Home Improvement Loans

Although many types of loans can be used for almost any type of spending, the use of some loans may be restricted to home improvements only. In addition, the lender may specify what qualifies as a home improvement. Loans from £1000 to £50000 or more may be available depending on your circumstances. In general, the larger the amount you want to - and can - borrow, and the better your credit rating, the lower the cost of your loan. How good the deal is usually depends on whether the loan will be secured or unsecured and the lender may restrict unsecured loans to smaller amounts. Substantial amounts and longer terms are generally offered for home improvement loans where lenders can reduce their risks i.e., use your home as collateral.

The APR helps you to compare like with like. Even if you have equity in your home and can get an additional loan from your existing mortgage lender, it may be useful to look at different lenders to compare their loan costs with your existing mortgage lender's rate.