Home improvements can give your home style, create space and add value to your property. Home improvements could be small projects like knocking down a wall or renewing a bathroom or, you could be thinking about converting the loft or basement or adding an extension.
If you prefer not to use your savings, you can get a loan. Banks and other financial institutions offer loans for home improvements with secure or unsecured loans.
Secured loans are usually secured on your home. It means if you can’t make the payments there is a risk that you could be forced to sell your home or have it repossessed.
A secured loan might be offered at a cheaper interest rate than a secured loan.
You can also remortgage your home which adds the loan amount to your equity. The loan amount is added to your current mortgage but you can choose to increase, decrease or keep the payment period the same.
Unsecured home improvement loans don’t put your home at risk and if you can comfortably make the monthly payments, are a good way of borrowing to improve your home.
In this guide, we’ll show you the 13 best lenders for home improvements. We’ll tell you about each lender, their borrowing criteria and what they offer apart from home improvement loans. You can see an example of a loan and get a quick overview of each lender’s features and benefits.
Topics
How Much Does It Cost to Borrow Money for a Home Improvement Loan?
In the table below, you will see the name of each bank and an example of how much a £20,000 loan will cost over a period of 60 months (5 years). You will also see the figures for the APR and the Representative APR.
| Bank | Product | Amount Borrowed | Interest Rate | APR | Monthly Payment | Length of Loan | Total Paid |
|---|---|---|---|---|---|---|---|
| Bank of Scotland | Fixed Rate Personal Loan | £20,000 | 3.9% | 3.9% APR | £366.82 | 60 months | £22,009.20 |
| Barclays | Fixed Rate Personal Loan | £20,000 | 6.8% | 6.8% APR | £392.23 | 60 months | £23,533.80 |
| Halifax | Fixed Rate Personal Loan | £20,000 | 3.45% | 3.5%APR | £363.34 | 60 months | £21,800.40 |
| Hitachi | Fixed Rate Personal Loan | £20,000 | 3.2% | 3.2% APR | £360.77 | 60 months | £21,646.20 |
| HSBC | Fixed Rate Personal Loan | £20,000 | 6.7% | 6.7% APR | £391.35 | 60 months | £23,480.87 |
| Lloyds | Fixed Rate Personal Loan | £20,000 | 8.83% | 3.9% APR | £366.82 | 60 months | £22,009.20 |
| Nationwide | Fixed Rate Personal Loan | £20,000 | 2.9% | 2.9% APR | £358.15 | 60 months | £21,489..00 |
| NatWest | Fixed Rate Personal Loan | £20,000 | 4.90% | 4.9% APR | £375.50 | 60 months | £22,530.00 |
| RBS | Fixed Rate Personal Loan | £20,000 | 4.90% | 4.9% APR | £375.50 | 60 months | £22,530.00 |
| Sainsburys | Fixed Rate Personal Loan | £20,000 | 3.1% | 3.1% APR | £359.88 | 60 months | £21,592.80 |
| Santander | Fixed Rate Personal Loan | £20,000 | 3.5% | 3.5% APR | £363.34 | 60 months | £21,800.40 |
| Tesco | Fixed Rate Personal Loan | £20,000 | 3.0% | 3.0% APR | £359.01 | 60 months | £21,540.60 |
| TSB | Fixed Rate Personal Loan | £20,000 | 2.81% | 2.8% | £357.69 | 60 months | £21,461.40 |
We obtained the figures above from each bank or lender’s website in August 2021. Lenders may change their product offerings and terms at any time. If you request a quote from a mortgage provider, the quote and terms you are offered may differ from those outlined above. You should always read through the full terms and conditions before agreeing to any mortgage.
Please note that this guide is for your information only. HouseholdQuotes does not provide financial advice and does not recommend any particular lender or mortgage product. The order in which lenders appear on this page does not indicate that one lender or product is potentially more suitable than another.
We may have affiliate relationships with certain lenders. If you decide to apply for a mortgage through one of our affiliate partners, we may earn a small commission at no additional cost to you.
If you want a home improvement loan click to compare offers.
Click To Get QuotesWhat Does the Representative APR Mean?
This is a rate that will be offered to at least 51% of people borrowing from the lender. It is a bit like a ballpark figure.
You may be offered that rate of interest, but depending on your circumstances, you may be asked to pay a higher amount of interest.
What Type of Home Improvements Can I Carry Out With a Loan?
You can do anything that will improve your home. You might want to improve its energy efficiency, create more space or modernise old fashioned features.
The most common reasons for taking out a home improvement loan are to:
Convert a Loft
To convert an average-sized loft you will need to spend between £21,000 and £41,000. A larger loft will cost between £45,000 and £63,000. According to a survey carried out by Nationwide, a loft conversion will add around 20% to the value of your property.
This means if you have a three-bedroomed house worth around £232,000 and convert your loft into one bedroom with a bathroom, you will add another £46,400 to the value.
To read more about the costs of loft conversions have a look at our guide.
Create a Room in the Basement
Creating a basement or converting an existing basement is an expensive job. For example, converting a 20 square foot existing basement could cost between £35,000 and £50,000.
A basement conversion can add between 10% and 20% to the value of your property. For example, if you have a house worth £465,000 you could be adding between £46,500 and £93,000.
Read more about a cellar or basement conversion in our guide.
Build an Extension
If you have enough space in your garden you might want to build an extension to increase the size of your kitchen or living room. Building an extension costs between £1,000 to £3,000 per square metre.
That means on average a 30 square metre single-storey extension will cost between £30,000 and £60,000.
An extension could add as much as 23% to the value of your home. If your property is worth £350,000 an extension would add around £80,500 to your property value.
Read more about the cost of house extensions in our guide.
Renew the Kitchen
The average price of fitting a new kitchen is around £8,000, but in fact, you could spend thousands more. It depends on the quality of the kitchen cabinets and the type of worktops you choose.
You also have appliances to budget for and any extras such as lighting.
A new kitchen will add between 10% and 15% to the value of your home. If you own a home worth £200,000 then a new kitchen will add between £20,000 and £30,000 to the value of your home.
Read more about the cost of a new kitchen in our guide.
Replace the Bathroom
If you want to replace your bathroom you can spend, on average between £2,750 up to £7,000 or more. It will add around 5% to the value of your home, so you need to be careful how much you spend if you want to add value.
A property worth £250,000 will be worth around £12,500 more with a well-fitted, modern bathroom suite. If you want to read more about the costs of installing a new bathroom, have a look at our guide.
What Are Some Smaller Home Improvement Projects?
Smaller home improvement projects that will cost on average between £5,000 and £10,000 include:
Exterior House Painting
If you need to spruce up the exterior of your property then having it painted will make it look cleaner and fresher. It costs, on average, between £600 and £2,500 to have your home-s exterior painted, depending on the size of your home.
You can learn more about exterior house painting in our guide.
Laying a Tarmac Driveway
If you live in a busy street you can add value to your home by creating a driveway. Tarmac is a cost/effective durable surface that will cost between £50 to £65 a square metre to lay.
For example, if you have a 45 square metre drive then it will cost you between £2,250 and £2,925 to get the job done. You can read more about laying a tarmac driveway in our guide.
Installing Air Conditioning
If you want to be cool in the summer and have an extra backup for heat in the winter you could install air conditioning throughout your home. A six-unit multi-split system will cost between £6,000 and £8,000.
Now you have some idea of what you’d like to do, sit down and make a budget. Don’t forget to include materials and installation costs.
