Home renovation loans can provide much needed capital to help fix up and add value to your home. If you have dreams of a new kitchen or bathroom, or are looking to add a few more rooms to increase your living space, using flexible and affordable finance can be the perfect solution.
All Purpose Loans compares over 100 products from over 40 lenders in the UK, to help you find the best rates for any purpose. So if you are looking for ways to fund an extension or conversion for your home, we can help you borrow up to £100,000 and repay over 1 to 25 years.
Simply click on ‘get my instant quote’ and you will be asked to enter a few details which will allow us to tailor our loan results to suit your requirements. You will require an instant decision on the screen and be able to choose the best option for you.
Increase its value: Using a home renovation loan can be a good investment, allowing you to increase the value of your home. A loft conversion which adds an extra room and bathroom can increase your entire property’s value by 20%. Other additions including a new conservatory, kitchen or bathroom can add 5% to 15%, adding an extra parking space can add 5% to 10% and other amenities too such as central heating and double glazed windows can add up to 5%.
Add extra living space: If you are very settled in your current home and are not looking to move, you can look at extending it or carrying out conversions. This could be because you are expecting more children or family to come and live with you. The use of extra bedrooms or living areas such as TV rooms or home offices can be beneficial for the entire family and provide much needed living space.
Make your home ‘age friendly’: For the UK’s ageing population, more and more people are opting to make their home ‘age friendly’ so that they can have good accessibility for decades to come. This includes adding stair lifts, vehicle ramps and accessible bathrooms.
When applying, you have peace of mind knowing that you do not have to move out of your home, unless you are doing major construction works. You also can apply with an existing mortgage and it does not matter that you have payments outstanding since this is very common.
The home renovation finance products we feature are available on a secured and unsecured basis. This gives you the option to apply for a loan secured against your property or not. For those looking at heavy renovations, the secured loan option could be more practical, allowing you to borrow larger amounts and it also assists those with less than perfect credit scores. However, please note that failing to keep up with repayments can lead to repossession or a loss in equity of your property.
For those looking to borrow smaller amounts of £5,000 or £10,000 and they have a strong credit history, the unsecured home renovation loan option could be a suitable match. This means that the loan is not secured against your property and you do not risk repossession.
When planning a home renovation, it is important to cost out everything effectively including planning, design, building works and even the cost of renting out another property if need be. Your road is likely to have an average property price and if you spend £100,000 on a new kitchen, your home may not be able to go up in value as much as that. So it is important to take this into account.
In addition, make sure that you check the planning permission requirements for your new extension or fix up. Some additions that do not change the outside of the property are perfectly viable such as renovating a garage into a living room or office or adding a shed. But if you want to add more bedrooms or floors to the home, this will typically require planning permission from your local council.
Start your application today for a home renovation loan in less than 5 minutes. Click on the button below which says ‘get my instant quote’ and you will be taken to our application page to fill in your details. You will need to add your name, address, income, monthly expenditure and how much you wish to borrow and how long for.
Based on your requirements, we will be able to present you with a list of competitive quotes from our partner lenders. Every company we feature is authorised and regulated by the FCA, so you have peace of mind knowing that your information will be treated securely and handled professionally. Our partners will be able to assist you every step of the way and can typically transfer funds to your bank account within a few days of approval.