Is it worth getting a home improvement loan?

To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. If you’re an AA member these rates are cheaper still at 2.90% and 3.10% respectively. In either case, it is possible to take the loan over a maximum of 7 years.

home improvement loans

If you qualify for a loan we’ll tell you the rate that applies when you get your personalised quote. If you hold a Halifax current account, in most cases we’ll tell you how much you can borrow and if you’re likely to be approved when you get your quote. You‘re able to apply for a Personal Loan even if you don’t bank with us.

Why get a Home Improvement Loan with us?

The cost of a typical loft conversion here in the UK, based on 2021 prices, averages around £40,000. It’s useful to have that figure in mind even before you start thinking about what you’d like to achieve with a conversion, and whether it’s feasible on your budget. Don’t overlook other costs such as lighting, tiling, flooring, extractor fans, waste removal and pipework, as well as the general finish. There are material and labour costs to consider for all these elements. Like any room revamp, the costs involved in a bathroom renovation will depend on several factors.

  • All ratings are determined solely by our editorial team.
  • Annual Percentage Rate represents the amount of interest you’ll pay annually for your loan.
  • You could consider a personal loan, or consolidating your debt.
  • However, don’t this sway you to borrow more than you need.
  • Create a whole new space for you and your family to enjoy with a loft conversion.

As an existing customer, you’ll be able to provide this information online, over the phone, or by visiting a branch. You can use the Banking My Way service to tell us about any additional support or adjustments you might need with your banking. Before you apply, we need to check you’re happy with a few things. are available over an extended term, up to 10 years.

Logbook loans: are they worth it?

Using a personal loan is the ideal way to transform your home and add value to your property, without the initial outlay. Once you’ve registered, select ‘next’ to log in and apply for a loan. You can use our borrowing options guide to help you figure out what type of lending will best suit your needs. Find out how likely you are to be approved for a home improvement loan at the start of your application. This is the length of time over which your loan agreement is in place. Our minimum and maximum terms for certain loan amounts are shown below.

If we approve your loan, you should have the money in your account within 24 hours. The loan deal you are offered will depend on your personal circumstances and credit history, so the APR you actually get could be much higher. As it’s a big financial decision, remember to factor in those easy-to-forget costs when planning your project. A small DIY project might seem straightforward enough but hiring a contractor or obtaining planning permission can increase the price. If you’ve been approved, you’ll receive some important documents within five days, which you’ll need to check, sign and return to us.

Get a Personalised Loan Quote to see the interest rate you may be offered. Use the sliders to adjust how much you’d like to borrow and over how many months. Make sure you carefully consider the terms and conditions of each deal before choosing one. Once you have a home improvement plan, you can work out the total cost of the project.

Once you’ve worked out how much you want to borrow, you can get an instant quote from RateSetter to find out the rate you’ll be offered, before you choose to apply. But if you’re applying for a secured home improvement loan using your home equity as collateral, you’ll need to have built up enough equity first. The length of time this will take will depend on personal circumstances.

We will treat you fairly and reasonably at all times and make sure that you are provided with a high level of service. If you just want to take out a second loan instead of topping up, that could be an option too. A home improvement loan could help you make improvements to your home, so you could increase the value of your property. You’ll usually receive an accept, decline or refer decision by email within 5 minutes. Manage your finances the way you want with the flexibility to overpay, which could reduce the amount of interest you have to pay.

With us, there are no catches or offers for new customers only. Our loans are built so that they’re easy to understand and so we only win when you win. The Welsh Government offers short to medium term, interest free loans to help eligible owners improve the condition of their residential properties. If you require more information on home renovation loans or would like to borrow using other products, we have bags more information for you here on MoneyNerd. Search our site with your questions and get clear answers fast. But they are not the same as an unsecured home renovation loan where no assets are listed and the interest rate is usually higher.

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