For example, if you wanted a sink placed on your new kitchen island you will need a plumber. Plumbers typically charge between £40 and £80 an hour or £320 to £660 a day.
If you want to know more about the costs of installing air conditioning, read our guide.
What Is the Difference Between a Secure and an Unsecured Loan?
You should now research the costs of your borrowing to decide whether you should have a secured or an unsecured loan.
If you choose a secured loan this usually means you are using your home as security. If your circumstances change and you are unable to make the loan payments you might be forced to sell your home to pay off the debt.
If you have an unsecured loan, the debt isn’t secured by anything you own. If you fail to make repayments the bank could put a charge on your home which means you have to pay the loan back if you sell.
Other ways to pay are with an attachment of earnings order or an Individual Voluntary Arrangement.
When you’ve worked out your budget you can then start looking for a loan.
If you want a home improvement loan click to compare offers.
Click To Get QuotesHome Improvement Loans
Here are snapshots of the top 13 financial banks and building societies where you can apply for a loan.
Bank of Scotland
The Bank of Scotland is Scotland’s oldest bank. It is based in Edinburgh and its first branch opened in 1695.
Who Can Get a Bank of Scotland Loan?
Its loans are available to Bank of Scotland customers, over the age of 18, who have had an account for a month or more.
You can also apply for a loan if you have a Bank of Scotland mortgage, credit card or loan.
What Loan Options do the Bank of Scotland Offer?
The bank offers several loan options and these include:
Personal Home Improvement Loan
Between one and seven years with a Fixed Monthly Payment, you can borrow between £1,000 and £35,000.
Personal loans are the solution if you need money for your home improvement project and want a fixed interest rate so you know exactly how much you pay back.
You can also choose to overpay your loan if you want to pay it back quickly or, you can pay the whole loan off early. If you pay the loan off early the Bank of Scotland will charge you up to 58 days interest.
They also offer other personal loans at a similar rate for other projects.
Mortgage Top-up
Shorter, longer or the same terms as your mortgage – you can borrow from £10,000 up to 85% of your property’s value.
If you have equity in your home then you could get a secured loan from the Bank of Scotland using your home as security. This means if you can’t keep up the payments you may be forced to sell your home to pay the debt, or it could be repossessed.
It is one of the cheapest methods of borrowing money for a large household renovation.
Arranged Overdraft
Short term borrowing with flexible payments.
An arranged overdraft may help you if you need money quickly and can pay it back over a short period of time.
You could use it while you are waiting for your loan or cash payments to come through to pay for supplies or materials if waiting would hold up your home improvement project.
Credit Card
No fixed term but the minimum payment must be paid each month.
Bank of Scotland credit cards has interest charges unless you pay the card off in full by the due date. You can pay a fixed amount or a fixed percentage. Some of their credit cards also have annual fees.
Online Car Finance
You can borrow between £3,000 and £60,000.
There are two forms of loan: A fixed car plan which is a Hire Purchase Agreement. You pay fixed monthly payments between one to five years.
Or you can have a Flex Car Plan: Personal Contract Purchase (PCP). You pay what you want to pay each month and at the end of the loan term you either pay what is owed in a lump sum or you return the car.
What’s An Example of a Typical Bank of Scotland Home Improvement Loan?
- Borrow: £7500
- Pay the loan back over 48 months (4 years)
- Make monthly payments of £168.78 with an illustrative APR of 3.9%
- In total pay £8,101.44 made up of £7,500 capital and £601.44 interest.
Tell Me More About The Bank Of Scotland’s Home Improvement Loans
You can apply for a home improvement loan:
- Online
- Over the phone
- In branch
- You can ask for any amount between £7,500 and £25,000, but the amount the bank will lend you and the rate will depend on the bank’s assessment of your circumstances.
- If you apply online and your loan is approved the money can be transferred to your account the same day or the next morning.
- You can manage your loan through internet banking, which means you can see exactly what you owe by accessing your account from your telephone, computer or tablet.
Bank of Scotland Features and Benefits:
- Almost always get an instant decision when you apply online
- You can ask for two repayment holidays every year
- You can make additional payments to pay off the loan more quickly
- You can pay off the loan early with a settlement of 58 days of interest
What Happens if I Change My Mind?
You have 14 days under the terms of the Consumer Credit Act 1974 to change your mind about a personal loan. This is called the ‘cooling-off period.’
You need to get in touch with the Bank of Scotland by telephone or email to tell them you want to cancel the loan. If you have received the money, you normally have 30 days to repay it (although you may have to pay interest).
You should have these details on your loan documents.
Barclays Bank
Barclays began to trade from Lombard Street in London in 1690. It was founded by two Goldsmith bankers called John Freame and Thomas Gould.
In 1736 John Freame’s son made his brother-in-law a partner in the firm and his name was James Barclay.
Who Can Get a Barclays Loan?
To get a Barclays loan you must be over 18 with a current account and a UK resident.
What Loan Options Does Barclays Offer?
Barclays offer several types of loans which include:
Unsecured Personal Loans
You can borrow between £7,500 and £15,000 with Barclay’s unsecured personal loans. They have an APR representative of 7.9% and you can pay back the loan over two to five years.
You can apply for a Barclays unsecured personal loan for weddings. If you need to finance your wedding a Barclay loan will give you between £7,500 and £15,000 with a Representative APR of 7.9%, over two to five years.
Barclay’s minimum APR is 7.3% and their maximum APR is £20.9%. Their APR representative is 7.9%
You can apply for a Barclays loan for a holiday or your honeymoon.
Barclays offer personal loan for a car purchase. You can apply online and their maximum repayment term is five years.
Debt Consolidation Loan
If you have debts with various lenders a consolidation loan from Barclays could help to lower your monthly payments and get the loan in one place.
Barclaycard
Barclays offers several types of Barclaycard with balance transfers over 15, 18 and 24 months. A typical new Barclaycard has a credit limit of £1,200 with an APR of 21.9% variable.
Top-Up-Loan
If you have had a loan with Barclays for at least three months, you may be able to get a top-up loan. This could be useful if you have gone over budget on your home improvement project.
Premier Barclay Loan
You can have a Barclays premier loan if you have premier banking with Barclays’s, (you need to earn £75,000 a year or have savings with Barclays of £100,000 or more).
A premier personal loan allows you to borrow between £7,500 and £15,000 between two and five years at an APR representative of 4.3%.
Secured Loans
If you own your property you may be able to get a secured loan or a remortgage with Barclays using the equity you have in your home.
Typically interest rates are lower than they are with an unsecured loan and you will be able to borrow more. A secured loan starts at around £15,000.
Overdrafts
Barclays can arrange overdrafts which will give you access to cash over a short period of time. A representative example of a £1,200 overdraft will have an APR of 35.0% variable.
What’s An Example of a Typical Barclays Home Improvement Loan?
- Borrow: £10,000
- Repay the loan over 60 months (five years)
- Make monthly payments of £200.99 with a Representative APR of 7.9%
- In total repay £12,059.40 made up of £10,000 capital and £2,059.40 interest
Tell Me More About Barclays Home Improvement Loans
- You can apply for a home improvement loan, by telephone, in branch, online or through the Barclays app
- Customers can only apply online or through the app if they have been pre-selected for a loan. Otherwise, you will have to apply in the branch or over the phone.
- You can borrow up to £50,000 for home improvements and if you want to remortgage you may be able to borrow more. You must have the equity available in your home to take out a secured loan or a remortgage.
Barclays Features and Benefits
- You can repay your loan early by paying more than your monthly payment each month or repaying the loan in full. If you repay the loan in full Barclays will charge you 30 days interest on the sum you’re repaying and any other interest due on the loan.
