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What Are Loans for Home Improvements?
Home improvement loans are a type of personal loan that can be taken out for the sole purpose of making improvements to your home. Whether you’re looking to do up your kitchen, replace an old bathroom suite or even convert your loft to increase property value, these are all classified as home improvements. Apply for a loan from £100 up to £5,000 with iThink Finance for flexible terms of 1 month to 24 months, depending on how much you wish to borrow and what you require the loan for.
Why Should I Take Out a Home Improvement Loan?
The costs of making improvements to your home can accumulate quickly and can end up being a substantial cost.
In many cases, personal loans can be the ideal solution, allowing you to make adjustments to your home still while spreading the cost over a repayment period to suit you.
iThink Finance takes pride in providing the best home improvement loans to suit our customers. With our people before profit philosophy, we’ll ensure that we find you the help you need for the costs of your improvements and support you on your journey.
What’s Different About an iThink Finance Home Improvement Loan? Why Choose iThink Finance?
Our team are dedicated to assisting your needs, whatever they may be. Our ‘customers come first’ approach allows us to make all decisions with you, the customer in mind to ensure 100% satisfaction. We want to make sure that you receive the best home improvement loan available on the market, making sure that you are provided with all the information you need to identify the most suitable product for you. Here’s what else we can do for you as our customer.
Quick and Easy Application
As our main priority is customer satisfaction, we have made our entire online loan application, and the lending process is fast, easy and entirely uncomplicated.
All you need to do is fill in a few details, the amount you wish to borrow and the loan term and you could have the money deposited directly into your account as soon as your application is approved by one of our panel of lenders.
Representative Example
| Representative Example | |
|---|---|
| Annual Interest Rate | 150% pa (Fixed) |
| Total Amount of Credit | £850 |
| Loan Duration | 11 Months |
| Total Amount Repayable | £1,609,25 |
| Total Charge of Credit | £759.25 |
| Monthly Repayment Amount | £146.30 |
Security and Confidentiality
We only use the most secure technology available to ensure that our application process is as straightforward and secure as possible. All of our forms use 256-bit encryption protection so that all of your personal and private details are entirely safe with us. Ensuring that you can pass on your details to us with the knowledge that they won’t be passed onto third parties without your permission first.
Flexibility and Affordability
We understand that taking out credit can be a difficult decision to make, which is why we want to make the entire process easier for you. Which is why we offer instant decisions on personal loans of up to £5,000 with flexible repayments of 12 - 24 months subject to status.
Expert Financial Advice
We’re committed to protecting your financial wellbeing. We will ensure that we will do whatever we can to help you to accomplish your financial ambitions, whether that’s helping you to increase the value of your property or helping you to consolidate your debts. Our combined years of experience in the finance industry means that we can offer our customers up to date industry information that will work hand-in-hand alongside your financial ambitions and objectives.
Communication is Key
At iThink, we believe that full disclosure is absolutely essential. We want to be there for you every step of the way so that we can rest assured that we have provided you with the best customer service experience. Therefore, if you do have any questions, or need us to clarify anything with you at all, then we’re always more than happy to answer your queries.
Reasons to Consider Home Improvement Loans Why Should you Take out Home Renovation Loans?
Making improvements to your home can be factored down to several different reasons, but have you considered all of the reasons why you may wish to take out a loan for the sake of your home? If you are still undecided on whether this type of finance suits your requirements, here are a few reasons why customers take out loans for home renovations.
Increase the Value of your Home
If you plan on selling or renting out your home in the future, then improvements and modernisations are a way of increasing the value of a property. Many customers take out finance to increase the value of their homes through kitchen and bathroom renovations or by making extensions.
Amongst some of the other factors that could affect the market and rental value of your property are amenities, your home decor and furnishings, as well as the local facilities, surround your home.
Get More Out of Your Home
WWhether you’re recently retired, or have always dreamt of having a space created in your home specifically for you or your hobbies. Or perhaps you require different fixtures in your home than you did 10 years ago; by making renovations, you’re more likely to enjoy your time spent at home, even more. And could also stand to benefit both emotionally and physically from these changes.
Refurbish and Modernise
When you make adjustments to your home, you’re more than likely to remodel and update your home’s style as fashions and trends change. By changing small things such as the colour scheme or some critical pieces of decor, you can transform your home to become more contemporary.
Make Repairs
Not all of these loans are taken out specifically for aesthetic value. Instead, certain fixtures in a home that can deteriorate over time need repairing or replacing entirely. Roof leaks, electrical faults and defective smoke alarms can all have a negative impact on the safety of your home and fixing them is a preventative against any accidents in the future.
Take Eco-friendly Measures
There are certain aspects of your home that you can improve, which can decrease the amount of energy and cost that it takes for you to run your property; however, they aren’t cheap. New thermostats, solar panels and roof insulation can all cost a pretty penny - it isn’t easy being green.
Uses of Loans for Home Renovation What Work is Covered By This Finance?
Whether you are looking to improve the comfortability of your home, change the overall design or even just add value to your property; these loans have been designed for these specific purposes in mind. Take a look below at what else you could use your personal loan to cover.
Building a Conservatory
Invest in an additional bright and airy living space for you and your family by building a conservatory onto your home. Conservatories are a great but also a cost-effective way of adding something new and exciting to your home and can provide you with beautiful natural daylight throughout the year.
Kitchen and Bathroom Renovations
Kitchens and bathrooms are one of the more common areas of a home which people renovate or refurbish first. Both kitchens and bathrooms can be some of the most used rooms in the house, meaning that they can show a lot of wear and tear if not replaced frequently enough.
