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Last updated: 13 March 2024

Boilers on Finance in the UK: How To Pay Monthly

boilers on finance

If your boiler repair bills keep climbing up, this means your heating friend might be breathing its last. And sometimes boiler replacement isn’t something you can afford on the fly. In case this is your situation, then getting boilers on finance is the way to go.

This article will tell you everything you need to know about boiler finance in the UK: how it works, its pros and cons as well as ways to get the best boiler finance deals. However, to choose from all the boilers out there for your situation, you’ll need an installer you can trust. 

However, searching for boiler quotes or experienced engineers can drag on for weeks if done alone. It’s unlikely that you’re looking forward to spending your valuable free time googling and manually vetting installers. 

Thankfully, GreenMatch can help you avoid all the stress. By completing our 30-second form you get up to 3 comparison quotes from engineers near you. The quotes are free and come with no obligation to accept any of them. Click below to get started!

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How does boiler finance work?

boiler on finance process

Boiler finance, or the boilers on 0 finance scheme works by allowing you to borrow money from a lender to cover the cost of a new boiler. You then repay the loan over a period of time, typically in monthly instalments.

To enrol for a new boiler 0% finance program, you must complete an application process similar to any other credit agreement. Your personal information, including your credit score, will be assessed to verify your ability to meet the monthly repayment obligations.

Upon approval of your application, the lender will cover the initial expenses associated with installing your new boiler. Subsequently, you will reimburse the lender over a predetermined period. While some boiler finance plans may request an upfront deposit for the boiler, others may not require it. The interest you’ll repay can also differ from one provider to another.

Before committing to any contract, it’s essential to conduct thorough research and compare all available options. These agreements typically extend over a considerable time frame, making it imperative to make an informed decision rather than hastily entering into such a commitment.

Can you get a pay monthly boiler on 0% finance?

Yes, many boiler companies and lenders offer 0% boiler finance, typically over a period of 12 to 48 months. This means that you can spread the cost of your new boiler over a number of months without having to pay any interest. This is a perfect solution for those who can’t afford to pay the upfront price of a boiler with one lump sum payment.

To qualify for 0% finance on a boiler, you will typically need to have a good credit history. You may also need to make a deposit on the boiler.

It’s important to note that a bad credit history won’t let you get on the pay monthly boiler schemes. However, buying a boiler on finance is possible in this situation as well. More on that later.

How do you get the best boiler finance deals?

You can get your boiler financed through the following contractors:

how do you get the best boiler finance deals

However, to get the best boiler finance deals, it is important to compare the different options available and choose the one that is best for your needs. When discussing a new boiler on finance with a bank or a heating company, you should consider the following factors:

  • The required deposit. If you can afford to pay a deposit, this will reduce the total you have to borrow and will also make the loan more affordable.
  • The interest rate. The interest rate will have a significant impact on the cost of the loan, so it is important to choose the lender with the lowest one. It’s also possible to find interest-free boiler deals but watch out for gotchas like hidden fees, fixed monthly payments only, or limited loan terms.
  • The repayment term. Be sure to choose a repayment term that is affordable for you. If you choose a shorter repayment term, your monthly repayments will be higher, but you will pay less interest overall. If you choose a longer repayment term, your monthly repayments will be lower, but you will pay more interest overall.

If you want to buy a boiler on finance in the UK, there are multiple options across each country. Whether you’re looking for boilers on finance in Scotland or Wales, you need to meet standard eligibility criteria but of course, they may vary from company to company. So make sure you compare several options. 

Boilers on finance in the UK
CountryCompaniesGeneral eligibility criteria
EnglandHeatable, iHeat, BOXT, Boiler Central, E.ON, British GasA UK permanent resident (at least 3 years) aged between 18–85 with a valid, in-date passport or a valid, in-date UK driving licence, a bill within the last 3 months with your name on it, and stable income.
ScotlandThe Glasgow Boiler Company, New Boilers Glasgow, BRB Heating, McRoberts Heating, Heatable, iHeat
WalesOil 4 Wales, BOXT, Boiler Central, iHeat, E.ON, BT Morgan Heating Engineers
Northern IrelandHeating Solutions NI, Belfast Gas, Hynes Plumbing & Heating, Refresh NI

Keep in mind that you can also apply for boiler grants which can save you money on your initial investment or maybe even cover the whole price of your boiler.