- You can use the Barclays app to apply for a loan and manage it once it’s been approved.
- No credit footprint on a personal price quote.
What Happens if I Change My Mind?
By law, you have 14 days to withdraw from your loan agreement. You don’t need to explain why, but you do need to tell Barclay’s within 14 days of you signing the loan forms.
Barclays will then expect you to return the loan money within 14 days. If you return the money within seven days there won’t be any interest charges.
The Halifax Bank
The Halifax was founded in 1853 to encourage working-class people to invest their money in a local organisation. It became a bank in 1997 and it is now owned by the Lloyds banking group.
Who Can Get a Halifax Loan?
You must be over 18 and in full-time employment or have a regular income to get a Halifax loan. You mustn’t have a bad credit history, have been declared bankrupt or have any CCJ’s.
What Loan Options Does Halifax Offer?
Personal Home Improvement Loan
You can get a Halifax personal loan for between £1,000 and £35,000. It will have fixed monthly payments over one and seven years with a representative APR of 3.5%.
You don’t need to be a current account holder to apply for a personal loan
A Halifax loan is a good solution if you need a loan for home improvements with a fixed rate.
You will know exactly how much you must pay each month which will help you to budget.
You can also choose to overpay your loan if you want to pay it back with extra payments or, you can pay the whole loan off early. If you pay the loan off early the Halifax will charge you up to 58 days interest.
Mortgage Top-up
You can borrow from £10,000 up to 85% of your property’s value. You can also choose how to pay the loan back. You can add it to your mortgage, as a remortgage or repay pay over a fixed period.
Any loan secured on your home is a risk if you can’t make the payments. You could be forced to sell your home to pay the debt.
It is one of the cheapest methods of borrowing money for a large household renovation.
Arranged Overdraft
Short term borrowing and flexible payments. If you need money quickly and you can pay it back over a short period then you can arrange for an overdraft with Halifax.
You can make flexible payments, but you might be charged interest on what you owe at the end of each day.
Credit Card
You must pay the minimum amount each month, which means you will pay interest on what is owing or, you can pay off the card each month and that way you avoid paying interest.
Online Car Finance
You can borrow between £3,000 and £60,000 and the loan is secured against your vehicle, which must be worth the amount you’re borrowing.
There are two forms of loan:
A fixed car plan. You pay fixed monthly payments between 1 to 5 years.
Flex Car Plan: Personal Contract Purchase (PCP). You pay what you want to pay each month and at the end of the loan term you either pay what is owed in a lump sum or you return the car.
What’s An Example of a Typical Halifax Home Improvement Loan?
- Borrow £10,000
- Repay the loan over 48 months with an APR of 3.5%
- Monthly repayments £223.32
- The total amount paid is £10,719.36 of which £10,000 is capital and £719.35 is the interest
Tell Me More About Halifax Home Improvement Loans
- If you have a Halifax current account you can apply for a loan between £1,000 and £35,000.
- If you don’t have a Halifax current account you can apply to borrow between £1,000 and £25,000.
- The APR Representative is 3.5% payable over one to seven years.
Halifax Features and Benefits
- You can get a quote for a loan without affecting your credit score
- You can apply to take up to two payment holidays a year
- The money Halifax loan you will normally be in your bank 24 hours after the loan is approved
- You can apply online and get a decision in about 10 minutes.
What Happens if I Change My Mind?
If you take out a loan with Halifax and then you change your mind you have 14 days to withdraw from the agreement from the date it was signed.
You will need to let them know in writing or by phone. They will expect you to pay the money back within 30 days and they might charge you interest.
Hitachi
Hitachi Capital was formed in the 1980s, it is now a subsidiary of Mitsubishi HC Capital. The company work with individuals, small businesses and large corporations.
YourMoney.com named Hitachi as the UK’s best direct loan provider for seven years in a row.
Who Can Get a Hitachi Loan?
Anyone over the age of 21 can apply for a Hitachi loan. They must have a bank or building society account and be in permanent employment or retired with a pension.
You must also be a UK resident with a good credit history.
What Loan Options Does Hitachi Offer?
Hitachi offers unsecured personal loans. These can be for:
Home Improvements
You can apply for a home improvement loan for between £1,000 and £25,000 which you can repay monthly for between 24 and 60 months at a representative APR of 3.2%.
You can use the loan on any home improvement project like a loft or garage conversion, or a new kitchen.
Car Loan
You can apply for a car loan with Hitachi for between £7,500 and £25,000 with repayments between two years (24 months) and five years (60 months). The representative APR is 3.2%
Small Loans
Small loans are anything between £1,000 and £7,499.99. You can pay the loan back between two and five years with APRs offered at 3.7%, 8.4% and 13.4%.
The more you borrow the cheaper it will be.
Leisure Loans
Hitachi’s leisure loans include finance for:
- Weddings
- Caravan Purchase
- Motorhome Purchase
- Bike Finance
- Boat Finance
You can borrow between £7,500 and £25,000 with up to 60 months to repay the loan at a representative APR of 3.2%.
What’s An Example of a Typical Hitachi Home Improvement Loan?
- Borrow £20,000
- Repay the loan in 60 monthly payments of £360.77 at a representative APR of 3.22%
- Total borrowed £21,646.20 made up of £20,000 capital and £1,646.20 interest
Tell Me More About Hitachi Home Improvement Loans
- Borrow between £7,500 and £25,000
- You can make extra payments to pay off the loan faster
- Instant decisions about loans and funds in your bank within 48 hours
Hitachi Features and Benefits
- Loans are available to anyone over the age of 21 who meet Hitachi’s criteria
- Fast decision on the loan application
- Can make loan overpayments without any extra charges
- Can pay back the loan early with no financial penalty
What Happens if I Change My Mind?
By law, you have 14 days ‘cooling-off period’ to change your mind about the loan. You just need to contact Hitachi on 0344 375 5500.
You then have 30 days to repay the money. If you don’t pay within 30 days you will incur interest charges.
HSBC
HSBC was founded by Scotsman, Thomas Sutherland, in Hong Kong in 1865 to facilitate finance trade between Asia and Europe.
The bank opened an office in London in 1865. In 1992 it bought the Midland Bank.
Who Can Get an HSBC Loan?
Anyone over the age of 18 who is a resident of the UK and has a bank account with a Direct Debit facility. You must also have an annual income or pension of £10,000 or more before tax.
What Loan Options Does HSBC Offer?
Personal Loans
Personal loans for home improvements and other projects which include:
- Buying a car
- Financing a holiday
- DIY projects
- Buying technology or appliances
- Debt consolidation
- Vehicle repairs
- Moving costs
- Wedding costs
HSBC also offers:
Credit Cards
HSBC offers several different types of credit cards. Most have an introductory offer of 0% interest for certain periods. You can apply for:
- Rewards Credit Card with a representative APR of 21.9%
- Balance Transfer Credit Card with a representative APR of 21.9%
- Premier Credit Card with a representative APR of 18.9%
- Purchase Plus Credit Card with a representative APR of 22.9%
You can also get credit building cards from HSBC which are:
- Classic credit card with a representative APR of 29.9%
- Student Credit Card with a representative APR of 18.9%
- Balance Transfer Credit Card with a representative APR of 21.9%
Overdraft Facilities
HSBC may give you an agreed overdraft for unexpected household or utility bills or vehicle repairs. These are costs that should be repaid quickly as interest rates are usually high for this type of borrowing.
Currently, the representative rate for an overdraft is 38.9% variable.
