Home Improvement Loan
Borrow with us and you could receive your loan in as little as 3 days.
Borrow up to £250,000
Flexible terms from 3-25 years
We consider all credit histories
Employed, self employed, pension and benefit income
We're a direct lender, so there are no hidden broker fees
Representative Example: A secured loan of £43,000 payable over 9 years on a fixed rate of 10.43% for the first 5 years, followed by a variable rate, currently 12.00%, would require 60 monthly payments of £651.19 followed by 48 monthly payments of £670.67. The total amount repayable would be £71,263.56, this includes interest, an arrangement fee of £1,999 and a processing fee of £499. The overall cost for comparison is 12.9% APRC representative.
How it works
Organising your finances can sometimes feel stressful, but we want to make it as easy as possible for you.
In just 3 simple steps you could have the money in your bank account. All you need to do is:
1: Enquire
Complete our quick and easy online enquiry form. Alternatively, you can speak to an advisor instantly by calling us or starting a live chat.
2: Your details
One of our qualified advisors will call you to discuss your enquiry and work out a monthly payment that meets your needs and circumstances.
3: We'll do the rest
We'll help you complete the paperwork and any other supporting documentation required.
What do our customers say?
You can relax knowing you’re working with a highly rated team. But don’t just take our word for it, visit our website and read our reviews – they speak for themselves.
What is a home improvement loan?
A homeowner improvement loan allows you to borrow money to pay for home renovations or essential repairs, such as installing new windows/doors or adding an extension. These types of loans usually come in the form of a secured or unsecured loan.
With a secured loan, the money you borrow is secured against one of your assets, usually your home, or even your car. Whereas with an unsecured loan, the money you borrow doesn’t require any type of security.
What are the different types of home improvement loan?
There are two main types of home improvement loans, unsecured and secured.
An unsecured loan allows you to borrow money without using an asset for security. Because of this, you aren’t able to borrow as much as you could with a secured loan. Usually, you can only borrow up to approximately £35,000 in comparison to £500,000 with some secured loans.
With a secured loan, mortgage lenders can often be more flexible about who they lend money to. This is because it requires you to use your home as security. As a result, people with adverse, poor or even bad credit histories are often able to borrow the money they need without the need to pay higher rates of interest that are sometimes associated with unsecured loans.
As well as this, the interest rate and monthly repayments tend to be lower than an unsecured loan. This is because lenders
have the security of your property to fall back on.
Why choose Central Trust?
35 years' experience
We are one of the UK's longest established specialist lenders trading since 1988 giving us over 35 years' experience providing secured loans, homeowner loans and second mortgages.
Simple application process
You can call our team directly on 0800 980 6273 (Mon-Fri:8:00am-7:00pm) or you can enquire online at any time using our quick and easy online form.
All credit considered
We understand that life happens and there's more to your story than your credit score or recent pay slip. So if you have a less than perfect credit score we could still help.
Can I get a home improvement loan with bad credit?
If you have struggled with debt in the past, have a bad credit score or have previously been declined by mortgage/loan lenders due to your credit history, it doesn’t mean that every lender will turn you down.
Whilst some lenders may not be able to assist people with bad credit histories, at Central Trust, we consider all credit histories, including defaults, CCJ’s, missed payments and those on debt management plans or IVA’s. These are however subject to our criteria and underwriting standards.
We consider all applications on an individual basis, so whatever your credit we will try our very best to help you.
How much do home improvement loans cost?
The main cost of a home improvement loan are the fees and interest rate. However, the cost of a home improvement loan can also depend on different factors, including:
• Loan amount – this will depend on how much money you need for the renovations you intend to do
• Loan term – your monthly repayment will depend on how long you intend to borrow the money for
• Fees – such as arrangement fees (also known as lender fees) and broker fees
• Early repayment charges (ERC’S) – these may apply to your loan. This means if you wish to repay the money you’ve borrowed back earlier than planned, an early repayment charge may stand. The amount depends on the lender, so it’s important to bear this in mind then agreeing to your loan.
Your loan term and the interest rate you are offered will determine how much your monthly payment will be.
Case studies
Home improvement loan
For an applicant with poor credit history.
Secured loan
For a self-employed client with limited trading history.
Debt consolidation loan
For an applicant with multiple lines of credit.
What to consider before applying for a home improvement loan
Before enquiring about a loan, you need to find out how much equity you have in your property and decide how much you are looking to borrow.
Equity is the difference between the value of your property and how much is left to repay on your mortgage. Once you know your outstanding mortgage balance and property value, you can figure out how much equity you hold in your property.
Next, plan out what home improvements need to be done and how long it will take for the work to be completed.
Once you know how much you want to borrow, you should calculate how much you can realistically afford to repay each month, taking all of your monthly expenses into consideration. This will help you decide an affordable repayment term for your circumstances. Our mortgage advisors will be able to provide you with the best deal we can that suits your needs and circumstances.
It’s also important to note that if you want to pay off your loan faster than originally agreed you may have to pay early repayment fees, therefore you should consider your repayment period carefully.
Ready to enquire?
Talk to our qualified mortgage experts now
We are here to help
- Friendly UK based advisors
- Enquiring won't affect your credit rating
- Fast turnaround times 7-10 days is possible
- No phone menus - immediate contact from our advisors
- We are a direct lender, so we'll work with you from start to finish
Jenny Bush
Head of Direct Sales
20 years at Central Trust
01923 280777