Home Improvement Loans

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Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.

Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

Home improvement helps to enhance the aesthetic appeal, function, and comfort of your home. Improvements also help to increase the home's value so it makes more financial sense to upgrade your home than to trade up to another property.

You can easily install a new kitchen, repair your roof, or even plan an extension to increase living space in your home. However, these upgrades can be costly. The good news is you can easily borrow money to fund the work by taking a loan online.

get a home improvement loan online

What is a home improvement loan?

This is basically an unsecured personal loan that you can use to finance your home improvement project. The loan is primarily used to upgrade your home with the intention of creating better living spaces and increasing the value of your house.

You can use the loan for any project that aims to improve the quality of your property whether you want to sell it or keep on living in it.

You can take out the loan alongside the first mortgage of the property and use it to increase the value of your home then remortgage further using the “earned equity” created by the upgrade.

There are two common types of home renovation loans namely a secured loan and an unsecured loan.

What are the benefits?

There are several benefits of taking a loan for home improvement including the following:

Better and more functional living spaces

With a home improvement loan, you can upgrade your home or extend it to create more comfortable and functional living spaces. You can use a loan in any way you want to enhance the look and function of your home, such as installing a new kitchen, repairing your roof, building a useful extension, and any necessary repair and redecoration project.

Higher property resale value

Home improvement adds additional equity to the property and increases the property's value should you decide to sell it in the near future. By adding more features such as loft conversions, new central heating, conservatories, and other improvements, your property will fetch more on the market because of the increased value.

More living space for your family

Depending on the amount of extension allowed by your local planning permission authorities and regulations, you can improve your home with loft conversions and extensions, basement and conservatories conversions and extensions, and much more. Each square footage you add to the property means that you will have more to sell and an increased value of your home. Your family will also enjoy more living space.

Home improvement enables remortgaging

You may want to take out equity from your house and use the money for another purpose. However, at its present value, the property already has a maximum amount of equity against which the lender sets your loan amount. This is called the loan-to-value or LTV.

For example, if your house is worth around £500,000, most lenders will not give you a loan of more than 50% of the home's worth, which is basically £250,000. If you improve the house and increase its value, you can get a higher LTV because the home has acquired equity.

How much can I borrow?

The amount you can borrow depends on the cost of your home renovations. Most young people typically borrow less for their home improvement projects than adults with growing families.
Typical improvement loans range from £4,000 to £9,000 for people aged between 45 and 64 years. The most important thing is to ensure that you borrow an amount that you can comfortably repay in easy monthly instalments.

What are the eligibility conditions?

At MoneyFall.co.uk, we connect you with credible lenders who provide borrowing options. Different lenders have their own criteria for giving out loans but basically you need to satisfy the following conditions:

  • Be over 21 years and preferably under 75 years
  • Be a resident of the UK for a minimum of 3 years
  • You should have a yearly income of £15,000 or more
  • A valid bank account in the UK where the money will be sent to

Where can I find the best home improvement loans?

Different lenders have different conditions and interest rates. It is therefore important to research and compare different lenders to find one with the best terms and lowest interest rates.

Remember interest rates can make a big difference in the total amount you have to repay. It, therefore, makes sense to shop around for the best lender.

At MoneyFall.co.uk, we help people looking for loans to find the best lenders on the market today. We provide you with a channel to compare different types of loans from different lenders to find one that suits your needs. Feel free to use our services when looking for a lender with the best terms and rates.

How fast can I receive the funds in my bank account?

After your loan application has been approved, the funds will be transferred to your bank account on the same day.

At MoneyFall.co.uk, we provide online loan brokerage services which means your application can be approved or declined in just a few minutes and the funds transferred to your account in as little as 15 minutes depending on the lender you choose.

We make sure to connect you with fast lenders so you can get the money and use it when you need it instead of having to wait all day long.

What will happen if I fail to make a repayment on my loan?

If you miss a repayment on your loan, the lender will add a late repayment fee to your remaining balance.

Remember the late payment or failure to pay on time will be recorded on your credit report and make it even more difficult to get credit from other lenders in the future. It will also affect the amount of loan you can get from the lender next time you want a loan.

Paying your loan promptly every month helps to improve your credit rating and standing with the lender. To avoid late payments, make sure you always borrow an amount that you can comfortably pay back in affordable monthly instalments.

Key points

  • Getting a loan to renovate your home is commonplace in the UK lending market.
  • Loans can be used to repair existing issues, or make necessary improvements such as increasing living space.
  • Even if yo have bad credit you will still be considered for a loan.

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