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Home improvement loans in a nutshell

What do I need to know about home improvement loans?

If you’re searching for home improvement loans to fund a project, there are two types of loan you can search for: an unsecured loan or a secured loan.

An unsecured home improvements loan is a loan that’s not secured against your property. The lender will loan you a fixed amount over an agreed term, which you’ll then need to pay back in monthly instalments, plus interest.

A secured home improvements loan is one that is secured against your property. This adds a degree of security for the lender as they can take away your property to pay back the loan if you fail to make the monthly repayments. Because of this, you can usually borrow larger amounts with a secured home improvements loan than you can with an unsecured loan.

Your home may be repossessed if you do not keep up the repayments on a mortgage or any other debt secured against it.

Will I be eligible for a home improvement loan?

Your eligibility for a home improvement loan depends on your personal circumstances. If you are searching for an unsecured personal loan, one of the factors that can impact your eligibility is your credit score. If you have a high credit score, you might be eligible for a lower APR (Annual Percentage Rate) on your loan. If you have a low credit score, your APR could be higher.

To find out more, read our guide on credit scores.

If you’re not eligible for an unsecured personal loan or you didn’t find any offers that were right for you, you may want to consider a secured loan. However, to be eligible for secured loan, you usually need to be a homeowner.

To learn more, visit our secured loans for home improvements page.

What do I need to think about when comparing home improvement loans?

Well, there are a few things you need to keep an eye out for. But don’t worry, once you’ve got your head around it, comparing loans can be fairly straightforward.

The first thing to look at is the monthly repayments. Can you afford them? Because if you can’t, it can cause a lot of problems down the line.

Next, check the APR. Not everyone gets offered the same APR and yours might be different to the representative APR. Make sure you’re happy with the rate you’re being offered before proceeding.

Finally, know your terms and conditions. Different loans can come with different fees and charges. Make sure you don’t get caught out unexpectedly by not checking them first.

What can I use a home improvement loan for?

If you’re looking to add value to your home, there are plenty of renovations you can make. Here are just some of the ways you can put a home improvements loan to good use.

  • Build an extension
  • Invest in a loft or basement conversion
  • Replace windows with double-glazing
  • Add a conservatory
  • Fit a new kitchen or bathroom
  • Redecorate your interiors

Getting help with your finances

If you find yourself in financial difficulty, you can get free, impartial advice from The Money Advice Service. Give them a call on 0800 138 7777 or visit their website.