Home improvements

Whether you’re looking to add value to your home or simply want to improve your lifestyle, we can help you find the best way to fund your project.

 

How to fund home improvement

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Depending on what type of home improvements you are planning to carry out, how much it’s likely to cost and how soon you need to do it, you have a few different options. For projects which cost £20k+ you may need to take out a homeowners loan or second charge loan, another option would be to remortgage, all of these options would use the equity in your property to fund the work.

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Using a Homeowner Loan to fund home improvements

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One of the most common ways of funding home improvements is through a Homeowner Loan. A Homeowner Loan or secured loan is a type of loan available to people who own a home. Unlike an unsecured loan, a homeowner loan is secured against your property which gives the lender more security; this means that you’re usually able to borrow more at a lower rate. A Homeowner Loan is a good option to consider for larger-scale home improvements because it allows you to borrow larger sums of money to fund the project. Lenders will always take into consideration the equity that you have in the property today and not what it will be when the home improvements have been carried out.

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Examples of ways you can use a homeowner loan for home improvements:

• Building an extension or conservatory

• Building or repairing a garage

• Replacing a kitchen or bathroom

• Converting an attic