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Guide to Home Improvement Loans

Finding the right loan for your home improvements

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Home Improvement Loans

Unless you qualify for a grant to help with the cost of home improvements (such as for energy efficiency or housing renovation), you will have to pay for them yourself.

If you have savings, you may be able to afford to pay for minor improvements. But for bigger improvements - such as installing central heating, improving your kitchen or building an extension - you may need to borrow money and take out a Home Improvement Loan.

The cheapest way to borrow for a Home improvement Loan is either to take out a "Further Advance" on your mortgage or a Secured Home Improvement Loan. This simply means that you increase your mortgage/borrowing by the amount required. The new total amount of the mortgage (including the further advance) will need to be less than the value of the house. You usually can arrange to pay off the further advance or Home Improvement Loan over the remaining mortgage term - so if you take out a further advance one year into a 25-year mortgage, you would pay back the further advance over the remaining 24 years. But you can arrange to pay it back more quickly if you prefer which may be a more cost effective option in the long run.

Taking out a "Secured Home Improvement Loan" from a different lender may be more expensive than getting a further advance however it may prove to be more flexible and should be at least looked into more fully and a proper comparison made in order that you may make an informed decision. Secured Home Improvement Loans as they are named are secured against the property and effectively stand in security terms as a second change against the property.

Taking out a personal loan can be more expensive. However, these options may be suitable if you cannot get a further advance on your mortgage or a Secured Home Improvement Loan.

When you are buying a property, don't forget to add in the cost of any improvements that you regard as essential to your initial budget. Otherwise, you may find that you can afford to buy the house but not to make the necessary and desired improvements.


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