What is a home improvement loan?
A home improvement loan helps you fund renovations or upgrades to your property. It can cover all or part of the costs, whether you’re adding an extension, remodelling your home’s interior, converting rooms or making simple updates.
The amount of money you need will depend on the type of work you're planning, so some loan options may be better suited to your project than others.
Our experts have nearly 40 years of experience helping customers, and we have access to a range of secured home improvement loans, so we may be able to assist you.
What are the different types of home improvement loans?
There are two main types including secured loans and unsecured loans. The right choice depends on the size of your project and how much funding you need.
- Unsecured loans: These loans don’t require you to use your property as security, making them less risky for you. However, since they are riskier for lenders, they typically offer smaller loan amounts. This makes them a good option for smaller projects where you don’t need a large sum of money.
- Secured loans: With this loan, you use your home as security, meaning the lender could take your property if you can’t repay the loan. However, this may allow you to borrow larger amounts of money, often at lower interest rates than other personal loans. Because of this, it could be a better choice for larger projects.
We have access to a variety of secured options through our panel of lenders. If you need this type of solution, please fill out our online form or call us today to see if we can help you.
How much can I borrow for home improvements?
We work with several home improvement loan lenders who offer solutions ranging from £20,000 to £1 million, and we can help people in most situations.
The amount you can borrow depends on several factors, including:
- Your current income
- Your credit history
- The value of your property
We will carefully assess these factors to determine what you can afford and try to find the right option for your needs.
To learn more about how we’ve helped others in similar situations, take a look at our case studies. These examples can provide insight into the types of loans available and how we’ve helped customers with their projects.
What are the repayment terms for a home improvement loan?
Our lenders offer terms ranging from 3 to 30 years, giving you flexibility in how you repay your loan. To find out how much you might be able to borrow and the terms available, get in touch with our team for expert advice.
Repayment terms can vary depending on the lender. With a secured home improvement loan, the terms are usually longer than other types of personal loans. While a longer term can lower your monthly payments by spreading the repayments over time, it may also mean paying more interest in the long run.
Can I get a home improvement loan if I have bad credit?
Yes, it’s possible even with bad or poor credit. When the loan is secured against your property, lenders are often more flexible with their approval criteria, which can improve your chances. However, this may mean higher interest rates or fewer loan options, as the lender takes on more risk.
That said, there are lenders available who specialise in helping customers in this situation, and we can help connect you with a provider that may be able to support your needs. While we can’t assist in every case, we’ll do our best to offer support and try to find a solution that works for your plans.
Who can apply?
It doesn’t matter if the property is a residential home or a buy to let property; we have options for both. However, if you're securing the loan against a rental property, you'll need to get a buy to let secured loan, as the criteria and lenders differ slightly from those for residential properties.
Should I use a home improvement loan broker for my application?
Using a broker can be helpful in certain situations. Here’s how a broker can assist:
- Finding a loan: If you’re unsure about what type of loan you need, which lender to choose, or what your options are, a broker can help you navigate these decisions. They can help you find lenders that are more likely to approve your application. Going directly to a lender limits you to their products, and if you don’t qualify, you’ll have to start over and explore other options elsewhere.
- Saving time: A broker may save you time by doing the research for you. With their experience and knowledge, they can quickly find possible loan options, which may speed up the process.
- Handling paperwork: A broker can guide you through the necessary documents, explain when and how to sign them, and help you stay on track. This support may make the process smoother.
However, using a broker may come with extra fees for their services. These fees are usually separate from any arrangement fees charged by the lender. This can make it a more expensive option. So, it's important to think about these extra costs before moving forward.
How to apply for a home improvement loan
Applying for a loan can be simple. You can start applying online, or for faster assistance, give us a call to speak with one of our experts directly.
-
Step 1: Submit an enquiry
Complete our online enquiry form or give us a call to speak with one of our advisors directly.
-
Step 2: Engage with our team
After evaluating your enquiry, one of our specialists will talk to you about your needs and situation.
-
Step 3: We'll take care of everything
If we find you a loan and you're happy with it, we'll handle the rest of the process for you.
-
Step 4: Completion
Once everything is completed, you will get your funds from the lender.
