Let’s get your home renovations started

Okay, we’ll keep this super simple – we promise. The most important thing you need to think about is what type of loan you want, homeowner or personal. You’ll find the differences between the two below:

Personal loans

• It’s not secured against your property
• The loan amount ranges from £1,000 to £35,000
• The repayment term length is one to seven years 
• The money could be in your bank account as quickly as the same day 

Homeowner loans

• It’s secured against your property
• The loan amount starts from £5,000 to £500,000+
• The term length is one to 30 years 
• The process can take a couple of weeks because of the extra paperwork 
• You don’t need to have the best credit score 

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

We hope so! But it all comes down to your personal circumstances – your credit score, your income, the loan type you want – unsecured or secured – and whether or not you meet the lender’s criteria. 

As a general rule of thumb, the higher your credit score, the more likely you’ll get a lower APR (Annual Percentage Rate) on your loan. And if your credit score is a bit lower, you could get a higher APR. 

If your credit score is low but you’re a homeowner, a homeowner loan might be an option for you. 

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

Home improvement loans playing with your head? Don’t worry, we’ll do what we can to sort that right out. The three questions below are a great place for you to start.         

Can you afford the monthly repayments?

It can harm your credit score if you can’t keep up with your payments and if you take out a homeowner loan, your home could be repossessed as a last resort to recover the costs.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. 

Does the APR work for you?

Remember, everyone is offered a different APR and yours might be different to the representative APR. So before you proceed with your application, double check it and make sure it works for you. 

Have you read your terms and conditions?

It’s really important you know your terms and conditions. This is because loan types and lenders can have different fees and charges. Make sure you don’t unexpectedly get caught out by not checking them first.

For more information about home renovations, see our blog post about how to finance your home improvement.

There are loads of things you can use a home improvement loan for, so let your creative juices flow. Below are some of the things you could put your home improvement loan towards:

• Build an extension
• Invest in a loft or basement conversion
• Replace windows with double-glazing
• Add a conservatory
• Fit a new kitchen or bathroom
• Redecorate your interiors
• Add a new bedroom

For all things home renovations, check out our blog post about adding value to your home.

Not sure if adding an extra bedroom will add value to your home? Before you get started on your next renovation project, you should check out our blog post on adding another bedroom. 

Yes, you absolutely can. Check out Money Helper, they’ll be able to offer you free, impartial advice. You can also call them on 0800 138 7777.