Home Improvement Loan Calculator
What is a home improvement loan?
Home improvement loans allow you to borrow money to make improvements to your home. This can be a cost-effective way to add space, upgrade your living space or increase the value of your property with a view to selling.
Depending on how much you need to borrow, you may want to take out an unsecured home improvement loan or a secured home improvement loan. A secured loan will usually allow you to borrow significantly more and may offer more attractive interest rates, although this will usually depend on a number of factors.
When looking at home improvement loans, it is strongly recommended to discuss your borrowing needs with a professional loan advisor. They will be able to help you pick the right loan product and lender for you and help you access the money you need at the most attractive rates available.
Types of home improvement loan
To make the right choice about borrowing for home improvement, it is important to understand the two main types of finance likely to be available to you.
Unsecured personal home improvement loans
An unsecured loan is one which is not tied to a particular asset. This type of borrowing will generally offer the following advantages:
- Borrow up to £25,000 (or more with some lenders)
- Repay over up to 10 years (depending on the lender)
- Fixed monthly repayments may be an option
- Repayment holidays may be an option
- Ideal for smaller home improvement projects
Secured home improvement loans
If you need to borrow more, an secured loan may be the way to go. With a secured home improvement loan you can:
- Borrow up to 90% of your property’s value with some lenders
- Repay over much longer periods
- Access more attractive interest rates (subject to circumstances)
- Choose fixed or variable interest rates
- Fund significant home improvements, including major renovations and extensions
If you choose to take out a home improvement loan secured against your home, it is important to understand that your home may be at risk if you fail to keep up with your repayments.
Borrowing for rental property improvements
If you are a landlord looking to borrow money to improve a rental property, you may want to consider a buy-to-let mortgage. If you have an existing buy-to-let mortgage, it may be worth remortgaging or taking out a second charge mortgage to fund the property improvements you wish to make.
Compare home improvement loans
Whether you are borrowing to make your home a better place to live, or in hopes or turning a profit, getting the best deal on your home improvement loan rates is essential. This will help to keep the amount you repay each month down and mean you end up paying back less overall.
Our home improvement loan calculator, found at the top of this page, is designed to make it fast and straightforward to find the very best deals on both unsecured and secured home improvement borrowing. Simply head to the top of the page and share some basic details to see matching loans from top lenders across the market.
If you would like to find out more about a home improvement loan, or would like any assistance or advice we have partnered with Fluent Loans the largest secured loan brokerage in the UK.
Click here for the best UK home improvement loan deals from £3,000.