Let Us Answer All of Your Questions
What Are Home Improvement Loans?
Home improvement loans are personal loans that can be taken out for the purpose of improving a home. Whether you are looking to do up your kitchen or bathroom or build a loft conversion, these will all be classified as home improvement. Our loans vary from £1,000-20,000, and you can opt for repayment terms of between 12-72 months.
Why Should You Take Out Home Improvement Loans?
Home improvement costs can accumulate fairly quickly and could end up being quite costly. Personal loans for home improvement can be the ideal solution!
They are quick, practical, and affordable, and boost the value of your property. iThink Finance takes pride in providing the best home improvement loans to our customers. With our treat others how you would like to be treated philosophy, we want to help with home improvement costs and support you on your home improvement financing journey.
What’s Different About an iThink Finance Home Improvement Loan? Why Choose iThink Finance?
Our team at iThink Finance are dedicated to assisting your needs 24/7. Our customers come first approach allows us to make all decisions with you in mind to ensure 100% customer satisfaction. We want to make sure that you receive the best home improvement loans on the market, and are given expert product knowledge so you can identify the most suitable product for you. But just in case you’re in doubt, check out what else we can do for you.
• Quick & Easy Application
Our main priority is customer satisfaction, which is why we have made our home improvement lending process quick, easy, and uncomplicated. All you have to do is decide on a loan amount and term, fill in a few details, receive the money directly into your account, and repay your loan in affordable monthly installments!
|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 & Confidentiality
We use only the best and most secure technology on the market to ensure that our application process is as straightforward and secure as possible. This is why we use 256-bit encryption protection, so that all of your personal details are safe with us. This means that you can pass on your details to us without worrying about them being transferred onto third parties without your permission first.
• Flexibility & Affordability
We understand that taking out a loan can be a hard decision. We want to make this an easier one for you. This is why we offer instant decision personal loans from £1,000 - £20,000 and with an extremely flexible repayment period of 12-72 months!
• Expert Financial Advice
We are committed to your financial well-being and to doing whatever we can to help you to accomplish your financial ambitions. Our combined years of experience in the finance industry means that we can offer our customers up-to-date expert financial advice and information that will work hand in hand with your financial objectives and ambitions.
• Communication Is Key
At iThink Finance, we believe that communication is key. We want to be there for you every step of the way so that we can rest knowing we gave you a great customer experience. So, if you have any questions, or need us to clarify anything at all, then we are always here to pick up your call. Our opening hours are 9:30am-17:30pm Monday-Friday on 0203 475 4080.
Reasons Why You Should Take Out Loans for Home Improvement Why Should you Take out Home Improvement Loans?
Making the decision to improve and renovate your home can be due to several reasons. But have you considered all of the reasons for why home improvements can be beneficial to you and your property? If you are still undecided and are still wondering whether you should take out a loan for home improvements, here are a few of those reasons that may help you make a decision.
- Increase The Value Of Your Property
If you are planning on selling your home anytime soon or in the future, then home improvements are a great way of increasing the financial worth of your property. The best ways of increasing the value of your property tends to be from kitchen and bathroom renovations or by extending your home.
Amongst some of the more unexpected factors that could affect the value of your home are the name of your road, the taste and overall decor of your property, and the local facilities surrounding your property.
- Increase The Gratification And Amenity Of Your Home
Home improvements aren’t called ‘improvements’ for no reason. In improving your home, you are likely to enjoy your home even more and benefit emotionally and physically from the renovations.
- Refurbish And Modernise
When you choose to take out home improvements on your property, you can use modern home inspiration to remodel and update your home’s style. By changing small things like colours and some core pieces of décor, you can transform your home into a property that looks brand new, stylish, and contemporary.
- Fix Safety Issues
Not all home improvement plans will be purely aesthetic focused. There are certain things in a home that deteriorate over time and can sometimes pose safety risks. Read More »
Examples of this include leaks in the roof, electricity issues, faulty staircases, and detective smoke alarms. Taking out home improvements to improve safety measures is not only beneficial, but necessary. So, what are you waiting for? Take action now and let us help with home improvement costs.« Show Less
- Improve Practicality And Efficiency Of Your Home
There are certain home improvements that you can make that can decrease the amount of energy and cost output of your property. Examples of this include investing in new gas and energy appliances such as smart thermostats or a new boiler.
Uses of Home Improvement Loans What Can You Use Home Improvement Loans For?
Home improvement loans can be used for various different purposes. Whether you are looking to improve the comfortability of your home, change the overall design, or add value to your property, home improvement loans have been made for these very purposes. Take a look below at what else you can use your personal loan for home improvements for.
1. Building A Conservatory
Invest in an additional bright and atmospheric living space for your home by building a conservatory with iThink Finance. They are a great cost-effective way of adding something new and exciting to your home, and gives you the ability to enjoy beautiful natural light throughout the whole year.
In a study by This Is Money, 47% of builders and tradesmen said that extension were the most popular home improvement project.
2. Kitchen And Bathroom Renovations
Kitchens and bathrooms tend to be the areas of a home that people decide to extend or refurbish first. Amongst some of the more popular kitchen and bathroom renovations are things such as flooring, countertops, splashbacks, appliances, wet rooms, and tiling.
