Home Improvements Loans

Representative APR 3.3%

This rate applies for loans from £5,000 to £7,400. The rate offered will depend on the amount you wish to borrow and your individual circumstance. 

Representative example: If you borrow £5,000 over 60 months at a Representative APR of 3.3% and an annual interest rate of 3.3% you would pay £90.40 monthly and the total amount you would repay would be £5,424.00.

What is a home improvement loan?

This type of loan, often referred to as an unsecured or personal loan, is a helpful option for people who want to finance big projects like house renovations.

These types of loans do not require the borrower to provide security – such as their home or car - against the loan. Instead, the loan provider will look at your credit history and rating to determine if you can afford to borrow the sum of money; it’s similar to the credit check you have when applying for a mortgage.

Home improvements

With escalating house prices in the UK, many people are turning to home improvements instead of buying a new property.

With the average house price in June 2016 coming in at £214,000 - an increase of 9.3% over the year, according to the Office of National Statistics – many people are finding it increasingly difficult to buy their first home or upgrade to something bigger.

House renovations such as converting attic space or adding an extension will not only give you the extra space you’re looking for, but can add value to your home if you want to sell it in the future.

Plan Ahead

Whatever plans you have in mind for your home, big projects come at a cost so you may be considering taking out a home improvement loan.

Whether you feel your whole house needs a facelift, you want a new kitchen fitted or you’re thinking bigger and better with a garage conversion, renovations can be a great option for people who are:

• Happy in their current location and property
• Finding it difficult to sell their home
• Wanting to add value to or improve their home
• Not able to afford to buy a new house and the associated costs

It’s important to weigh up the costs of the improvements and how much value the work will add to your home. Make sure you research the property market, looking at similar homes in your area as well as trends in house prices.

Sites like Rightmove will tell you how much properties in your neighbourhood sold for and when.

It’s a good idea to get written quotes for the renovations from a number of tradesmen so you can compare prices; make sure you use a registered tradesman by checking sites like Trustatrader or FMB.

Once you're happy with a price, get the quote in writing and ask the trader to include start and completion dates and agreed payment terms. Make sure you ask for a quote, which includes materials and labour, rather than an estimate so you have a good idea of how much you need to borrow and won’t be surprised by any additional costs.

You can then use our loans calculator to work out the rate and your monthly repayments – simply enter how much you want to borrow and for how long to get an idea.

How do I apply for a loan?

Once you’ve decided how much you’d like to borrow you can either fill in your details in our online loan application or you can call our friendly team to start the process.