A Secured Loan on Mortgage and Remortgage
HSBC offer loans secured on your mortgage or the opportunity to remortgage with them. As your home is at risk with a secure mortgage it is best used for large loans payable over a longer period.
What’s An Example of a Typical HSBC Home Improvement Loan?
- Borrow £7,500
- Repay the loan at £135.60 a month for 60 months with a representative APR of 3.3%
- Repay a total of £8,136.22 which is £7,500 capital and £636.22 interest
Tell Me More About HSBC Home Improvement Loans
- Instant transfer of funds once the loan has been agreed for current account holders
- Borrow between £1,000 and £25,000
- Representative APR is 3.3%. The maximum APR is 21.9%
HSBC Features and Benefits
- Make overpayments free of charge to pay off the loan faster
- You can manage your loan with the HSBC app
- If you repay the loan early HSBC will charge interest on what is owed
What Happens if I Change My Mind?
Under the Consumer Credit Act 1974 you have a 14 day ‘cooling-off period’ which means you can withdraw from the agreement within 14 days of signing the loan forms.
You must tell HSBC by letter, email or telephone that you wish to withdraw from the agreement. You then have 30 days to repay the money to the bank.
If you pay within 14 days you won’t be charged any interest.
Lloyds Bank
Lloyds bank began as Taylors and Lloyds in Birmingham in 1765. It remained as a single office in Birmingham for 99 years.
When James Taylor died in 1852 the company changed its name to Lloyds & Company and then to Lloyds Banking Company in 1865. It is now one of the UK’s largest banking groups.
Who Can Get a Lloyds Bank Loan?
You need to be a UK resident who is 18 or over. You must have had a Lloyds current account for at least one month.
You must also be in paid employment or have a regular income and have a good credit score with no CCJ’s or bankruptcy.
What Loan Options Does Lloyds Offer?
Personal Loans
Lloyds offer personal loans for home improvements.
You can borrow between £1,000 and £35,00 payable over one to seven years or you can borrow between £7,500 and £25,000 payable over one to five years at a representative APR of 3.9%.
If you are a Lloyds customer you can apply for a home improvement loan using their phone app. If you are approved for a loan you could get the money on the same day.
Lloyds also offer, on the same terms, loans for:
Debt Consolidation
You can put all your debts together in one loan with one monthly payment which will make budgeting easier.
Weddings
If you want to finance your wedding you can apply for a wedding loan from Lloyds.
Holidays
If you want to visit relatives in Australia, or you want to take the holiday of a lifetime, you can apply for the funds through a holiday loan.
Buying a Car
You can apply for a car loan for between £1,000 and £35,000 over one to seven years or you can borrow between £7,500 and £25,000 between one and five years with a representative APR of 3.9%.
You can also apply for a Lloyds HP agreement or a Personal Contract Purchase (PCP).
What’s an Example of a Typical Lloyds Home Improvement Loan?
- Borrow: £10,000
- Repay £225.04 over 48 months at a representative APR of 3.9%
- Repay £10,801.92 of which £10,000 is capital and £801.92 is in interest
Tell Me More About Lloyds Home Improvement Loans
- If you are approved you could have the money in your bank on the same day. This means you can take advantage of an item on sale.
- You can apply for up to two repayment holidays per year.
- You can make additional payments if you want to pay off your loan faster. If you repay early you will be charged up to 58 days interest on what’s owed.
Lloyds Features and Benefits
- Phone app to manage your loans and accounts
- You can also use Lloyds for your insurances and savings
- Average representative APR
What Happens if I Change My Mind?
You can withdraw from an agreement for a Lloyds loan within 14 days after you sign the papers.
All you need to do is let Lloyds know in writing or over the phone. You should then have 30 days to repay Lloyds and you may be charged interest.
Nationwide Building Society
The Nationwide Building Society began life as the Co-operative Permanent Building Society. It was founded in London in 1884 and it changed its name to Nationwide 86 years later, in 1970.
Who Can Get a Nationwide Loan?
If you live and work in the Uk and you’re between 18 and 79 years old you can apply for a Nationwide loan. You must also have a monthly income of £700 or more after tax and have a current account, a mortgage or savings with Nationwide.
What Loan Options Do Nationwide Offer?
Nationwide offer personal loans between £1,000 and £25,000 between one and five years. They do give loans payable over seven years, but for this, you need to get a personalised loan quote.
They don’t advertise what they give loans for, but it is assumed it is for home improvements and other projects such as a car purchase or a wedding.
They do tell you what they don’t give personal loans for and this is:
- Business
- An investment
- A bridging loan
- Mortgage deposit
- To buy land
What’s An Example of a Typical Nationwide Home Improvement Loan?
- Borrow £10,000
- Repay £179.07 per month for 60 months at a representative apr of 2.9%
- Total paid back is £10,744.20 of which the capital is £10,000 and the interest is £744,20
Tell Me More About Nationwide Home Improvement Loans
- Nationwide don’t give specific details of their personal loans but they do give their interest rates for loans over one to five years. If you only borrow a small amount between £1,000 and £2,999 their representative APR is 13.9%.
- If you borrow between £3,000 and £4,999 the representative APR is 9.9%
- To borrow between £5,000 and £7,499 the representative APR is 3.9%
- Finally, if you borrow between £7,500 and £25,000 the representative APR is 2.9%.
Nationwide Features and Benefits
- Your loan can be in your current account in as little as 2 hours once it has been approved.
- You can make overpayments to your loan to pay it back faster.
- You can ask for a settlement figure to pay off your loan early. It is valid for 28 days and includes interest.
What Happens if I Change My Mind?
You can withdraw from an agreement for a Nationwide loan within 14 days after you sign the papers. Let Nationwide know in writing or by phone.
You then have 30 days to repay Nationwide the loan funds without being charged any interest.
NatWest Bank
Natwest is made up of hundreds of small banks, starting from the 1600s until 1970 when NatWest was launched. It now has its headquarters in London and is one of the UK’s largest with almost 1,000 branches.
Who Can Get a NatWest Loan?
You must be a UK resident, over 18, with a NatWest current account which you have held for more than 3 months.
What Loan Options Does NatWest Offer?
NatWest offer personal loans for home improvements at a representative APR of 3.4%
You can borrow between £1,000 and £7,450 with a repayment period of between two and five years.
Or you can borrow between £7,500 and £50,000 with a repayment period of between two and 10 years.
Car Loans
NatWest car loans are available for between £1,000 and £7,450 payable over two to five years or, you can apply to borrow between £7,500 and £50,000 over 2 to 8 years.
Holiday Loans
If you want to apply for a loan for a holiday the payment terms are the same as for a home improvement loan with a representative APR of 3.4%.
Debt Consolidation Loans
You can take out a debt consolidation loan for the same terms as a car loan, so that’s between two to five years or two to eight years, depending on the amount you borrow.
Some borrowers will also be able to defer their first repayment for a period of three months.
Wedding Loans
The borrowing terms for a wedding loan are:
£1,000 to £7,450 payable between two and five years.
£7,500 to £50,000 payable between two and eight years.
Both terms with a representative APR of 3.4%.
You might also be eligible for a repayment holiday which means you don’t pay your first loan instalments for a 3 month period if you choose.
Secure Loan on Your Home
If you have a mortgage with NatWest you can borrow on the equity in your home for home improvements and other projects.
The minimum amount you can borrow is £10,000 payable between 10 and 35 years (depending on how much you borrow).
Credit Cards
NatWest offer a variety of credit cards and they include:
Purchase and Balance Transfer Card
It has a 1.99% balance transfer fee and is then at 0% for 20 months. After 20 months you will pay standard rates.
