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Home Improvement Loans

What is a Home Improvement Loan?

Home improvement loans, are personal loans that borrowers use to pay towards the costs of renovating or updating their homes. Some choose to take out a home improvement loan to make practical improvements like installing central heating, rewiring or updating windows and doors. Others opt to pay towards a new addition to their homes such as converting the loft, building an extension or making a few cosmetic changes. Either way, the loan can lead to a more pleasurable place to live, as well as adding real value to a property

Like other personal loans, home improvement loans can be unsecured or secured.

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A secured home improvement loan is secured against an asset – usually your home itself. They’re only available to homeowners who have built up some equity in their home, although they can also be secured against other assets, such as a vehicle. With a property as security, lenders can offer better interest rates and repayment periods. Unsecured home improvement loans are usually offered with fixed interest rates and less flexible repayment periods.

Reasons to choose a home improvement loan?

If you want to add value to your home and/or make those additions to your property instead of moving, then a home improvements loan is a perfect choice for this.

Home Improvement loans can be used for almost any purpose. A secured loan can be a good choice when taking out a loan for home improvements such as a home extensions, loft, basement conversion or adding a conservatory, as they’re borrowed over a longer term. Rates can start as low as 4.5% APR. However, rates are subject to status and other financial factors

To apply for a secured loan, you’ll need:

  • to tell us your residential address(es) for the last three years
  • your date of birth. You must be over 18 years old
  • your employment details and some financial information

Things you should consider

Taking out a secured loan should not be taken lightly as you’re put your home and other assets at risk if you fail to keep up the repayments.

If you want to pay of your loan early, some lenders may charge you an early repayment fee. However, when looking at the various options available our experienced advisors will look into loans that suit your personal needs.

Secured loans are typically repaid over a longer period ( 5 – 25 years) and while smaller repayments over a longer period may seem attractive, the longer the interest period, the more interest you will pay overall.

Our advisors will work hard to find you the best loan to suit your personal circumstances. They will also be transparent about any fees that apply to your secured loan and what they mean to you, and your future plans.