Apply For A Home Improvement Loan

We’ll make an instant decision and the funds could be in your account within 48 hours. To get approved for a home improvement loan, you’ll need to fulfil our lending criteria. At Novuna Personal Finance, we have five key requirements for personal loan eligibility. Your payment is made by monthly direct debit from the account the loan is paid into. Your first payment will be made one month after issue of the loan on the date you have chosen in your application, unless you apply for an initial payment break . A loan gives you the money you need upfront and lets you spread the cost of paying it back.

home improvement loans

This means your assets, such as a car or a home are not at immediate risk if you do not keep up with your monthly repayment. However, as a result the maximum APR you could be offered can be higher. From 3.9% APR Representative on unsecured loans from £7,500 to £25,000 over 1 to 5 years for our members with a mortgage, savings or current account. This means we receive a commission from the lender you choose for your loan. It’s worth noting however that there may be a 12.5% broker fee of the amount you have borrowed, and this is capped at £3,995. Please note, there are no broker fees on unsecured loans.

Great, let’s get started

Your actual rates and repayments might differ and will be based on your personal circumstances, the loan amount and term. This representative APR applies to loans of £7,500 to £25,000 over 1 to 5 years. Other terms and loan amounts are available at different rates.

It’s important for you to understand how we use and share your information. Please read thisshort summarybefore you continue with your application. This information will be shared across the bank, meaning you won’t need to tell us about your requirements every time you interact with us. The Representative APR changes based on the amount you borrow. You can borrow more than £7,500 over a period of up to 8 years.

  • As with your original loan, the application will be subject to our normal credit checks and you can only borrow up to the maximum loan allowance out of £25,000.
  • Remember, a further advance will increase your monthly mortgage repayments, and you could lose your home if you can’t keep up with them.
  • If you own your home, or have assets you could use as collateral, a secured loan can work out cheaper long term than unsecured loans.
  • Tap ‘Apply Now’ to log-in and apply through the loans calculator.

In 2005, we built the first ever peer-to-peer lending company to give people access to simpler, better-value loans and investments. Since then we’ve helped hundreds of thousands of customers take the stress out of money by building our business on honesty, transparency and trust. We can also offer a free project management service, to help you with procurement and supervising the works to improve your property .

How our home improvement loans work

There’s no charge for a missed payment either, although your credit score is likely to take a hit. You can keep your original loan and take out a second one, in this case you will have two separate loan repayments to make. So, if you’re confident you can repay your debt within the promotional period, a purchase card could be your best option.

PROSCONSIf you secure your loan against your house or car, you may be able to borrow more money. Others choose a home improvement loan to make more space or give their house a face lift. This means they are not secured against your home, unlike a mortgage. If you stick with your current mortgage provider, you may also be able to borrow more.

For tax advice on your home improvement plans, please contact HMRC or a qualified accountant. Investing in appropriately sized home improvements that will stand the test of time while making your home more attractive to potential buyers is ultimately what adds values. If you’re thinking about borrowing more, we’re here to help.

Home equity can be calculated by taking off your existing mortgage value away from the property’s current market value. You may be able to take a payment holiday if you meet certain conditions. If you choose to do so, you will be charged interest for an extended period. Like any big financial decision, you should carefully consider and research home improvement loans before you apply.

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