APR representative is 21.9%.
Balance Transfer Credit Card
No fee to transfer balances. 0% for 18 months and then standard charges apply. Representative APR is 21.9%.
The NatWest Credit Card
No balance transfer fees. No foreign transaction fees on purchases. Representative APR 12.9%
Reward Credit Card
Annual fee refunded if you have a reward current account. Representative APR 26.8%.
Reward Black Credit Card
No foreign transaction fee on purchases. Annual fee refunded if you have a Reward Black current account. Representative APR 40.7%.
What’s An Example of a Typical NatWest Home Improvement Loan?
- Borrow £10,000
- Repay £181.25 per month for 60 months at a representative APR of 3.4%
- Total borrowed £10,875 of which £10,000 is capital and £875 is interest
Tell Me More About NatWest Home Improvement Loans
- You can borrow between £1,000 and £50,000. You can repay up to £7,450 between two and five years. Or you can repay between £7,500 and £50,000 between two and 10 years.
- Some loans are eligible for deferred first payment of three months.
- Often loans are accepted and signed before 5:45 pm Monday to Friday to have the cash in the bank the same day.
NatWest Features and Benefits
- You can apply for a loan online if you have not been made bankrupt in the last six years and you haven’t applied for a loan within the last 28 days.
- You can pay off your loan early. You will be charged 58 days interest or whatever number of days you have remaining if it is less than 58 days.
- On some loan types, you can change the date of your direct debit to make budgeting easier.
- Your loan quote won’t affect your credit score.
What Happens if I Change My Mind?
You have, by law, 14 days to withdraw from a loan agreement. This is called a ‘cooling-off period.’ You need to tell NatWest you want to withdraw.
You must pay the loan money back within 30 days. NatWest will tell you whether they charge interest or if you can avoid interest charges by paying the loan back early.
RBS
The Royal Bank of Scotland was founded in 1727. Its current name was established in 1969 when it merged with the National Comercial Bank of Scotland.
RBS have their headquarters in Edinburgh.
Who Can Get an RBS Loan?
Current account holders who have held the account for more than three months can apply for a loan as long as:
- You haven’t been made bankrupt in the last six years
- You are a UK resident over the age of 18
- You have not applied for a personal loan with RBS in the last 28 days
- The loan will be in your name only
What Loan Options Does RBS offer?
Home Improvements Loan
RBS have personal loans on offer for home improvements. The representative APR is 3.4%.
You can borrow between £1,000 and £7,450 with a repayment period of between two and five years or you can borrow between £7,500 and £50,000 with a repayment period of between two and 10 years.
Car Loans
If you want to buy a car you can borrow between £1,000 and £7,450 payable over two to five years or, apply for between £7,500 and £50,000 over two to eight years.
Holiday Loans
Holiday payment terms are the same as home improvement loans. They both have a representative APR of 3.4%.
Debt Consolidation Loans
Debt consolidation loans are payable between two to five years or two to eight years, depending on the amount you borrow.
Some borrowers will also be able to defer their first repayment for a period of three months.
Wedding Loans
If you planning a wedding you can borrow:
- £1,000 to £7,450 payable between two and five years
- £7,500 to £50,000 payable between two and eight years.
Both terms are with a representative APR of 3.4%.
You might also be eligible for a repayment holiday which means you don’t pay your first loan instalment for a 3 month period if you choose.
Secure Loan on Your Home
If you have a mortgage with RBS you can borrow by using the equity in your home. You can use the money for home improvements and other projects.
You can borrow a minimum of £10,000 payable between 10 and 35 years (depending on how much you borrow).
Credit Cards
RBS offer a variety of credit cards. They are the same as those from NatWest, as they are in the same banking group. They include:
Purchase and Balance Transfer Card
The Purchase and Balance credit card has 0% for 20 months with a 1.99% balance transfer fee. After 20 months you will pay standard rates. APR representative is 21.9%.
Balance Transfer Credit Card
There is no fee to transfer balances. You also have 0% for 18 months and then standard charges apply.
Representative APR is 21.9%.
The RBS Credit Card
This card is useful when you are on holiday. There is no balance transfer fee and no foreign transaction fees on purchases.
Representative APR 12.9%.
Reward Credit Card
You don’t pay an annual fee if you have a reward current account because the fee is refunded. The card has a representative APR of 26.8%.
Reward Black Credit Card
No foreign transaction fee on purchases.
If you have a Reward Black current account your annual fee is refunded. This card has a representative APR of 40.7%.
What’s An Example of a Typical RBS Loan for Home Improvements?
- Borrow £15,000
- Pay the loan back over 10 years (120 months) at £147.28 a month at a representative APR of 3.4%£
- Repay a total of £17,673.60 of which £15,000 is capital and £2,673.60 is in interest
Tell Me More About RBS Home Improvement Loans
Their representative APR of 3.4 % is available for home improvement loans between £7,500 and £19,950.
The loan is repayable between two to ten years. You can borrow other amounts, but the APR may be different.
You might also be eligible for a repayment holiday. This means you don’t have to make your first loan payment for three months.
RBS Features and Benefits
- RBS have their own app so you can manage your loan
- You can overpay the loan to pay it off faster
- You can pay your loan off earlier, but you will have an early repayment charge which depends on how much you have borrowed and is normally between £32.17 and £78.18 for loans between £5,000 and £20,000.
What Happens if I Change My Mind?
You have 14 days to change your mind from the date you sign the documents or when the money is paid into your bank. If you don’t want to go ahead with the loan you can tell RBS you want to withdraw.
You will then have 30 days to pay the money back and you may be charged interest.
Sainsbury’s
Sainsbury’s was the first supermarket bank to open in Britain. It opened in 1997 to offer financial services to Sainsbury’s customers.
Who Can get a Sainsbury’s Loan?
You can apply for a Sainsbury’s loan if you are a UK resident, over the age of 18. You must also have a gross annual income of over £7,500 and a telephone number.
What Loan Options Do Sainsbury’s Offer?
Sainsbury’s offers unsecured loans for a variety of projects. On their website, they advertise loans for:
Home Improvements
You can borrow up to £30,000. If you are a Nectar member you can borrow between £7,500 and £25,000 at a representative APR of 2.8% payable over 37 to 60 months.
Nectar members can also borrow up to £30,000 and non Nectar members can borrow up to £25,000 payable over one to seven years at a representative APR of 3.1%.
Cars
You can borrow money for a car under the same terms as a home improvement loan. That is a representative APR of either 2.9% or 3.1% depending on how much you borrow and whether or not you are a Nectar member.
Top-up of Existing Loan
If you already have an existing loan with Sainbury’s you can top up the loan to a maximum of £40,000. For example, if you have a loan for £15,000, you can borrow another £25,000.
You can either combine the two loans and repay them over a longer term or run both loans side by side. (This might mean you have two loans at different interest rates).
Credit Cards
Sainsbury’s offers six types of credit cards. Three of them are balance transfer credit cards which offer 0% interest on balance transfers of:
- 29 months with a representative apr of 21.9%
- 26 months with a representative APR of 21.9%
- 18 months with a representative APR of 21.9%
Then they have :
- The Nectar credit card with a representative APR of 20.9%
- Dual 19-month credit card with a representative APR of 21.9
- Dual 21-month credit card with a representative APR of 21.9%
What’s An Example of a Typical Sainsbury Home Improvement Loan?
