Whether it's a new kitchen, or a loft conversion, an home improvement loan is a great way to fund renovations to your property and increase its value at the same time. Find a home improvement loan with a low interest rate that offers a cheaper way to renovate your home.
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A home improvement loan lets you borrow money to fund home renovations. They work like other loans, you borrow the amount you need and repay it over a set period of time. The only requirement is that you use it to improve your property. This could be anything from redoing your kitchen, upgrading a bathroom or converting a garage into an additional bedroom.
Typically, these are unsecured personal loans, but you can secure them against your property, which can allow you to borrow more money. How much you're allowed to borrow and the interest rate you pay will also depend on your credit rating, and your personal finances.
It depends on what home improvements you make. Some common home improvements can include:
Adding a conservatory
Adding an extra bedroom
Adding a bathroom
Redoing the Kitchen
Making the the living area open plan
According to some estimates, renovating your home can add anywhere between 10% and up to 30% in value.
Assuming your home is valued at £250,000, here's how much value you'd be able to add:
|Percentage of value added||New valuation|
Read our latest Renovation Nation Report on what home improvements UK homeowners made in 2021.
The best home renovation loan for you, will largely depend on your financial circumstances but in general, it’s best to look for the cheapest loan for the term you want to repay it over.
Before you compare home improvement loans, think about:
How much you need: Only borrow enough to cover the cost of your home improvements to avoid paying any unnecessary interest on your loan.
What you can afford to pay monthly: The term of your loan will affect how much you pay back each month. Use our loan calculator to check how much your repayments could be.
This comparison only shows personal unsecured loans, which you can apply for without needing to secure it against your property.
If you own your home, you could apply for a secured loan instead.
If you're considering a loan for making home improvements, it's a good idea to know how much the renovation is going to cost. Also, check your monthly outgoings and whether you can afford the cost of repayments plus interest.”Salman Haqqi, Loans expert
The cost of a home improvement loan will depend on various factors such as:
Type of loan, i.e. secured or unsecured
How much you borrow
How long you borrow for
Your credit history
As with all credit products, there are some things you need to be aware of before taking out an home improvement loan
If you've been unable to be accepted for an home improvement loan, or you simply want to avoid getting one, there are some options you can consider:
Remortgage your home. You could release some of the equity from your home, and borrow more from your existing lender by remortgaging.
Mortgage advance. You could ask your mortgage provider for an additional loan, on top of your mortgage. But that would only be possible if you haven’t already borrowed the maximum amount. You can read more about borrowing against your home here.
Credit card. These are best suited for borrowing small amounts, which you can repay in a short period of time. If the home improvement is relatively minor, then a 0% money transfer card can be a great way to fund your home improvement work, without paying any interest.
Yes, you can apply for any of the loans in this comparison, whether you own a property of not.
Yes, you can apply for an unsecured loan in joint names which could increase the amount you could borrow. However, you will both be credit checked.
This depends on the lender, with some letting you borrow up to £25,000. Use this comparison to find a lender that can offer the amount you need.
It stands for annual percentage rate, and is the interest rate you pay on the total amount you borrow.
Shop around for the lowest rate before you apply, and check your credit record is accurate to improve your chances of getting the lender's best rate.
Yes you can apply for a loan if you have bad credit, but the interest rate is normally higher so your loan will cost more.
Our comparison tables include providers we have commercial arrangements with. The number of listings in our tables can vary depending on the terms of those arrangements, as well as other market developments. They are all from lenders regulated by the Financial Conduct Authority. For more information you can also see how our website works.
We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more about how our website works.
You do not pay any extra and the deal you get is not affected.
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