Whether it's a new kitchen, or a loft conversion, an home improvement loan is a great way to fund renovations to your property. Find a home improvement loan with a low interest rate that offers a cheaper way to renovate your home and increase its value at the same time.
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| UK Resident | |
| Minimum Age | 21 years |
| Minimum Income | £12,000 |
| Credit Rating Accepted | good |
| UK Resident | |
| Minimum Age | 21 years |
| Minimum Income | £12,000 |
| Credit Rating Accepted | good |
| UK Resident | |
| Minimum Age | 21 years |
| Minimum Income | £15,000 |
| Credit Rating Accepted | poor |
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Last updated: 4 June, 2021
A home improvement loan lets you borrow money to fund home renovations. This could be to redo your kitchen, upgrade a bathroom or convert 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.
Home improvement loans, UK wide, work just like other loans. You borrow the amount you need, and repay it over a set period of time. How much you're allowed to borrow and the interest rate you pay will depend on your credit rating, and your personal finances.
It depends on what home improvements you make. Some common home improvements can include:
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 |
|---|---|
| 10% | £275,000 |
| 15% | £287,500 |
| 20% | £300,000 |
| 25% | £312,500 |
| 30% | £325,000 |
Read our Renovation Nation Report on what home improvements Brits have looked into during lockdown.
If you need a loan for home renovation or improvements, look for the cheapest loan for the term you want to repay it over.
Before you compare home improvement loans, think about:
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.
Here is more on the differences between secured and unsecured loans
The cost of an home improvement loan will depend on various factors such as:
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:
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.
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