- Borrow £15,000
- Pay the loan back over seven years (84 months) at an illustrative APR of 3.4%
- Pay monthly payments of £200.56 which is a total of £16,847.04
- The capital is £15,000 and the interest is £1,847.04
Tell Me More About Sainsbury’s Home Improvement Loans
You pay less interest if you get a bigger loan. For example, if you apply to borrow between £7,500 and £25,000 the representative APR is 2.8%.
If you borrow between £5,000 and £7,499 the representative APR will be 3.3%.
Sainsbury’s Features and Benefits
- There’s no application or arrangement fee
- You can apply online
- If you are accepted for a loan the money could be in your bank in as little as two hours, but not more than 24 hours
What Happens if I Change My Mind?
If you change your mind you have 14 days to inform Sainsbury’s that you want to withdraw from the loan agreement. You can ring them on 0800 096 0543 on Mondays to Fridays between 8 am and 8 pm or on Saturdays and Sundays between 8 am and 6 pm.
You will normally have 30 days to pay back the money and you may be charged interest.
Santander Bank
Santander bank was originally based in Spain. It opens its door in the UK in 2004. Since then it has acquired several UK building societies, including Bradford & Bingley and Abbey National.
Who Can Get A Santander Loan?
You can apply for a Santander loan if you are over 21, resident in the UK and you make your repayments by Direct Debit.
You must also have a regular annual income of £6,000 or more and you must not have been declared bankrupt in the last six years or during that time had any CCJs or IVAs.
What Loan Options do Santander Bank Offer?
Santander offers unsecured personal loans between £1,000 and £20,000 for new customers and up to £25,000 for existing customers.
Santander gives you a list of how you can use their loan funds. They don’t give individual information. The list includes:
- Home Improvements
- Special occasions like holidays
- Car purchase
- Debt consolidation
Credit Cards
Santander offers three types of credit cards which are:
All In One Credit Card
0% interest on balance transfers for 26 months and 0.5% cashback on your purchases. Representative APR of 23.7% with a £3.00 monthly account fee.
Everyday Credit Card
0% interest on balance transfers for 18 months. 0% Interest on purchases for three months.
No monthly account fee. Representative APR 20.9%.
Santander World Elite Mastercard
No foreign transaction fees on purchases made in local currency. Cashback on everyday spending.
£15 monthly account fee. Representative APR 49.8.%
What’s An Example of a Santander Home Improvement Loan?
- Borrow £10,000
- Pay £179.51 a month with a representative APR of 3.0% over 60 months
- Repay a total of £10,770.60 which is £10,000 capital and £770.60 interest
Tell Me More About Santander Home Improvement Loans
- Santander doesn’t give details on their website about individual loans. Although they quote a representative APR of 3.0% they do point out that if you are a 123 World or Santander Select customer, you will be offered preferential rates on certain loans.
- The website gives you a range of loan rates. The most expensive as far as interest is concerned is if you borrow between £1,000 and £2,999 which has an APR of 13.9%. If you borrow between £5,000 and £7,499 the APR is 4.5%.
- Borrowing between £15,000 and £20,000 has an APR of 3.4% apart from 123World or Santander Select customers, who will pay an APR of 3%.
Santander Features and Benefits
- Apply online
- Overpay to repay the loan faster
- Repay the loan early with interest added but no early payment penalty
What Happens if I Change My Mind?
By law, you have 14 days to withdraw from the loan contract. You must contact Santander by telephone or in writing.
You then normally have 30 days to pay back the loan, although you may be charged interest.
Tesco Bank
Tesco began dealing in finance in 1997 together with the Royal Bank of Scotland. In 2008 Tesco bought out RBS and became Tesco Bank.
Who Can Get A Tesco Bank Loan?
You can get a Tesco loan if you are over 18, you have lived in the UK for more than three years and you have a personal current account.
You must also be in employment or have a regular income.
If you borrow under £3,000 the repayment term is up to three years. If you borrow under £15,000 the repayment term is up to five years (apart from Home Improvements and then it is seven years).
Larger payments have a repayment period of up to 10 years.
What Loan Options Do Tesco Offer?
Tesco offers unsecured personal loans of between £1,000 and £35,000.
Home Improvements
You can borrow between £1,000 and £35,000 for a home improvement loan. The maximum term to repay the loan is 10 years.
Weddings
You can borrow between £7,500 and £15,000 for a wedding. You can pay the loan back between 12 and 60 months (five years).
You may be eligible for a payment break of two months. Your first instalment will be taken at the beginning of the third month.
Holidays
You can apply for a holiday loan under the same terms as a wedding loan.
Car Purchase
A car loan is under the same terms as a wedding and a holiday loan. That is with a representative APR of 2.95% on loans between £7,500 and £15,000.
Consolidating Debts
If you want the loan to consolidate your debts, you must be over the age of 22. The maximum repayment term is seven years if you borrow more than £15,000.
The representative APR for a loan of between £7,500 and £15,000 is 2.95 payable between 12 and 60 months.
Credit Cards
Tesco offers six types of credit cards which are:
Balance Transfer Credit Card
0% interest for up to 26 months with a transfer fee of 2.99% and 0% interest on money transfers for the first 12 months with a 3.99% transfer fee. Representative rate 20.9 APR (variable).
Balance Transfer and Purchase Credit Card
0% interest for up to 18 months on purchases and balance transfers with a 2.99% fee. Representative APR 20.9% (variable)
Purchases Credit Card
0% interest for 20 months on purchases or, depending on your circumstances the bank may offer you a 0% interest period for 14 or 16 months.
Representative APR 20.9% (variable)
All Round Credit Card
0% interest for up to 15 months on purchases and balance transfers with a 1.99% fee and for money transfers a 3.99% fee.
Representative APR 20.9% (variable).
Low APR Credit Card
This card has a 9.9% APR (variable) on purchases.
Foundation Card
This card is for Tesco customer’s who need to improve their credit rating. The spending limits are between £200 and £1,500. Representative APR 27.5% (variable).
What’s An Example Of a Tesco Home Improvement Loan?
- Borrow £10,000
- Pay £179.07 per month for 60 months at a representative APR of 2.9%
- The total amount borrowed is £10,744.20 which is £10,000 capital and £744.20 in interest
Tell Me More About Tesco Home Improvement Loans
- You have up to seven years to repay the loan
- You can choose what day of the month you want your loan repayment to come out of the bank
- You can apply online and get an instant decision
Tesco Bank Features and Benefits
- Money in the bank within 24 hours if you sign digitally
- You may be eligible for a payment holiday, which means you don’t start to pay for your loan until the beginning of the third month
- You can pay your loan early, but you may be charged up to two months interest on the amount owed
What Happens if I Change My Mind?
From the day after you receive your loan confirmation letter, you have 14 days to withdraw from it. You must tell Tesco’s by telephone or in writing.
After that, you have 30 days to repay the loan which you can do by sending Tesco’s a cheque or by phone with a card on 0345 600 6016. If you pay after 30 days you will be charged interest.
TSB
The Trustee Savings Bank started as a savings bank founded by Reverend Henry Duncan in 1810. He wanted a place his parishioners and the workers of Dumfriesshire could put their wages.
In 1995 the bank merged with Lloyd’s, although it still trades as a bank under the TSB name
Who Can Get A TSB Loan?
You can apply for a loan with the TSB if you are a UK resident over the age of 18. You shouldn’t have a bankruptcy order or IVA arrangement within the last six years.
What Loan Options Does TSB Offer?
Home Improvement Loans
If you want to borrow money for home improvements, TSB has a representative APR of 2.8% for loans between £7,500 and £25,000, payable between one to five years.
