Compare Home Improvement Loans

If you are looking to add value to your house with some DIY, then we help you find the right loan option for home improvements

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Basik Money logo

Basik Money

Loan Amount

£9,000 to £3m

Loan Term

1 year to 35 years

Representative APR

7.8%

Assumed borrowing of £37,700 over 180 months, with a fixed borrowing rate of 6.4% per annum for the first 36 months, followed by 144 months at the lenders standard variable borrowing rate of 5.9%.

There would be 36 monthly installments of £356.89 followed by 144 installments of £347.59. Total amount payable £63,021 comprised of; loan amount (£37,700); interest (£21,791); Broker fee (£3000) Lender fee (£530). This would result in an overall cost of 7.8% APRC.

Ocean Finance logo

Ocean Finance

Loan Amount

£10,000 to £250,000

Loan Term

1 year to 25 years

Representative APR

7.8%

Representative Example If you borrow £29,000 over 13 years at an annual interest rate of 7.8% (variable) you would make 156 payments of £331.76 per month. The total amount of credit will be £22,754.56. The total amount repayable will be £51,754.56 (this includes an average Lender fee of £495 & Broker fee of £2,975).

The overall cost for comparison is 10.4% APRC Representative. Subject to status, the actual rate will depend on your circumstances.

Loans Warehouse logo

Loans Warehouse

Loan Amount

£1,000 to £15,000

Loan Term

1 year to 5 years

Representative APR

10.1%

Assumed borrowing of £7,500 over 60 months Representative 10.1% APR (?xed) 60 monthly repayments of £158.27 total amount repayable is £9,496.20

Perfect Loan Match logo

Perfect Loan Match

Loan Amount

£1,000 to £15,000

Loan Term

1 year to 5 years

Representative APR

10.1%

Assumed borrowing of £7,500 over 60 months Representative 10.1% APR (?xed) 60 monthly repayments of £158.27 total amount repayable is £9,496.20

Evolution Money logo

Evolution Money

Loan Amount

£1,000 to £20,000

Loan Term

1 year to 5 years

Representative APR

36.48%

Typical Example: Loan Amount: £5,500.00, Loan Term: 72 Months, Interest Rate: 26.82% PA (variable), Monthly Repayments: £170.86, Total Amount Repayable: £12,301.92.

This example includes an Arrangement fee of £550.00 (10% of the loan amount) and a Servicing fee of £440.00 (8% of the loan amount). Read about our Rates and Fees.

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A Guide To Home Improvement Loans

We compare Home Improvements Loans from the UK best loan providers. We compare loans from £10k to £500k, for good & bad credit, secured & unsecured home improvement loans.

Home improvement is an essential part of keeping property in good condition. However, raising the required finances to fund such a project can present quite a challenge. Keep in mind that some owners run busy schedules that hardly allow them to think about issues outside of their industries. Here is a guide to help just about anyone raise the finances they may need and how to manage the whole project to get desirable outcomes.

The Benefits Of Home Improvement

Property Beauty

It is inevitable that after a while of existence any home is bound to lose its initial beauty. This may make it less desirable to people and as a result it may be difficult to sell or rent out.

Heightened Comfort

The home is one of the places that you can go to relax and have a good time. Home improvement can be a quick way to ensure that this little paradise offers the comfort that is fitting for you and loved ones.

Increases Space

The last thing you want is to live in a house that appears too crammed up with items. A few adjustments within the home may ensure that you create more space.

Adds Value

A casual talk with any property dealer will reveal how important home improvement is before offering it up for sale. Indeed, homes that undergo renovations are likely to be valued highly when compared to those that have had no improvement.

Energy Conservation

Some individuals opt to carry out home improvement to cut down on energy costs. Inclusion of glass windows or doors and installation of solar panels may be key to lighting the house naturally or powering several electronics. This can easily bring down the costs of electricity in the house.

Maintenance

Unless you carry out regular maintenance activities your home may not remain in good condition for long. Home improvements forestalls any major damages that may otherwise occur and lead to huge losses.

Planning Your Home Improvement Project

Once you have concluded that your home needs improvement you need to start planning. This may involve talking to experts in interior design or construction. Such people will give accurate estimations when it comes to the costs that will be incurred on required materials and services. At this stage you need to come up with a schedule for all activities and request written proposals from various service providers. It is also important for you to come up with a budget that will help you manage your finances in the right way.

Consider Financing Options

With a plan of action in place, the next thing to think about is the way you will be financing your project. There are a variety of options for you to choose from including:

Cash

This method requires you to use your savings or income to directly finance the project. Experts advise against this method because it may end up leaving you vulnerable since you may be unable to pay for medical or other needs if your savings are used up.

Credit Cards

If your credit cards offer enough funds for financing the project you may go ahead and use it. The downside is that you are likely to have access to limited funds but still end up incurring a high amount with regards to the interest rates you are charged.

Home Improvement Loans

These are sometimes referred to as personal loans and can be sourced from many financial institutions.  It is worth pointing out that personal loans can be taken out for longer periods and provide higher amounts when compared to credit card limits. They are easy to apply for although they may attract high-interest rates depending on the financial institution you work with and various other factors including your credit scores.

Where To Find Personal Loans For Home Improvement

Local Banks

Most people that undertake home improvement projects prefer getting their personal loans from local banks. It is worth noting that individuals that hold active accounts in the banks they apply to are more likely to secure these loans. Before applying it is important for you to learn about the requirements or eligibility criteria.

Credit Unions

Credit unions are legally formed financial cooperatives that are run democratically. They are owned by members who meet at given times to formulate policy. To secure a personal loan from such an institution one needs to be a member and meet the set eligibility criteria.

Peer to Peer Lending

This method requires you to submit your application to an investor who then accepts to finance your project if you can guarantee that you will pay the amount at an agreed interest rate.

Tips For Securing A Home Improvement Loan

Do Your Research

Before you apply to any of the institutions mentioned above it is important for you to do some research. Talk to people who have had the opportunity to improve their homes through loans. Such people could be friends, relatives or colleagues who can offer tips and tricks to use. They may also give recommendations regarding some of the best financial institutions to work with.

Learn About The Eligibility Criteria

There is no need for you to submit a loan application only for it to be turned down because you did not meet one or more of the requirements that are stipulated. Instead, take the time to examine each requirement and ascertain that you qualify for the loan.

Keep in mind that every time your loan application is rejected the result may reflect negatively on your credit score report. Most financial institutions require you to be of legal age, have documents showing that you are the owner of the home to be improved and have a track record of debt repayment.

Know The Right Amount To Apply For

Most financial institutions will reject your application if the amount you are requesting is higher than your financial worth. In case you are unsure of the amount to request for it may be wise to seek expert help from a financial adviser. Such a professional can examine your worth and provide accurate recommendations on what you should do to secure the loan you need.

Manage Your Credit Scores

Most financial institutions rely on your credit scores to evaluate if you are a good fit for a loan. To have a healthy credit score be sure to clear all balances on various credit cards. Avoid opening multiple credit cards because they tend to lower your ratings. It is also important for you to pay monthly bills on time. If you notice any errors on your credit report raise the issue with relevant authorities so that correction can be done immediately.

Do Not Apply For Multiple Loans

Most people make the mistake of submitting multiple applications to several institutions. You need to realize that financial institutions do their due diligence and in case they detect you have submitted other applications they are likely to decline your loan request.

Submit Application According To Instructions

Fill out any forms that you are presented with according to instructions. Always give accurate information and verify that all the details you have provided have no mistakes.

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