularly. Keeping on top of the maintenance of your current boiler can extend its expected lifespan by years, saving you money in the long term.

In terms of boilers on finance, shop around for the best deal for you. The less interest you have to pay, the better. You may want to repay over a longer period in order to minimise your repayment amounts, or even opt for a shorter repayment schedule so that the finances are completed quickly.

The choice is yours, but be sure to think about your options carefully. 

Get your boiler fixed 

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