Not sure which deal fits your situation best? A certified heating engineer can help you choose the best boiler for your needs. However, finding a professional you can trust is a real challenge for a busy homeowner. Sacrificing time out with friends to search, call, and vet experts is unlikely what you’re up for at the weekend.

Luckily, GreenMatch can help you out. Completing our form takes less than a minute and brings you up to 3 free quotes from heating experts. You can compare those quotes to find the best deal. Our offer is completely free and non-binding. Just click the button below to get started!

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How much does a new boiler on finance cost

The cost of a new boiler on finance will vary depending on a number of factors, including the type of boiler, the size of your property, and the location of your property. 

On average, the monthly pay for boilers on finance in the UK is between £75 and £150. This will depend on the finance option you choose and the repayment term.

Good to Know

For example, if you choose a £2,000 boiler with a 12-month interest-free loan, your monthly repayments will be around £167. If you choose a £3,000 boiler with a 24-month low-interest loan, your monthly repayments will be around £125.

There are two different finance options available for new boilers, including:

  • Buy now, pay later boiler deals. These loans require an initial 10% deposit not followed by any payments for another 12 months (or another agreed period). After the expiration of the agreed timespan, you will need to pay the remaining price in full or with monthly payments for 3, 5 or 10 years. 
  • Interest-free boiler loans. These loans allow you to spread the cost of your new boiler over a period of time, typically 12-24 months, without paying any interest.

The table below shows the monthly payments* you would make over both a 3-year and a 10-year plan based on a total boiler installation price of £2,246 (interest rate per annum = 12.2%, representative APR = 12.9%).

Boiler on finance monthly payments
Pay Monthly Boilers No DepositPay Monthly Boilers With Deposit
Repayment Period3 years / 36 months10 years / 120 months3 years / 36 months10 years / 120 months
Deposit£0£0£1,045.25£1,070.50
Total Loan Amount£2,246£2,246£1,200.75£1,175.50
Total Charge for Credit£447.16£1,651.60£239.25£864.50
Total Amount Repayable£2,693.16£3,897.60£2,485.25£3,110.50
Monthly Cost£74.81£32.48£40.00£17.00
*Please note these figures are representative examples only and are not intended as quotes. All finance options are subject to status and credit checks.

If you are unsure which boiler finance deal suits your situation, it is a good idea to seek help from a financial advisor. They can help you to compare the different options available and choose the one that is best for your needs.

Pay monthly boiler and credit check: How does it work?

credit check

When you apply for a ‘pay monthly’ boiler, the lender will typically carry out a credit check. This is to assess your creditworthiness and determine the likelihood of you repaying the loan.

The lender will look at a number of factors, including:

  • Your credit history. This includes any previous loans or credit cards you have had, and whether you have made all of your repayments on time.
  • Your income and employment status. The lender will want to make sure that you can afford the monthly repayments.
  • Your current debts. The lender will look at how much debt you already have and whether you can afford to take on more debt.

If the lender is satisfied with your creditworthiness, they will approve your loan. You will then be able to spread the cost of your new boiler over a number of months, typically 12 to 48 months.

Can you get a boiler on finance with a bad credit score?

boilers on finance bad credit score

Yes, securing boiler financing with a less-than-ideal credit score is indeed feasible, although, you should remember that not all lenders will offer pay monthly boiler schemes to people with bad credit. 

However, there are some lenders who specialise in offering boiler finance to people with bad credit or no credit history. As mentioned earlier, your choices may be more limited,  and you might encounter higher interest rates.

Also, certain lenders may set a larger upfront deposit or a shorter repayment period. Additionally, you may be asked to enlist a guarantor i.e., an individual who agrees to assume the loan if you are unable to fulfil the repayments.

