Call0800 066 2882

Spread The Cost

Calculate My Loan
Monthly Payment £0
Total Repayable £0
(7.8% APR illustration)
Apply Now
This does not constitute a quote, it is for illustration purposes only. Rates may vary depending on loan amount and individual circumstances.

I am looking for a home improvement loan to pay for an extension to my house. I will need about £50,000 and am planning to extend my kitchen diner and to add a forth bedroom upstairs which will add at least £50,000 to the value of my home if not more. I am a homeowner with a mortgage and understand that homeowner loans can be cheaper than if I didn’t own my home, is this right? What is the longest term that is available please and how long will it take to arrange?

Hi Linda,

Thanks for your email regarding homeowner loans. Your are right in your assumption that generally homeowners can get better loan terms than tenants most of the time. Homeowners are seen as a lower risk by lenders and will normally get offered a slightly lower interest rate providing they have paid back previous credit on time.

The longest term does vary from one lender to another but you could look to extend the term to as long as 20 years if it meant the repayment was more affordable for you although you will end up paying more back this way. If you want the loan unsecured the longest period would be 7 years and you would need sufficient income to show that you could afford the higher monthly payments that a shorter term would give you.

Why not apply online or call us on 0800 066 2882 and we’ll find the best options available to you so you can make a decision.

About The Expert

Introducer Contact ID: