Compare home improvement loans with guaranteed interest rates.
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What is Home Improvement Loan?
Whether you want to redo your upholstery, or you want to give a new makeover to your garden – a home improvement loan can help you. You can gain access to funds and then invest it to upscale your property. Sprucing up your residential property is the best way to enhance the value of it. Not only the location of the property, but home improvements may also add significant value to your property if you’re considering to resale it.
- More than half of UK homeowners choose to stay out and improve their property.
- Most of the property owners are adding a bedroom as an extension.
- Renovating the kitchen and upgrading the garage also helps in increasing the value.
- Homeowners are also carrying out DIYs to upscale their homes.
3 steps is all it takes
Financial hiccups are common, but they shouldn’t with hold you from giving your home a makeover.
Compare renovation loans that align with your needs and circumstances like a match made in heaven!
1.
Tell us how much you need, for how long, and for what purpose.
2.
We find you the loan offers you qualify for from multiple lenders.
3.
Select the loan that best matches your circumstances, and Get Funded.
We've partnered with the best in the business
Offers from highly reputed FCA – certified lenders to help with your financial needs
Educated guesses aren’t good enough
You choose the terms, we do the math.
Check your affordability with our Home Improvement Loan calculator and make an informed financial decision.
Check your affordability with our Home Improvement Loan calculator and make an informed financial decision.
Home improvement loan calculator
What is the purpose of your loan ?How much do you wish to borrow?
What repayment term would you like to choose ?
Representative Example
Loan Amount
£2,600
Loan Term
3 Years
Total repayment
£4,559.66
Monthly repayment
£126.66
RAPR
49.7%
Interest
41% p.a (fixed)
*The rate you get will depend on your individual, financial circumstances. Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.
Sow the seeds of long-term benefits
Find out how much each improvement can boost your home’s market value.
Choose a loan option that ensures your peace
Home Improvement Loan
- Collateral-free personal loans for your every need
- Customisable loan terms
- Affordable monthly repayments
- Repayment failure could lead to credit score damage
Secured Loans
- Loans for homeowners with collateral security – mortgage refinance, HELOC, Home equity loans
- Customisable loan terms
- Affordable monthly repayments
- Failure to repay could cost your home (collateralized asset)
Interest Free Credit Cards
- High cost credit cards with a zero-interest promotional period
- Limited interest-free period (up to 2 years)
- High interest rates after the expiry of the interest-free period
- You may accrue a huge interest on the credit card along with credit score damage
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Your checklist to finding the right home improvement loan
A pocket-sized list to help you gear up for your loan shopping
Decide on a manageable loan amount
Assess your credit score
Carefully analyse your credit report
Review your DTI (Debt to Income Ratio)
Compare actual APRs on loans with LoanTube
Use our HI Loan calculator to check your monthly repayments
6 tips to borrow home improvement loans
Watch out for loan sharks and phony lenders
An authorised lender should be able to provide you with a proof of their FCA-authorisation.
Space out your applications
Leaving healthy gaps between each application can help you maintain your credit score.
Dispute erroneous records in your credit report
Thoroughly examine your credit report to find incorrect records or unknown enquiries, and raise a dispute if you’re find any.
Explore all offers available to you
APR gives you the overall cost of borrowing. These costs include charges for early repayment, arrangement fees, late repayment fees, etc. Consider comparing the APRs for all your options rather than just focusing on the interest rate.
Work out a repayment plan before starting your application
Maintaining a tentative repayment schedule can help you avoid defaulting on your loans. Stay prepared beforehand by aligning your monthly expenses with the loan’s payments.
Set up a Direct Debit
Direct debit is an excellent way to ensure timely repayments. You can enable this option to deduct your monthly instalment from your bank account automatically. For more information about this arrangement, contact your bank account provider.
FAQ'S
Government Home Improvement Loans UK – Are They Available?
Government home improvement loans are available but what you get varies depending on whether you live in England, Scotland, Wales, or Northern Ireland. The devolved assemblies and local councils have a number of different government home improvement loans and grants. To find out more, you might want to start your search at your local authority website.
What kind of expenses can I cover with home improvement loans?
With a home improvement loan, you can conveniently cover the following expenses by spreading the cost over affordable monthly instalments:
- furniture finance
- sofa finance
- bathroom finance
- bedroom furniture finance
- Kitchen finance
- Garden renovation finance
Do I need to pledge my home to get a home improvement loan?
Home improvement loans are essentially unsecured personal loans that you can borrow to finance a home renovation or repair project. So you won’t need to pledge your assets as collateral to secure this loan.
However, suppose you’re a homeowner and wish to borrow a secured loan. In that case, there are other options that you can tap into using your equity in your property. LoanTube offers unsecured home improvement loans accessible for both tenants and homeowners. Compare multiple offers with actual interest rates from FCA-approved lenders and find your ideal loan with LoanTube.
Will home improvements add value to my property?
A home improvement project can be a great way to increase the value of your property. If, for instance, you are willing to invest both time and money, you might be able to increase the value of an outdated bathroom before selling since buyers will appreciate not having to buy and install a new bathroom or kitchen themselves.
You could get back most or all of the money you invested in a well-thought-out property improvement through your next property, even if you don’t sell it right away. To add value to your home, you need to make improvements that will last for years and make your property more desirable to a potential buyer.
Can I add my home improvement loan to my mortgage?
While you may not be able to add an unsecured home improvement loan to your mortgage, it is possible to refinance your mortgage to a new deal where you can borrow a higher loan amount to cover the cost of your home improvement project.
Can I overpay my home improvement loan?
Depending on the terms you agree with your lender, overpaying your home improvement loan and settling it sooner may or may not incur additional charges. It would be best to review your loan agreement to check for any prepayment charges or early settlement fees before making a decision.
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Representative APR Example
The rate you are offered will depend on your individual circumstances.
Representative APR Example: On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89 of which £1,957.89 is interest. 35 monthly repayments of £126.61 and a final payment of £126.54
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
LoanTube is a credit broker and not a lender.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.