Compare home improvement loans
What is a home improvement loan?
Home improvement loan is money that is given to the owner of the property in order to repair or restructure the home. Any maintenance will raise the value of a house. These loans can be both secured and unsecured. Those lenders that provide secured loans require the borrower to provide collateral for the loan. Usually the collateral is the property for which the loan was given. However, in some cases a different property can be given as collateral to the bank or other credit institution. The term of home improvement loans vary from one life insurance provider to another but usually all these loans are given for short-term only.
Returns on investment matters
The main purpose of home improvement loans is to add value to the existing property. Since the money spent for repair and maintenance of the home is considered as the costs of that property, the money has to be invested wisely. Great decisions regarding home improvement help to increase the value of the property. As a result, if a person decides to sell the house or the flat, these costs can be easily recouped. Some people find it hard to think about their home improvements as an investment and tend to choose improvements emotionally rather than rationally. Experts have calculated that investing in kitchen, bathroom and curb would be the most profitable solution.
Advice for home improvements
There is no single rule what improvements to choose for every house. Nevertheless, some basic advice can be given. First of all, it is extremely important to decide where lays the biggest drawback of the property. For example, Sue has a one storage house with 3 bedrooms and 1 bathroom. It is obvious that the wisest decision would be to add a new bathroom.
Almost in all cases, it is worth spending money for kitchen and bathroom updates. These places are least personal and neutral classical style will always be appreciated by everyone. Since these places can become outdated very quickly it is best to use soft colors and classical design.
If the house has enough bedrooms, a modern kitchen and attractive bathroom, money can be invested in curb appeal. First impression plays a very important role not only for the guests and family friends but also for the potential buyers. As a result, investments in landscaping or home exterior can be invaluable.
Where to get home improvement loan?
Almost all banks and credit institutions offer home improvement loans for people. In order to qualify for these loans a person has to have a good credit history, be the owner of the property and have some assets to offer to the bank as a collateral. Among the most well known companies offering home improvement loans in United Kingdom are Tesco Bank, Sainsbury's Bank, The Royal Bank of Scotland. The minimum amount of money that can be borrowed from the bank is £1000 and the maximum amount can be as high as £75000. Annual APR of these loans fluctuate around 6-8%.
Special grant for the disabled people
Disable people can avoid taking out a home improvement loan and apply for grant instead. Disabled people usually need to make necessary changes to their home in order to continue living independently. The level of grant depends from the income and savings of the person. For example, a person that is handicapped will definitely need a stair lift. People that are disabled and want to get grant have to contact their local authorities that have wide discretionary powers to help such individuals. The help from local authorities can have various forms. Some people are given grants; others are offered a loan with low interest rates. On exceptional occasions some of the value of the property can be released. It is definitely worth contacting local authorities and asking for help. Even if grant will not be offered, at least information and advice on repair will be provided.
Assistance options worth considering
There are three main institutions that can be contacted in order to get help and advice regarding home improvements. First of all, home improvement agencies can be contacted in order to get advice on how to repair and update the property. These agencies give person a review of housing options that are open. This means that an individual is informed whether he is entitled to any help, welfare benefits, technical matters and other support services.
Local authorities have to be contacted by people that want to get discretionary assistance for repairs and adaptations of the property. Local authorities have the power to decide the circumstances in which discretionary assistance applies and the form of help given to the people. Local council also has powers granting various forms of assistance.
How much could I borrow?
You could apply for any home improvement loan amount up to £75,000, for example £1000, £2000, £3000, £4000, £5000, £6000, £7000, £8000, £9000, £10000, £11000, £12000, £13000, £14000, £15000, £16000, £17000, £18000, £19000, £20000, £22000, £23000, £24000, £25000, £26000, £27000, £28000, £29000, £30000, £35000, £40000, £45000, £50000, £55000, £60000, £65000, £70000, £75000.
How to apply for a home improvement loan?
If you want to apply for a home improvement loan, please fill the form on the top of the page. It is quick and easy to make an online application. Just take a few minutes to complete the form so we can get a clear view of you, your finances and your needs. Our experts will assess your situation and get back to you with no obligation home improvement loan quote. It is up to you to take it or not.
- Typical 14.9%APR variable
- Rates from as low as 5.7%APR variable. Our highest for customers with severe credit problems is 39.9%APR variable.
- THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
- Loans subject to status and secured on residential property by way of second charge. Minimum age 18 years.
Loan comparison table
View a selection of rates and deals by checking out our Loans Comparison Table below. If you like to receive a personalized loan quote, please fill the form above.