• Home Improvement Loans
• Benefits of a Home Improvement Loan
• Guide to Home Improvement Loans

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Guide to Home Improvement Loans

A Home Improvement Loan is a loan taken out by homeowners or buy-to-let owners to fund a home improvement project. This could be a large scale project or something on a smaller scale. Either way the idea is to increase the livability, salability and the value of the property itself.

In some cases the work needed is essential, such as a broken heating system or a leaking roof. Most of the time though, home improvements consist of extending the house in some way to create a larger living space. Ways of doing this are converting the loft into an extra bedroom or a study or adding extra bathrooms. However extending and refitting the kitchen always seem to be the option that generally adds more value to your house, probably because this is the one room of the house that we spend most of our time in.

It not usually viable to save up for large renovation projects, which is why most people choose to apply for a home improvements loan. There are several types of loan to apply for. This simple guide will help you decide on the best option for you. Obviously each loan application will vary, and whatever is offered will depend on a variety of circumstances. For example they will take into account how much you would like to borrow, how long you would need to pay the loan in full, your salary (single or combined), your credit history and the lenders own particular criteria.

Secured Home Improvement Loans

This option is for homeowners and can also be called a Home Improvement Homeowner Loan. It is ideal for those who currently have a mortgage, or own their own home and want to take out a large home improvement loan to pay for a big job. The advantage of secured loans is being able to borrow a larger amount at a lower interest rate. This is because you are using your home as collateral, making it less risky for the lender.

Home Improvement Loan Unsecured

Homeowners can take out unsecured loans for home improvements, but you may not be able to borrow as much as you need, and there will generally be a higher interest rate, as the lender will class the loan as much riskier without collateral. However if you default on your repayments, your home is safe and will not be at risk of repossession.

Home Improvement Loan Remortgage

If you are coming to the end of a fixed rate deal on your mortgage, or you want to consolidate some other debts you may have, then you may be looking at re-mortgaging. This involves taking out a new mortgage either with the same lender or a different lender. Often by changing your mortgage, you can get a better deal depending on what's on offer at the time.

Bad Credit Home Improvement Loan

If you suffer from adverse credit, that is you have a less than perfect credit history, don't worry. You can still be eligible for a home improvement loan. There are plenty of lenders who specialise in bad credit loans. All you need to be aware of is that your rate of interest will be higher than the typical APR advertised as you will be classed as a riskier customer, even if you do have an asset to secure on the loan.

You can apply for a home improvement loan online, by phone or in person. Just make sure you read all the small print before committing to anything that is legally binding. A home improvement loan may not just improve your home, but improve your comfort of living too.