Moving house can be an incredibly stressful and expensive time, and it seems that more and more people are opting to improve their homes instead of upping sticks and moving to a different house.

However, home improvements can be very expensive and the only way many people can actually afford to do any work to their home is by getting a home improvements loan.

What can I spend a home improvements loan on?

Anything that will improve your home. It depends on what type of changes you are looking at making in your home, as to how much it will cost. Loft or garage conversions, extensions and conservatories can cost several thousand pounds, whereas more simple improvements such as a new kitchen, bathroom or laminate flooring throughout your home could only cost a few thousand pounds. Or you may opt for some more luxurious additions such as a landscaped garden, swimming pool or sauna room.

How much can I borrow?

Homeowners can apply for secured loans between £10,000 and up to £250,000, however the value or equity held within your property must be equal to or higher than the figure you are applying for with your loan. If the amount you require is relatively small and you can repay it within a few years, you have the option to apply for an unsecured loan and get between £1000 and £25,000, but unsecured loans usually carry a higher interest charge, so you have to weigh up the pro's and con's of each loan option. Remember, if you secure your home against a loan, it could be repossessed if you fail to meet the repayments on the loan you take out.

How long can I get a loan for?

Loans for a large amount of money are ideally paid off over a long period of time, so it makes sense for homeowners to get a secured loan over a period of over 10 years, although you could pay it back over longer, say up to 25 years. Extending the repayment period will make the monthly repayments less, but you will end up paying more interest out by the time it was repaid in full. You also need to look at how much you can afford to repay each month on top of all your other outgoings.

What criteria are required for a home improvements loan?

• Obviously the loan needs to be for any work and equipment bought to improve your house.
• Most home improvements loans are for homeowners, as not many tenants have to pay for this kind of work to be done. For smaller amounts that need to be borrowed, an unsecured loan may be sufficient, but for larger amounts you may be better applying for a secured loan for which you must be a homeowner.
• Your income and the equity in your home must cover the amount of money you wish to borrow.
• Your monthly repayments must be affordable. If your income is low and you ask for a large amount of money, your monthly repayments may not be affordable for you and the loans company may decline your application.

Some people will improve their home, to make it more liveable and comfortable, especially if your family is increasing in size. However, if you are looking at increasing the value of your home by doing these improvements, make sure you fully research your residential area, and what changes will increase your property value the most, for the least outlay. Visit the National Home Improvement Council for more advice and information.

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