Compare Our Best Home Improvement Loans

Another potential option is to borrow more money on your existing mortgage to pay for home improvements. Use our handy loan calculator to work out how much your loan payments could be. All loans are subject to application, financial circumstances and borrowing history. If you repay it in full, we’ll charge you a fee equal to 30 days’ interest on the amount you’re repaying, as well as any other interest that’s due. You can see what your full early payment amount would be at any time in Online Banking or your Barclays app.

home improvement loans

If you’re applying for a joint loan, other criteria will apply. Home improvement loans can ensure you have the funds to renovate your home, up front. This could help cover the initial outlay you need in order to cover the expenses of renovation and any building work. As a guidelines, based on 2021 average prices, a lean-to conservatory will cost around £10,000 if it’s made from uPVC or £13,000 – £4,000 if it’s made from wood. For a Victorian conservatory you might expect to pay closer to £13,00 for uPVC or £16,000 – £17,000 for wood.

Terms and Policies

As well as making you feel house proud, a home renovation can give you extra space and may also add value to your home. If you’re dreaming of a new kitchen or planning an extension, a home improvement loan from Sainsbury’s Bank could help. How much we lend and the rate available are subject to our assessment of your personal circumstances. Our loans for home improvements are available to customers who have held a Bank of Scotland Current Account for at least one month. Your loan could be used to cover one large cost like building an extension, or on lots of smaller things all over your home, like furniture or wallpapering.

Remortgaging – where you switch your mortgage from one agreement to another – is also an option. When your plan’s in place, work out total costs – keeping in mind there could be additional, unexpected costs. Then, see how much you need to borrow and decide if a loan is the best option for you. Once you’ve applied and been accepted, we’ll usually transfer the funds to your bank account by the end of the next working day. 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. There are a few conditions, and it has to have been at least 6 months since your last Zopa loan application.

  • The Forbes Advisor editorial team is independent and objective.
  • However, if you have a few details about your current financial situation with you, you can make it even easier.
  • Some homeowners use the money to cover the cost of larger installation jobs, including fitting new windows and doors or a new central heating system.
  • The loans calculator will give you an example of what it might cost you based on the loan amount and term you want.
  • If you want to borrow a relatively small amount to make improvements to your home, you could consider using a purchase credit card.
  • There are two main differences between secured and unsecured loans.

The loans calculator will give you an example of what it might cost you based on the loan amount and term you want. However, the interest rate we offer may be higher depending on your individual circumstances. The minimum rate we offer is 3.2% APR and the maximum rate we offer is 32.5% APR. You can choose which day of the month you’ll make your fixed monthly payment. Just a heads up – You will need your online banking details to log in and apply. This is the period of time over which your personal loan agreement is in place.

It uses your property as collateral which means your home could be at risk if you are unable to make repayments. If you put up your home as security, you risk your property being repossessed if you can’t keep up with repayments on your secured loan. With this in mind, it’s important to ensure any work you are undertaking is affordable both now and in the long term. Interest rates on a secured loan can sometimes be lower than those on a personal loan.

What are home improvement loans typically used for?

If you transferred £5,000, say, with a 4% fee, then £200 would be added to the amount you owe. There are other avenues to consider before settling on a personal loan to fund your home improvements. Note that the APRs you see advertised are representative.

Consider though, that you’ll be paying your mortgage off over a longer term – along with interest rates. You could also be charged if you want to pay off the loan early. If your score is low you may be rejected from the loan in the first place.

You’ll be able to apply for up to two months’ payment holiday too, eligibility permitting. We rounded up the cheapest rates we could find for home improvement borrowing of between £7,500 and up to £25,000. You can find more about how we ranked the loans in our methodology, below. First,we provide paid placements to advertisers to present their offers. You can repay your loan early, in part or in full, whenever you like – there’s no minimum repayment period.

Barclays Insurance Services Company Limited and Barclays Investment Solutions Limited are each authorised and regulated by the Financial Conduct Authority. We explain what APR means – and the difference between representative and personal APR. Whether it’s building a kitchen extension or just painting walls, a refresh could add value to your home and turn it into a place you won’t want to leave. If you’ve just purchased your first property, or simply want to make the most of the space you have, here are some tips for you.

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