For those with a bad credit history seeking boiler financing, it’s essential to compare the various available options and select a lender willing to collaborate with you. Furthermore, ensure that you have the financial capacity to meet the monthly repayment commitments before pursuing financing.

It’s also worth mentioning that with some companies, it’s possible to get the “pay monthly with no credit checks” deal. With some “boiler rental” options you’ll need to pay a small deposit without a credit check or interest. The ownership of the boiler transfers to you when the final monthly instalment of the rental agreement is received.

Other services offer boiler subscriptions, peer-to-peer lending, or renting a boiler option without a traditional credit check. 

While getting a boiler on finance with no credit checks is certainly possible, the list of contractors is very limited and you might face harsh payment conditions.

Pros and cons of boilers on finance

Opting for boilers on finance can present an attractive solution for homeowners seeking to avoid the initial expense of installing a new boiler. However, before investing in a new boiler on finance deal, it’s important to weigh the pros and cons. 

Advantages of pay monthly boilers

advantages of boilers on finance
  • Elimination of upfront expenses. Opting for monthly instalments when purchasing a new boiler can spare you from the substantial initial cost associated with boiler installation, often exceeding £2,000.
  • Affordable and predictable payments. Monthly instalment plans for new boilers make the expense more manageable and allow for better budgeting.
  • Avoid the need for loans. You won’t have to seek out loans or struggle to gather funds that may be beyond your means.
  • Buy Now, Pay Later flexibility. Certain programs offer a Buy Now, Pay Later feature, granting you additional flexibility in managing your expenses.
  • High-quality installation. Monthly payment options for boilers provide the opportunity to secure a top-tier installation while distributing the costs in accordance with your budget.

If this list wasn’t convincing enough, you could consult with a professional installer further. However, searching for a trusted engineer on your own can stretch for days and easily become a stressful and daunting task you’d want to delegate.

Thankfully, GreenMatch can help you avoid the hassle. Filling out our form takes only 30 seconds and brings up to 3 free quotes from vetted heating experts near you. Compare the quotes without committing to any orders. Click the button below to get started.

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Disadvantages of pay monthly boilers

disadvantages of boilers on finance
  • Interest charges. Boiler finance agreements typically include interest charges, resulting in a higher overall expenditure compared to an outright purchase.
  • Long-term financial commitments. Choosing to finance your boiler entails extended periods of financial commitment.
  • Greater long-term cost. Opting for boiler finance schemes you are likely to overpay over time.
  • Credit assessment requirements. Some companies may necessitate a credit check to assess your eligibility for financing.

Is getting a boiler on finance a good idea?

If you’re in a situation where that new system or combi boiler is a must, right when you can’t afford it, deciding to buy a boiler on finance is a perfect solution. Yet, it’s important to weigh all the pros and cons before making your decision. 

While boilers on 0 finance mostly come with no upfront costs and flexible repayment periods, the interest charges can be quite high and bind you to long-term payments.

Moreover, if your credit history isn’t that bright, finding a contractor can be challenging. On the flip side, boiler installation on finance allows you to get the heating solution when your home needs it without having to save money for a new boiler.

Each homeowner’s financial and housing situation is unique and requires a tailored approach. An experienced boiler installer can help you with that. However, searching for qualified engineers by yourself involves a lot of valuable hours spent googling and making calls. 

Great if you have that much time to spare, but what if you don’t? Do you want to spend your whole weekend searching for installers instead of having quality family time?

With GreenMatch, you can streamline this process and get better and more reliable deals on boilers. 

Get access to up to 3 free quotes from this network just by filling in a short form on the type of boiler you’re looking for. We then take it from there while you wait to receive boiler quotes. After receiving quotes, you can then choose the best combi boiler deal for you (with no obligation!).

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FAQ

Anna Brui
Written by Anna Brui, Writer

Anna, a Writer at GreenMatch, transitioned from teaching to content creation, fueled by her passion for renewable energy and sustainability, inspiring readers to embrace eco-friendly practices.

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