Homeowner Loans

Home improvement loans let you borrow money to make changes to your home, such as renovations, extensions, or refurbishing. You’ll repay the loan in manageable instalments over an agreed period, plus interest.

With a secured home improvement loan, your property acts as security. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it.

People often use these loans to create more space or improve homes, so they’re a way to potentially increase your home’s value. The right upgrades could make your property more appealing to future buyers and help you get a better return when it’s time to sell.

A home improvement loan is an investment in your property that could help transform it into exactly what you’ve always wanted. This loan gives you the funds to renovate, upgrade, redesign and add more space. And when the time comes to sell, you’ll likely be putting yourself in a stronger position with a property that stands out.

Here’s how a secured home improvement loan could benefit you:

• Access funds for renovations: A home improvement loan gives you the funds to bring your ideas to life. You’ll be able to tackle everything from small refurbishments to large-scale renovations without worrying about upfront costs.
• Lower Interest rates: Because a secured home improvement loan uses your property as security, rates may be lower than some unsecured loans. However, overall cost will depend on your circumstances and the loan term.
• Flexible repayment terms: You can spread the cost over a period that works best for you – typically between 3 and 20 years. This flexibility helps you manage your home improvement loan repayments while staying on track with improving your property.
• Potential to increase your property value: Improvements such as a kitchen upgrade or home extension, may make your property more attractive to potential buyers, should you decide to sell in the future, although this is not guaranteed.
• Create more space: Looking for more room for a growing family or a home office? A home improvement loan could help you add extra rooms or transform your existing spaces to better suit your needs.

By choosing a secured home improvement loan, you could give yourself the flexibility, support and funds to enhance your home.

At Evolution Money, we conduct a thorough assessment to ensure your home improvement loan is affordable and right for you. However, it’s important to remember that borrowing money carries risk. Here’s what you need to be aware of:

• Risk of repossession: Your home improvement loan is secured against your property. This means that if you repeatedly miss payments, there’s a chance your home could be at risk of repossession.
• Impact on your credit score: Failing to meet your repayment schedule could also negatively affect your credit score, which could make it more difficult for you to secure credit in the future.
• Overborrowing: Borrowing more than you need can put extra pressure on your finances, especially if the improvements don’t increase your property’s value as much as anticipated. This could lead to financial strain and make loan repayment harder.
• Long-term debt: Depending on the length of your loan, you could be committing to repayments for many years, potentially limiting your financial flexibility in the future.

That said, we’re here to help you manage the process. If you ever find yourself struggling with repayments or have concerns about any of these risks, don’t hesitate to reach out. We’ll work with you to explore your options and make sure you’re supported every step of the way.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

You may be eligible to apply for a secured home improvement loan if you:

• Are aged between 21 and 70
• Own a home with a mortgage
• Reside in the UK
• Can afford the monthly repayments from your regular income for the lifetime of the loan

For existing customers, a top-up loan could help if you are searching for additional funds for home improvements. It may allow you to borrow extra money and add it to your existing loan. This means you would only have one monthly repayment to manage, although your loan balance and overall cost may increase.

Check your eligibility today to see how a top-up loan could help fund your home improvements.

When you’re trying to find funding for home improvement projects, Evolution Money could be the ideal choice for your home improvement loan:

• We look at your overall financial situation, not just your credit score. If you meet our criteria, we’ll work with you to find a suitable loan option based on your circumstances.
• We’re committed to transparency. We provide clear information by breaking down all fees and charges from the start, so there are no surprises during the process.
• We’re proud that we are trusted by our customers and take pride in our ‘Exceptional’ rating on Feefo. We’ve also earned the Feefo Platinum Service Award multiple times, reflecting our commitment to customer satisfaction.
• As a company regulated by the Financial Conduct Authority (FCA) and a proud member of the Finance & Leasing Association (FLA), we are a regulated and responsible lender.

A homeowner loan is a loan that’s secured against your home that you can use for almost anything, whereas a mortgage is a loan you take out specifically to buy a home.

To qualify for a homeowner loan, you need to own a property and have equity in it. With a mortgage, on the other hand, you don’t need to own a property already – you’re using the loan to purchase one.

Another key difference to bear in mind is that the interest rates for homeowner loans are usually higher than those for mortgages.

Here are some of the ways our secured home improvement loans help people turn their visions into reality:

• Add an extra room with an extension
• Give your kitchen a fresh new look
• Build a conservatory to make your space bigger and brighter
• Create a new outdoor living area with decking or a patio
• Transform an outbuilding into something new
• Upgrade your windows to energy-efficient double-glazing
• Install or upgrade your central heating system

We offer secured home improvement loans with different borrowing amounts, subject to your eligibility and circumstances. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it.

With Evolution Money, you could repay your home improvement loan over 3 to 20 years. While a shorter term means you’ll pay back less overall, a longer term could make your monthly instalments more manageable.

The exact timing will depend on how quickly we receive all necessary documentation and other factors. However, we strive to process approved loans as seamlessly as possible and, in some cases, funds have been transferred within a few days of approval, but timing depends on your circumstances and providing all necessary documents. Start the process by requesting a no-obligation quote.

Read more about our secured loan process.

While we only offer one type of loan – a secured homeowner loan – we understand that everyone’s situation is different. Whether you have a bad credit history, own part of your home, have a Help to Buy property, or wish to apply with another person, we’ll carefully assess your circumstances to find the best solution for you.