3. Loft Conversions
For anyone to take advantage of some extra space in their home, a loft conversion is a great idea. Before diving right in though you must first assess which time of loft conversion to build, of which there are three different types. Read More »
These are internal loft conversions, dormer loft conversions and loft conversions that require a full removal and build. Following this, you can begin with your plans.« Show Less
4. Garage Conversions
A garage conversion is an inexpensive and speedy way of adding some new living space, as well as value, to your property. Garage rooms tend to be an area of the house that quickly turn into a junk storage room, if it is not used to store your cars Read More »
So, why not consider changing things up a little bit and take better advantage of the space available? You can convert it into an office, a game room, a home cinema, or even a gym.The possibilities are endless!« Show Less
5. Architecture And Interior Design Renovations
Sometimes we all just need a change of environment, but that doesn’t mean we want to just up and move away from our home. Read More »
Sometimes all we need to do is re-model and make some changes to the architecture and interior design of our home, whether this be for the bedrooms, or the whole property. This could mean making small changes such as changing the shade of paint on the walls, to refurbishing the space, furniture, and interiors completely.« Show Less
In reference to a study by John Lewis Finance, over 60% of the UK has some form of home improvement project planned, but are still yet to go ahead with it. It was also revealed that 22% of the UK population have been dreaming about their next home improvement for 6 years or longer.
6. Garden Makeover
Your garden is a space where you can be at one with nature, and enjoy some fresh air from the comfort of your own home. So, if you have the luxury of owning a beautiful spot of land in the back of your house, it would be a shame if you didn’t make the most of its potential. You can go crazy with patio and terrace renovations, or decorate with various garden furniture and accessories - it is completely up to you!
How to Compare Home Improvement Loans Choosing the Right Loan for You
If you are taking out a personal loan for home improvement purposes, you want to make sure that it is the right loan for you. However, due to the increasing number of loans available on the market, it can be hard to determine which one to go for. Here is how to compare home improvement loans, and find the best lending option for your needs.
Unsecured vs. Secured
Identifying how much you want to borrow for your home improvements will help you decide on whether you should take out a secured or unsecured loan. So, figure out how much your home improvements will cost, how long it will take you to repay your balance, and what purpose you are taking out a loan for to get started.
- Secured Home Improvement Loans
Secured home improvement loans, also known as ‘home equity loans’, are popular with those who want to borrow a considerably large amount of money over a longer amount of time, and have a less-than-perfect credit score. This doesn’t mean that you can’t receive unsecured home improvement loans with bad credit, but it just means that it may be more difficult to get your hands on compared to secured loans.
However, if you are considering this type of loan you should be aware that you can risk losing your home as it is used as security on your loan.
- Unsecured Home Improvement Loans
Unsecured loans are a better option for those who not only have a good credit history, but who are also borrowing a smaller amount of money over smaller period of time. iThink Finance offers unsecured home improvement loans from £1,000-£20,000 over a period of 12-72 months. Read More »
Most people who opt for unsecured home improvement loans do so because of the flexibility and low risk they offer. In comparison to secured loans, you are not required to offer up your home as collateral and can rest easy knowing that your home is safe and won’t be compromised if you struggle to keep up with your monthly repayments. As well as this, unsecured loan applications are processed quicker than secured loans which means that you’ll receive money into your account within days instead of weeks. So, if you are in a rush to receive a loan, unsecured may be the better option.« Show Less
- Do A Soft Search
Before you start applying for home improvement loans, you should always do a soft credit check beforehand. By doing so, you can identify what type of credit deals you will be eligible for whilst also protecting your credit score. This is particularly important for those who are looking for home improvement loans with bad credit.
Alternatives to Home Improvement Loans What are the Alternatives to Loans for Home Improvement?
We want you to be well informed on your home improvements journey. This is why we have compiled a list of some alternatives to home improvement loans so that you can assess what option might work best for you.
- Credit Cards
This is a particularly good option if you are looking to fund a smaller home improvement project. You should get yourself a 0% interest credit card, so that you can avoid any extra interest charges on your borrowing. However, this alternative is only beneficial if you are comfortable in your ability to pay off the balance before the 0% interest period ends.
Again, this is a better option for those who are looking for help with home improvement costs for a smaller, or low-cost project. This is because it is highly unlikely that bank providers will offer a 0% interest overdraft for anything more a few hundred pounds. Please also note that there may be large unexpected fees that come with an overdraft, so it is crucial that you keep a close eye on the terms and conditions.
- Mortgage Refinancing
Refinancing is the process by which a homeowner is offered a brand new mortgage loan in place of the existing one. The reason for doing so is to tailor some specifics on the existing one to create new loan terms. This can include changes to the interest rate, repayment length, and the actual amount of the loan. Read More »
Mortgage refinance is usually carried out to either reduce the monthly outgoings of the loan or, in this case, to fund home improvements. If you are looking into this, you should note that you may have to pay hefty closing costs.« Show Less
- Home Equity Loan
Taking out a home equity loan is a good option if you want to steer clear of refinancing. They allow you to borrow money against your home’s value. However, these type of loans are secured, so if you find yourself unable to keep up with your repayments, you may find yourself at risk of losing something of significant value to you as they have your property as collateral.
Frequently Asked Questions FAQS
We do our best to answer all of your questions. However, if you still have questions unanswered, please check out the most frequently asked questions regarding home improvement financing below.
How do i get a copy of my credit report?
You can receive a copy of your credit report at Experian.
Can I receive any other financial support for my home improvements?
Yes, you may be eligible for financial support. Check out Citizens Advice for more information.
Can I get home improvement loans for poor credit?
Even though home improvement loans for poor credit are more difficult to receive, there are still lending opportunities available at iThink Finance. We understand how important home improvement can mean to someone, so we do our best to accommodate.
How much can I borrow?
You can receive home improvement loans from £1,000-£20,000.
What are your repayment terms?
You can choose a repayment term that suits you. It can vary between 12-72 months.
What happens if my home improvement loans application is denied?
If your application is denied for whatever reason, you will shortly receive some correspondence detailing why it is that you were denied, as well as details of credit reference agencies. This will then provide insight into your credit file and you can identity why it is that you were rejected.