Other loans that TSB offer with the same terms are:
- Weddings
- Holidays
- Car purchase
Debt Consolidation
If you want to consolidate your debts you can apply to the TSB for a personalized quote. Their representative APR is 2.8% and their maximum APR is 39.9%.
You can pay back the loan between one and seven years.
Graduate Loans
Graduate loans are available to help graduates who have finished university. You can borrow between £1,000 and £10,000 with repayments between one year and five years.
You might also be able to defer your first payment for up to 3 months.
You can’t apply for a graduate loan online, you must apply by phone or in the branch.
Small Loans
Small loans are to help you if you have an unexpected bill or you need to make an emergency purchase. You can borrow from £300 to £999.99 over three to 12 months.
Credit Cards
TSB has four types of credit cards and they are:
Platinum Balance Transfer Card
- 0% for up to three months on purchases.
- 0% interest for the first 27 months on balance transfers
- A balance transfer fee for the first 90 days of 2.95%
Platinum Purchase Card
- 0% for up to 15 months on purchases
- 0% for up to the first 15 months on balance transfers that are transferred within the first 90 days
- A balance transfer fee for the first 90 days of 1.45%
Student Credit Card
- All purchases have a 21.95% p.a variable
- 21.95% p.a variable on balance transfers
- Available to TSB current account holders over 18
Advanced Credit Card
- 0% on purchases for the first 3 months
- 0% for the first three months on balance transfers made within 90 days
- 0% balance transfer fee for the first 90 days
- 9.9% APR
What’s An Example of a TSB Home Improvement Loan?
- Borrow £7,500
- Pay £134.14 over 60 months at a representative APR of 2.8%
- Repay a total of £8047.80 of which £7,500 is capital and £547.80 is in interest.
Tell Me More About TSB Home Improvement Loans
- Non TSB customers can borrow between £1,000 and £25,000 and TSB customers can borrow from £300 to £50,000.
- The loans can be repaid between one and seven years, apart from small loans of between £300 and £999.99 which must be repaid between three months and 12 months.
TSB Features and Benefits
- If you apply before 6 pm on a working day the money could be in your bank the same day if you are approved for a loan.
- Up to two payment holidays a year if approved. You will still pay interest on your loan and you must have had the loan for a minimum of one month and be up to date with your loan payments.
What Happens if I Change My Mind?
The day after you sign your loan agreement you have 14 days to withdraw from the agreement. You need to tell TSB either by phone or in writing that you want to cancel the loan.
You then have 30 days to repay the money from the loan. You will also be charged daily interest.
You can call TSB on 0800 111 4166 8 am to 6 pm Mondays to Fridays or between 8 am and 2 pm on Saturdays. You can write to TSB at TSB Bank PLC, P O Box 373, Leeds LS14 9QG.
If you want a loan for home improvement click to compare loans.
Click To Get QuotesSecured Loans
| Lender | Maximum Loan Value | Maximum LTV |
|---|---|---|
| Central Trust Bank | £250,000 | 75% |
| Evolution Money | £50,000 | 95% |
| Norton Finance | £100,000 | 75% |
| Masthaven Finance | £2,500,000 | 75% |
| Oplo | £100,000 | 80% |
| Optimum Credit | £1,000,000 | 100% |
| Paragon Bank | £500,00 | 75% |
| Shawbrook Bank | £500,00 | 75% |
| Step One Finance | £150,000 | 95% |
| Together | £500,000 | 75% |
| WestOne | £500,000 | 85% |
What Is a Secured Loan?
A secured loan is a loan that is secured by an asset. It could be a car, but typically it is your home.
The amount you can borrow will depend on the equity you have in your home. For example, if you have a house with £200,000 with a mortgage of £60,000 your equity is £140,000.
If you ask for a loan of £70,000 you will be using 50% of your equity.
What Is LTV?
Loan to Value Ratio (LTV). The loan to value is in a nutshell, the amount of money a lender will give you as a percentage of your equity or the value of a property if you are taking out a mortgage.
For loan purposes, it means if you have £80,000 in equity and you want to borrow £40,000 yu will be borrowing a loan to value ratio of 50%.
Can I Use a Secured Loan for Home Improvements?
Yes, secured loans are often used for home improvements because you can borrow more using a secured loan and often you’ll be spending more than £10,000, especially if you are converting a loft or a basement.
Where Can I Find Secured Loans?
Here are 11 lenders you can compare for secured loans:
Central Trust
Central Trust has been trading since 1988. They are based in Watford, Hertfordshire and supply secured loans to homeowners throughout the UK.
Who Can Get a Central Trust Loan?
You can apply for a central trust home if you are a UK homeowner and you have enough equity in your property to cover the loan.
What Loan Options Does Central Trust Offer?
Central Trust offer:
- Secured Loans
- Homeowner Loans
- Buy to Let Loans
- Mortgages
- Second Mortgages
- Second Charge Mortgages
What Is an Example of a Typical Central Trust Secured Loan?
- Borrow £25,000
- Pay £546.03 over 60 months at a fixed rate of 9.50%
- Repay £32,761.80 which includes a £999 product fee and £6,762.80 in interest
What Happens If I Change My Mind?
By law, you have 14 days to withdraw from the agreement which starts from the day after you receive the copy of your credit agreement. You then have 30 days to return the money, plus any interest that has accrued.
Evolution Money
Evolution Money launched in 2011. They are based in Manchester and offer loans to homeowners across the UK.
Who Can Get an Evolution Money Loan?
You must be a UK resident with your own home. You must also be aged between 18 and 70 and in current employment.
What Options Does Evolution Money Offer?
- Homeowner Loans
- Bad Credit Loans
- Secured Loans
- No Guarantor Loans
- Self Employed Loans
- Joint Loans
- Instalment Loans
- Long-Term Loans
What Is an Example of an Evolution Money Secured Loan?
- Borrow £26,747
- Repay £136.74 over 96 months (8 years) at an APR of 19.56% variable
- Repay a total of £54,209.08 which is £26,747 capital and £26,763 in interest, plus a product fee of £2,674.70 and a £699.00 lending fee making a total repayment of £56,883.78
What Happens if I Change My Mind?
By law, you have 14 days to withdraw from the agreement which starts from the day after you receive the copy of your credit agreement.
You then have 30 days to return the money, plus any interest that has accrued.
Norton Finance
Norton Finance was founded in 1974. They are based in Rotherham, South Yorkshire.
They were originally Insurance Brokers, but in 1987 they formed the Home Lending Company Norton Finance.
Who Can Get A Norton Finance Loan?
You must be a UK resident and a homeowner over the age of 18.
What Options Does Norton Finance Offer?
Norton finance offers:
- Secured loans
- Unsecured loans
- Guarantor loans
- Low-interest loans
- Bad credit loans
- Self-employed loans
- Debt consolidation loans
- Bridging loans
- Homeowner loans
What Is an Example of a Norton Finance Secured Loan?
- Borrow £10,000
- Repay £122.71 a month over ten years at an annual interest rate of 5.14 variable.
- Repay a total of £13,230.20 of which £10,000 is the capital and £3,230.20 is in interest, plus you need to pay £1,000 broker fee and £495 lender fee, which brings the total to £14,725.20
What Happens if I Change My Mind?
You have the right to withdraw from your loan agreement within 14 days of receiving the loan agreement documents. You must then repay the money, together with any interest within 30 days.
Masthaven
Masthaven have been lending to the public since 2004. They are based in London and they arrange 2nd charge loans, bridging finance and mortgages.
Who Can Get a Masthaven Loan?
