Home Improvements Loan
Find the best UK home improvement loan deal
If you are looking for a secured loan, our service can help you find the most competitive deal in the UK market.
Our service provides:
- Home improvement loans from £3,000 to £2.5m
- Adverse Credit and CCJs loan applications considered
- Loans Up to 30 years
- Leading UK Homeowner lender deals compared
Our home improvement loans service is provided by Fluent Money.
Everything was carried out fast and efficiently from start to finish making the whole process easy and hastle free.
Terence, North Lanarkshire - 04/10/2017
Excellent from start to finish. Our advisor Helen was always on hand and was very methodical and precise. Helen always kept us up to date on our application...
If you are thinking of updating or adding to your home, a home improvements loan can be a great way to fund the necessary work in an affordable way.
Home improvement loans are offered by many lenders and offer several advantages:
- You can borrow significant amounts of money (£10k-£500k is common)
- You can repay over a longer period (up to 30 years in some cases)
- You can receive attractive interest rates (compared to unsecured borrowing)
What is a home improvement loan?
Home improvement loans are a type of secured loan, where the money you borrow is secured against your home.
This can allow you to borrow more than with other types of loan, such as a personal loan. It may also mean you are offered a more attractive rate of interest as lenders usually see this kind of borrowing as less of a risk than unsecured borrowing.
The exact amount you can borrow as a home improvements loan will depend on your circumstances and the lender, but anywhere from £10,000-£500,000 is commonly possible.
Home improvement loans can be a good investment as they often allow you to add more value to your home than the value of the loan, meaning you can potentially make a profit on the loan.
However, it is important to remember that, as with any kind of secured borrowing, your property could be at risk if you fail to keep up with your repayments.
First charge and second charge secured loans
When taking out a loan secured against your home, it will either be a first or second charge loan, depending on whether you already have a loan, such as a mortgage, secured against your property.
If you do not have a mortgage, your home improvement loan will be classed as a first charge loan.
If you do have a mortgage, you loan will be classed as a second charge loan, also sometimes called a second mortgage.
How much will a home improvements loan cost?
The main cost with a home improvement loan will be your monthly repayments. These will cover the interest on the loan and may also include repaying a percentage of the capital (although some lenders may allow you to pay interest-only and repay the capital when the loan term ends).
What kind of interest rate you receive will depend on factors including:
- How much you need to borrow
- How long you want to repay over
- Your loan to value ratio (LTV)
- Your credit rating
- How much secured or unsecured debt you already have
Find the best interest rates on home improvement loans
Whether your home improvements are for your personal use, or as an investment to increase the value of your home, it makes sense to keep the cost of borrowing down as much as possible.
The best way to do this is compare a range of loan deals from across the market as rates vary significantly from lender to lender and product to product.
Our loan comparison table at the top of this page makes comparing a wide range of deals easy. We regularly update the table with the best deals on secured loans we have identified from all the leading lenders, taking the hard work out of finding the best loan for you.