A new boiler rarely arrives at a convenient moment. Often the old one gives up in the first cold week of the year, and suddenly you’re facing a bill you hadn’t planned for. The good news is that yes, you can spread the cost. Boiler finance lets you pay for a new boiler and its installation in monthly payments, or defer payment for a set period, subject to a credit check. Around Bracknell and Wokingham, we offer boiler finance through Novuna Personal Finance, with two options to choose from.
How boiler finance works
Boiler finance is a loan arranged through the installer, from a regulated finance provider, to cover the cost of the boiler and fitting. You agree the quote with the installer first, then apply for credit for all or part of that amount.
If the application is accepted, the work goes ahead and you repay the finance company rather than paying the full amount upfront. The installer is paid by the lender. Your agreement is with the finance company, so their terms, rates and eligibility rules apply.
The two ways to spread the cost
We offer two finance options.
Buy now, pay later
With buy now, pay later, you have the boiler fitted and nothing to pay for the first 12 months. If you settle the balance within that period, there’s no interest to pay, though a small early settlement fee applies. If you don’t settle it, the balance moves to monthly payments with interest.
This can suit people who expect to have the money later in the year, or who want to spread a big outlay without paying interest.
Monthly payments
Alternatively, you can spread the cost over monthly payments from the start, with an optional deposit to reduce the amount you borrow. Longer terms mean lower monthly payments, but more interest overall.
This can suit people who’d rather know exactly what’s going out each month.
Our finance page sets out representative examples for both options, including the APR and total amount payable.
Who can apply?
Finance is subject to status and a credit check. In general, applicants need to:
- Be aged 18 or over
- Have lived in the UK for more than 12 months
- Have a personal bank account that can pay by Direct Debit
- Own the property
- Meet the lender’s income and employment criteria
The finance page lists who the lender can and can’t work with in more detail. If you’re unsure, ask before you apply.
What to check before you apply
Finance can make a new boiler affordable, but it’s still borrowing. Before you sign up:
- Compare the total amount payable, not just the monthly payment
- Check the early settlement terms if you might pay it off sooner
- Understand what happens after a deferral period on buy now, pay later
- Make sure the monthly payment is comfortable alongside your other bills
If you’re not sure whether finance is right for your circumstances, it’s worth speaking to an independent adviser.
Does the type of boiler affect the cost?
Yes. The price depends on the boiler type, the work needed to fit it and whether the system needs changes, such as moving the boiler or adding a cylinder. A combi replacement in a like-for-like position is usually simpler than converting a system with a hot water tank.
Our boiler installations page explains what’s involved. If you’re weighing up whether it’s time to replace, our guide on how long boilers last covers the signs.
New boilers in Bracknell and Wokingham homes
Many homes around Bracknell, Wokingham, Crowthorne and Binfield still have boilers fitted 15 or more years ago. When one of those fails in winter, a replacement is often more sensible than another expensive repair. Finance means you don’t have to choose the cheapest option just because the timing is bad.
As Worcester Bosch accredited installers, we can offer extended manufacturer guarantees on eligible Worcester Bosch boilers, which is worth factoring in alongside the finance.
Frequently asked questions
Does applying for boiler finance affect my credit score?
A full application involves a credit check, which is recorded on your credit file. Ask the lender or installer how their application process works before you apply.
Can I pay off boiler finance early?
Usually, yes. Buy now, pay later is interest free if you settle within the deferral period, though a small early settlement fee applies. Check the terms of any agreement before signing.
Can I use finance for a boiler repair?
The finance we offer is designed for new boilers and their installation. If your boiler needs a repair, we’ll quote for that separately.
Do I need a deposit?
A deposit is optional. Putting some money down reduces how much you borrow and the total interest you pay.
Thinking about a new boiler?
If your boiler’s on its last legs and you’d like to spread the cost, give us a call on 01344 851023 or drop us a message and we’ll talk you through the options.