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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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:
Loft conversion
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 |
|---|---|
| 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:
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.
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:
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
Penalties. If you don't keep up with repayments, you'll likely be charged penalties for missing payments.
Putting your home at risk. If your loan is secured against your home and you fail to keep up with repayments, the lender may repossess your home and sell it to recoup the debt.
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.
Mortgage advance. You could ask you 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.
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.
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