Cheapest Home Improvement Loans

Top deals

Top rate

AA

6.1%
£7,500 - £25k
1-7 years

Check eligibility Representative Example: The representative APR is 6.1% so if you borrow £10,000 over 5 years at a rate of 6.1% (fixed) you will repay £193.03 per month & total amount payable £11,581.78.

Santander

6.2%
£7,500 - £15k
1-5 years

Check eligibility Representative Example: The representative APR is 6.2% so if you borrow £10,000 over 5 years at a rate of 6.2% (fixed) you will repay £193.47 per month & total amount payable £11,608.19.

MS Bank

6.2%
£7,500 - £15k
1-7 years

Shawbrook

6.6%
£10k - £500k
3-25 years

Check eligibility Representative Example: The representative APR is 6.6% so if you borrow £10,000 over 5 years at a rate of 6.6% (fixed) you will repay £195.23 per month & total amount payable £11,713.96.

If you’ve decided to go ahead with a home improvement project whether it is installing a new kitchen or converting a loft, you might be wondering what funding options are available to you. Home improvement loans can come in the form of personal and secured loans, and the suitability of each will depend on the size of your home improvement project and your personal circumstances.

Secured Home improvement loans

Secured home improvement loans usually allow you to borrow larger amounts than personal loans, and often have more flexible lending criteria whilst offering the cheapest rates. Secured loans are seen as less of a risk to lenders as you are required to use the equity that you own in a property as collateral towards the loan; this is why they are willing to offer the cheapest repayment terms.

However, You should also remember that although the repayments each month on a home improvement loan that is secured against your home may be lower than on a personal loan, you could end up paying more over time as interest rates accrue over a longer loan period.

Secured home improvement loans are most suitable for borrowers who are looking to carry out larger, more expensive home improvement projects, who might also suffer from a bad or an adverse credit rating.

Unsecured Home Improvement Loans

many lenders offer unsecured personal loans designed specifically for funding home improvements. An unsecured personal loan is taken over the short term (typically between 1 and 5 years). Unsecured loans are often favourable over secured loans as they do not require that your home is put up as collateral. Additionally, these loans can provide funding for improvement projects of up to £25,000. Whilst the time it takes to process an application is usually far shorter with unsecured personal loans, they tend to have higher interest rates and are harder to obtain if you suffer from bad or adverse credit.

These loans are more suitable for borrowers looking to carry out smaller home improvement projects that have good credit and don’t want to leverage their property as equity.

Find the cheapest deal on your home improvement loan

In order to find the cheapest deal on your home improvement loan; it is important to shop around. There are a variety of different lenders offering different competitive deals on loans for home improvements. However, the majority of these lenders only work through independent intermediaries, which is why we suggest that you speak with a mortgage broker.

A mortgage broker can offer you leading and exclusive deals on your home improvement loans. Additionally, they can help analyse your situation and assist in finding a home improvement loan with repayment terms that suit you.

If you would like any assistance or advice on finding a ideal home improvement loan for you why not call us today on 0117 313 8872, for a FREE initial consultation.