Representative Example: Amount of credit: £500 for 12 months at £79.09 per month. Total amount repayable of £949.08. Interest: £449.08. Interest rate: 140% p.a. fixed*. 278% APR Representative. Rates between 9.9% APR and 1295% APR.
At Badger Loans, we work with a range of secured and unsecured lenders to offer you the best rates for home improvement loans. So whether you are dreaming of a new kitchen, family room or extension – we can check your eligibility and get a competitive quote today.
Our entire loan application is completed online and if we are able to offer a provisional decision on the screen. Subject to further checks, your funds can typically be transferred within a matter of days.
Home improvement loans are one of the most common loans in Britain today – and they have many purposes. There is the option to maximise the value of your home by adding every space and square metres through renovations and extension. For some, they see an opportunity to add extra rooms for a growing family or also make the home more accommodating for senior living. More people are also starting to work from home and we are seeing more people opt for home offices or garden offices to accommodate their lifestyle.
Home improvements add to the total value of the property, broken down as follows:
Extra bathrooms 10%
Extra bedrooms 11%
Senior living 15%
Loft conversions up to 20%
You can pay for home improvements through your savings or regular monthly income. Some people prefer to use home improvement loans because they can offer all the money upfront, low interest rates and you can continue living in your home whilst the renovations are being made.
Above all, the potential gain by adding home improvements to the overall value of your home can be much higher than the interest rates charges – and you have up to 25 years to spread repayment. So for some households, they find that using home improvement finance can be a better source of cash flow and a better investment.
Your eligibility is based on your income and credit status and the interest charged may be a little higher since there is no collateral or security required.
However, there is also less risk, since you do not risk losing your property or having it repossessed if you cannot meet repayment terms.
If you prefer, Badger Loans can also introduce you to a range of secured home improvement loan providers, whereby your loan would be secured against your property. See secured loans for more information.
This can be useful if you want to borrow a higher amount and pay a lower rate – however, your capital and property is at risk if you cannot repay on time.
If you already have a mortgage, this would be classed as second mortgage or second charge loan.
When you apply online, you will just be required to provide some basic information including your name, age, address, monthly income, expenses, loan amount and loan duration.
If you are applying for an unsecured product, your eligibility will be based around your credit score, monthly income and ability to repay on time. This may require some further checks or proof of income through a payslip or bank statement.
If you are applying for a secured product, the lender will typically need to verify ownership of your property and you may be required to provide a recent valuation, proof of address or utility bill.
You can make renovations to your home at any time, although some work will require planning permission if you are building out externally or more than 10 metres (such as extensions, basements, new levels and lofts). If you are doing work internally such as breaking through a wall or turning a garage into another living room, this will not require planning provided that it does not affect your neighbours.
No, it is very common for people to apply for home improvement loans even when they still have an existing mortgage on their property and do not own the estate outright.
If the property is owned by another party such as a landlord or family member, it is always essential to get their permission beforehand.
Provided that you have all the permissions and can afford to repay your loan on time, you can be eligible to borrow up to £50,000.
Badger Loans is passionate about helping Britons find the best loans for them at the most affordable rates and terms.
We have a full panel of lenders across unsecured and secured and acting as a whole of market broker, we can help you check your eligibility for a home improvement loan and get you one step closer to your dream home.
Our entire application is online and can be completed in less than 5 minutes. We offer an instant provisional decision on the screen and subject to further checks, customers can usually receive funds in just a few days of approval. To get an initial quote, simply click on apply now below.