December 6, 2022


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Compare Home Improvement Loans

If you apply for an unsecured home improvement loan, your payments could end up being higher. This may mean you have cashflow problems if renovations end up becoming more costly than you anticipated - for example, if building work runs on longer than p

If you apply for an unsecured home improvement loan, your payments could end up being higher. This may mean you have cashflow problems if renovations end up becoming more costly than you anticipated – for example, if building work runs on longer than planned. If you take out a secured home improvement loan, you must ensure you can keep up with the repayment schedule.

home improvement loans

If you have poor credit then the information and interest rates on a loan calculator may not be relevant to you as these are based on the average. You may still be able to get a loan, but the APR you have to pay may be considerably higher. A home improvement loan should not be confused with a home equity loan that can also be used for home improvements.

Can I add home improvement costs to my mortgage?

You could apply for up to 2 repayment holidays each year, subject to approval. Just be aware, interest is still charged for the months you don’t make payments. This means you’ll pay more interest overall and the loan term will increase. If we’re processing one of your regular monthly repayments you won’t be able to make an extra repayment. This is because it takes a while for the transaction to clear. A home equity line of credit is similar to a home equity loan but works more like a credit card.

  • If you’re eligible and apply online, you could get the loan transferred to your account by the next day if approved, by digitally signing.
  • It’s quick and easy to apply online for additional borrowing.
  • For tax advice on your home improvement plans, please contact HMRC or a qualified accountant.
  • And often you can’t borrow as much on a credit card as you can with a loan.

While the calculator will give an indication of monthly payments and APR, you can find out your personalised rate by logging in to Internet Banking. You must have a regular yearly income of £20,000+ to apply for loans of £20,000 and above. At Novuna Personal Finance we specialise in unsecured personal loans. So when you take out a home improvement loan with us, there’s no collateral or security required. Our lending decisions are based purely on your creditworthiness and your ability to repay the loan.

You can choose a repayment schedule of between 12 and 60 months, although a few lenders will go as far as 84 months. A longer repayment term will spread the cost, but remember you’ll be paying interest for longer. A home improvement loan is also an ‘unsecured’ loan because it is secured against an asset, such as your home.

Experian comparison services are provided free however we will receive commission payments from lenders or brokers we introduce you to. If your current mortgage deal is up for renewal, you could increase the size of your loan in the process of remortgaging to a new lender. It’s possible to borrow up to between £25,000 and £30,000 via a personal loan, although you may well need less than this. Minimum borrowing is usually set at £1,000, although for smaller sums there may be better ways to borrow such as a 0% purchase credit card. If you’re ready to apply for a loan for home improvements, there are few things you should have to hand before you begin your online application.

Find out more about personal loans from M&S Bank

These include the size of the room, the units you’d like to install within it, and the quality of those units and other materials used. The total cost will also be affected by whether you choose to do the installation yourself or get an expert in to do it for you. Yes, you can settle your agreement early in-full or in-part, at any time. Please be aware if you make an early settlement in full, we will charge up to 58 days’ interest.

Know your loans

Our minimum and maximum terms for certain loan values are shown below. It’s important to remember that if you repay your loan early, you will be charged an Early Repayment Fee. The amount you will be charged will be equal to 58 days’ interest on the amount you repay early (28 days’ interest if the period of the Loan is one year or less). If there is less than 58 days remaining on the loan, the calculation will be based on the actual number of days remaining. This is in addition to your outstanding loan amount and any outstanding interest.

At the beginning of the loan we work out the interest you will pay over the whole length of your loan and add this to your loan amount. We calculate your interest charge by applying interest at a monthly rate based on the APR to the balance of your loan, as reduced by your monthly repayments. We add this to the loan amount and then divide this total by the number of monthly repayments. If you have a NatWest current account, in most cases we’ll give you a personalised quote at the start of your application. It will confirm the loan amount and your rate with no impact on your credit score.