Home Improvement Loans

A home improvement loan is a way to borrow money to pay for renovation or upgrade work on your property. Projects could include fitting a new kitchen or extending the property. The loan is typically provided as a lump sum and repaid in fixed monthly instalments, with interest, over an agreed term.

There are usually two types of home improvement loans available: unsecured loans and secured loans. Unsecured loans are generally used for smaller projects and smaller loans, while secured loans for home improvements are designed for larger borrowing.

A home improvement loan could be a practical way to fund upgrades on your property while spreading the cost over time. It may also help you improve your property without the challenges or disruption of moving.

The key benefits include:

• Flexible use of funds: You can typically choose how to spend the money, whether that’s on a new kitchen, an extension to your property or other eligible home upgrades.
• Potential to add value to the property: Well-planned improvements may increase your home’s market value, putting you in a better position if you decide to sell in the future.
• Quickly access funds: Once approved, many loans can be paid out within a few days. This could help you start your home renovations sooner.
• Spread the cost: A loan can make bigger renovations more manageable by allowing you to repay in monthly instalments rather than paying everything upfront.

While a home improvement loan can be useful for funding renovations, it’s important to understand the potential downsides before applying. Taking time to weigh up the risks can help you decide whether it’s the right option for your situation.

The risks include:

• You’ll pay more overall: Because interest is added, the total amount you repay will be higher than the amount you originally borrowed.
• Best rates aren’t guaranteed: The most competitive loan rates are typically given to those with a good credit history, so your offered rate may be higher.
• Your home could be at risk: If you opt for a secured loan and fail to keep up with repayments, your property could be at risk of repossession.
• Potential fees and charges: Missing payments or falling behind may lead to penalty fees and negatively impact your credit file.
• Improvements don’t always add value: While upgrades can enhance your home, there’s no guarantee that the work will increase your property’s market value.

Even if you’ve experienced credit problems in the past, you may still be able to get a home improvement loan. We understand that your credit history is only part of the picture, which is why we look at your unique personal and financial situation when assessing your application.

Because our loans are secured against your property, approval may still be possible where unsecured options have been declined. However, rates and terms will vary based on your individual profile.

Checking your eligibility is quick and won’t affect your credit score. Simply complete our online form or speak with one of our advisers. They’ll talk through your options and help you find the most suitable home improvement loan.

Your home is generally your biggest asset, and getting a loan could help you make the most of it. Here are a few ways people use our secured home improvement loans:

• Extensions
• Kitchen improvements
• Building a conservatory
• Installing a decking area or patio
• Converting an outbuilding
• Replacing windows with double-glazing
• Central heating
• Home improvement projects
• Debt consolidation

We offer secured home improvement loans from £5,000 to £105,000, depending on your eligibility. This could fund a wide selection of home improvement projects.

You can choose to repay a secured home improvement loan over 3 to 20 years with Evolution Money. A shorter term usually means paying less interest overall but higher monthly repayments. A longer term can reduce monthly costs but increase the total amount repayable.

We always aim to fund approved loans as quickly as possible. In the past, we’ve been able to transfer funds to customers within a few days of their application being approved. But this will depend on how quickly we receive all your documentation, among other factors.

Read more about our secured loan process.

You can apply for one of our secured home improvement loans if you:

• Are aged between 21 and 70 years old
• Are a UK homeowner with a mortgage
• Live in the UK
• Can afford the repayments from your regular income

You don’t need to give up hope if you’ve been rejected for a loan in the past. We look at more than just your credit report, so you may be able to get a secured home improvement loan with bad credit.

When you’re planning improvements to your home, choosing the right lender matters just as much as choosing the right project. At Evolution Money, we focus on clear guidance and flexible secured loan solutions. Here’s why homeowners across the UK trust us with their home improvement loans:

• We consider more than your credit score: Our secured home improvement loans are assessed on your overall circumstances, which means you may still be eligible even if you’ve had credit issues in the past.
• Clear, upfront information: Once you’ve checked your eligibility, you’ll get a full breakdown of costs, so you know exactly what to expect.
• Rated highly on Feefo: Our customers consistently rate us highly for service and support, showing that our commitment to making the process as simple as possible isn’t just talk.
• Regulated and trusted: We’re authorised and regulated by the Financial Conduct Authority and are proud members of the Finance and Leasing Association. This means you can apply for a home improvement loan from us with confidence.

Submit your details with Evolution Money in minutes and find out if a home improvement loan is right for you.