You must be a UK resident and homeowner over the age of 21 if you are employed or 25 if you are self-employed. You must have a current bank account.
What Options Does Masthaven Finance Offer?
They provide lending for:
- Residential properties
- Buy-to-Let
- 2nd Charge loans
- Bridging loans
What Is an Example of a Masthaven Finance Secured Loan?
- Borrow £29,000
- Repay £406.28 a month at 8.6% over 139 months
- Repay a total of £56,472.23 which would be £29,000 capital and £27,472.23 which also includes a broker fee of £2,850 and a lender fee of 367.50.
What Happens if I Change My Mind?
You have 14 days as a ‘cooling-off period. This means you can withdraw from the agreement 14 days after you receive the loan agreement.
You have 30 days after this time to pay back the money, plus any interest that has accrued.
Oplo Finance
Oplo was founded in 2009 under the brand name of the 1st Stop Group. In 2019 they became Oplo and they are based in Blackpool, Lancashire. They offer loans and car finance to homeowners across the UK.
Who Can Get An Oplo Loan?
You must be 21 or over, be a permanent UK resident and own your own home. You must also be in paid employment and have a good credit score.
What Options Does Oplo Offer?
Oplo offers:
- Home loans
- Personal Loans
- Car finance
What Is an Example of an Oplo Secured Loan?
- Borrow £27,178
- Repay £372.45 over 156 months at 12.6% variable
- Repay a total of £58,102.00 of which £29,629.00 is interest and an acceptance fee of £1,295
What Happens if I Change My Mind?
If you change your mind you have 14 days after you have received the loan agreement to withdraw. After this period you then have another 30 days to repay the money, plus any interest.
Optimum Credit
Optimum Credit was founded in June 2014. It is based in Cardiff and Uxbridge. It offers second charge mortgages to homeowners in the UK
Who Can Get An Optimum Credit Loan?
You must be a homeowner, permanently resident in the UK and have sufficient equity in your home to cover the loan.
What Options Does Optimum Credit Offer?
Optimum credit offers 2nd charge mortgages to homeowners who want a secure loan.
What Is an Example of an Optimum Credit Secured Loan?
- Borrow £20,000
- Repay £214.09 a month for ten years at 5.2% with a 5 year fixed rate
- Repay a total of £26,880.80 of which £20,000 is the capital, £5,690.80 is the interest. It also includes a £1,095 lender fee and a £95.00 exit fee.
What Happens if I Change My Mind?
If you want to withdraw from the agreement you have 14 days from the date you receive your loan agreement. You then have 30 days to repay the money and any interest charged.
Paragon Bank
In 1985 Paragon bank was founded as a residential mortgage lender. They launched their first mortgage products for the buy-to-let market.
In 2017 they became the Paragon Banking Group PLC. They now offer loans, mortgages and savings accounts to UK customers.
Who Can Get A Paragon Bank Loan?
Anyone over the age of 21, who is a resident in the UK and owns a home here and has a regular income.
What Options Does Paragon Bank Offer?
Paragon bank offers
- Loans: 2nd Charge Mortgages
- Savings
- Mortgages
What Is an Example of a Paragon Bank Secured Loan?
- Borrow £69,980 (This amount includes a broker fee of £2,995 and a product fee of £545.00)
- Repay £447.70 for 36 months and £434.77 for 206 months (total number of months 242) at an interest rate of 4.69% for 36 months, APR 5.20%
- Repay a total of £105,679.82 of which £39,239.82 is interest.
What Happens if I Change My Mind?
If you decide to withdraw from the loan agreement you have 14 days after you receive your loan papers. You then have 30 days to repay the money together with any interest Paragon charges.
Shawbrook Bank
Shawbrook Bank was founded in 2011. It specialises in providing finance for individuals and small and medium-sized businesses. Its headquarters are in Brentwood, Essex.
Who Can Get A Shawbrook Bank Loan?
You can apply for a secured loan with Shawbroook Bank if you are between 25 to 75. You must be a UK resident for 3 years or more.
You must own your own home and earn at least £15,000 a year and have a current bank account.
What Options Does Shawbrook Bank Offer?
- Personal loans
- Property finance
- Savings
What Is an Example of a Shawbrook Bank Secured Loan?
- Borrow £49,825
- Repay £322.34 over 60 months at a 5.85% followed by 228 payments of £312.39 at 5.45%
- Repay a total of £94,510.32 which is the capital of £49,824, the interest of £44,565.32 and fees of £3,395 lender, £395 banking, £35 disbursement fee and £120 discharge fee.
What Happens if I Change My Mind?
You can change your mind at any time within 14 days from when you receive your loan agreement. You will then have 30 days to repay the money, plus any interest charges.
Step One Finance
Step One Finance was founded in 2011 in London. Their head office is now in Woking, Surrey. The company offers loans to consumers throughout the UK.
Who Can Get A Step One Finance Bank Loan?
You can apply for a secured loan with Step One Finance if you are a homeowner aged 21 or more. Your income must be £20,000 a year if you are a sole applicant and £25,000 if you are a joint applicant.
What Options Does Step One Finance Offer?
Step One Finance offers:
- Personal loans
- Bridging loans
- Mortgage loans
- Guarantor loans
What Is an Example of a Step One Finance Secured Loan?
- Borrow £21,000
- Repay £247.60 a month for 120 months at 7.7%
- Repay £29,907.22 of which £21,000 is capital and £8,907.22 is interest and lender fees of £615.00
What Happens if I Change My Mind?
By law, you have 14 days to withdraw from the agreement. You simply tell Step One finance you want to withdraw.
You then have 30 days to repay the money, plus any interest charges.
Together
Together started life as Belman Finance in 1974. It eventually became Together in 2015.
Its headquarters are in Cheadle, Cheshire. The company offers secured loans and mortgages.
Who Can Get A Together Bank Loan?
Homeowners can apply for a secured loan as long as they are over the age of 18 with a regular income.
What Options Does Together Offer?
- Secured loans
- Personal mortgages
- Commercial mortgages
- Buy to let mortgages
- Bridging loans
- Auction finance
What Is an Example of a Together Secured Loan?
- Borrow £91,676
- Repay £735.12 by 60 months at a fixed rate of 6.99% and then change to repayments of £720 for 175 months at a tracker rate of 1.8% above the Together Homeowner Mangered Rate (THMR). Added to this would be a redemption figure of £110.00.
- Repay a total of £120,216.06 of which £91,676 is the capital, £74,281.13 in interest, as well as £2,291.90 arrangement fee, £1,857.03 interest on the arrangement fee and the £110 arrangement fee.
What Happens if I Change My Mind?
You can change your mind as long as you let Together know within 14 days of receiving your loan agreement. You then have 30 days to repay the loan, plus any interest that might have accrued
WestOne
West One was established in 2005. They are based in Boreham Wood, Hertfordshire.
They provide financial services to residential and business customers.
Who Can Get A WestOne Bank Loan?
Homeowners over the age of 18 who are in regular employment.
What Options Does WestOne Offer?
- Second Charge mortgages
- Bridging loans
- Buy to let mortgages
- Development finance
What is an Example of a WestOne Secured Loan?
- Borrow £30,000
- Repay £52.34 over 120 months at £303.59 at 3.99%
- Total repayment £36,430.80 of which £30,000 is the capital and £6,430.80 in interest. There may also be lenders fees on top of this amount.
What Happens if I Change My Mind?
You can change your mind about the arrangement within 14 days of receiving the loan agreement. After that, you have 30 days to repay the money, plus any interest.
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