Converting Lofts
Anyone who is looking to take advantage of some of the extra space in their home may consider a loft conversion a great idea, but they don’t come cheap. There are different types of loft conversions such as internal and dormer as well as standard loft conversions that require a full removal and rebuild; therefore, you’ll need to do your research beforehand.
Garage Conversions
Converting your garage into a living space can be an inexpensive and speedy way of adding more value to your home. Garage rooms tend to be an area of the house that can pretty soon turn into a glorified storage room if it isn’t used as a parking spot. The possibilities are endless, allowing you to create an office, cinema room or even a gym.
Home Layout or Design Changes
If you don’t want to move home and are in desperate need of a change of scenery, then a remodel of your home could be all you need. Whether you plan on making adjustments to the whole house by knocking down walls or whether you want to do up just a couple rooms, small changes, even just painting the walls can change the feel of the space completely.
A Garden Overhaul
A garden should be a space where you can go to feel relaxed and get some fresh air without needing to leave the comfort of your own home. So if you are fortunate enough to have a garden with your home, then you could take out credit to maximise its potential.
How to Compare Loans Choosing the Right Loan for You
If you are taking out a personal loan solely for the intention of doing up your home, then you want to make sure that you compare your options and get the right deal for you which can accommodate your needs. However, due to the increasing number of loans available on the market, it can be hard to determine which option to go for. Here is how to compare your options.
Unsecured vs. Secured Loans
Identifying how much you need to borrow for your home improvements will help you to decide whether you require a secured or unsecured loan. Work out the loan amount you need to borrow, what monthly payments you can afford, ensuring you calculate this by using representative APR and interest rates into account.
Secured Loans
Secured home improvements, also known as ‘home equity loans’, are popular with those applicants who require to borrow a more substantial amount and spread the costs over a more extended repayment period. Additionally, these loans are ideal for those who may have a poor credit rating, where their credit history may stop them from getting an unsecured loan.
It is, however, worth mentioning that if you are considering a home equity loan, then be aware that missing monthly repayments could put you at risk of losing your home, as it is used as security on the loan.
Unsecured Loans
Unsecured loans are a better option for those who wish to borrow smaller amounts and who don’t have to worry about bad credit.
iThink Finance offers unsecured home improvement loans from £100 to £20,00 over 12 - 24 months. Apply online with iThink Finance today and receive an instant decision on your application.
Most customers who opt for unsecured loans so do because of both the flexibility and low risks that they offer. In comparison to secured loans, as a requirement, you do not have to provide your home as collateral. You can rest assured knowing that your home won’t be compromised if you face any personal circumstances, which mean that you are unable to make the repayments.
As well as this, unsecured applications are processed faster than secured loans, meaning that you’ll have the funds deposited into your account within a matter of days, as opposed to weeks.
Do a Soft Search Check
Before you go ahead and apply for finance, you should always carry out a soft credit check such as from a loan eligibility checker, beforehand to ensure that your finances are all in order. You need not worry about these checks affecting your credit score, unlike hard credit checks which are carried out by lenders when they access your application.
Therefore you’ll be able to see if you’ve missed any credit card payments or online banking fees and get your account in order before you apply.
Alternatives to Home Improvement Loans Are There Any Alternatives?
At iThink, we want you to be as well-informed on these types of loans as possible for ease of your home improvement journey. This is why we have compiled a list of alternative forms of credit so that you can access the right loan for your requirements.
Credit Cards
Credit cards can be a particularly viable option if you are looking to fund smaller home improvement projects. Many credit companies offer 0% interest credit card offers which allow you to avoid repaying interest for a certain period. However, you should be comfortable in your ability to repay the total amount before the period ends.
Overdrafts
Overdrafts are also a good option for those who wish to borrow smaller amounts of money for a low-cost project. However, there may likely be hefty fees that come along with going into your overdraft; therefore, you should take a look at your bank’s terms and conditions.
Remortgaging
Remortgaging or refinancing is a process by which a homeowner is offered a brand new mortgage in place of their existing one. This allows the mortgage owner to tailor some of the specifics on the existing mortgage in the new loan terms. These can include changes to the interest rate, repayment length and the amount of the loan itself.
Mortgage refinancing specifically, is carried out either to reduce the monthly outgoing of the existing mortgage or in this case to fund home improvements to increase the value of the home itself. If you are considering remortgaging, then it is worth mentioning that you may have to pay hefty closing costs to do so.
Home Equity Loans
Home equity loans are good options if you want to steer clear of refinancing and can’t obtain an unsecured loan. Home Equity providers allow you to borrow money against your home’s value; therefore if you cannot keep up with the repayments, a lender may seize your property to compensate for the missing repayments.
Frequently Asked Questions FAQS
We do our utmost to ensure we are able to answer all of your questions, however, if you do still have some questions that remain unanswered, then take a look at our Frequently Asked Questions to see if we can answer your query. Alternatively, feel free to get in contact with us directly.
How much can I borrow?
At iThink Finance, you can borrow loans from £100 to £5,000.
What are your repayment terms?
We allow our applicants to choose flexible repayment dates of between 1 month to 24 months, subject to status.
Can I get a personal loan for bad credit?
Yes, even though some lenders are more reluctant to lend to borrowers who have bad credit, there are still lending opportunities available with iThink Finance for those who have poor credit scores.
What happens if my application is denied?
If your application is denied for any reason, you will receive follow up correspondence detailing why your application for credit was denied as well as details to one of the three main credit reference agencies. These details will provide you insight into why exactly your credit was rejected.
How do I get a copy of my credit report?
You can get a copy of your credit report by using a credit reference agency such as Experian.
Can I receive any other financial support for the improvements I need to make?
Yes, you may be eligible for additional financial support. For more information, check out the Citizens Advice.
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