Home improvement loans
Looking to upgrade your kitchen, beautify your bedrooms or convert your loft? Whatever plans you have, a home improvement loan could help to make it happen.
What is a home improvement loan?
- A home improvement loan is a personal loan you can use to pay for improvements to your home, such as an extension.
- Halifax current account holders can apply for between £1,000 and £35,000 (between £1,000 and £25,000 if you don’t have a Halifax current account).
- You can ask for up to two repayment holidays a year (subject to approval). Interest will still be charged for the months that you don’t make any payments, so you'll pay more interest overall and your original term will be extended.
- No charge for making extra payments – if you pay off your loan in full earlier than agreed, you’ll be charged up to 58 days’ interest.
If you hold a Halifax current account, in most cases we’ll tell you how much you can borrow and if you’re likely to be approved when you get your quote. This won’t affect your credit score. You‘re able to apply for a Personal Loan even if you don't bank with us.
3.5% APR representative for loans of £7,500 to £25,000 over 1 to 5 years
Here are a few things to think about before you start ripping those floorboards up
1. Plan ahead
Firstly, plan what home improvements need to be done and how long it will take. Get your project plan together, with a start and end date, check contractor availability, hunt around for competitive quotes and take seasonal influences into consideration.
2. Work out the cost
Once you have a home improvement plan, you can work out the total cost of the project. Make sure you look at all the costs, and have a back-up plan in case of unexpected expenses or changes. Don’t forget to consider recurring costs for your project.
3. Does it fit your budget?
Once you know how much you need to borrow, try using our handy Loan Calculator to find out what your monthly repayments could be. If you have a Halifax current account, you can get a personalised quote in just 1 minute through Online Banking.
Our home improvement loan is a personal loan you use to pay for updates or work being carried out on your home; for example, paying trades people for their services.
If we approve your loan, you should have the money in your account within minutes if you currently bank with us, or within 24 hours if you don't bank with us . In some cases it may take a bit longer to have the money in your account - but no more than 5 working days.
You will then pay the loan back on a monthly basis as outlined in your agreement.
You can apply for a home improvement loan if:
- you’re aged 18 or over and live in the UK (excluding the Channel Islands and the Isle of Man)
- you’re in paid employment or have a regular income
- you’re not a full-time student
- you haven’t had a request for credit declined in the past month
- you don’t have a history of bad credit, such as bankruptcy or CCJs
- you’re not applying for any of these reasons
Yes, our home improvement loans are unsecured, meaning you won’t be borrowing against your property.
Home improvements can be significant investments, so it’s important you choose the best borrowing option for you. Other borrowing options include:
You could consider switching your existing mortgage to a new lender, this is called remortgaging. If you have some equity in your home you may be able to borrow more on your new mortgage to pay for your home improvements. Early repayment charges may apply on your existing mortgage.
Read more about Halifax remortgages.
- Additional Borrowing
You may be able to borrow more money on your existing mortgage to pay for home improvements, this is called Additional Borrowing. Conditions apply.
Find out more on Additional Borrowing.
You could lose your home if you don't keep up your mortgage repayments.
- Credit card
If you’re only doing small home improvements then a credit card may be a more suitable option than taking out a loan. However, consider the interest rate payable and whether or not you will be able to fully repay the outstanding balance before the end of any introductory period in order to avoid higher interest charges.
Read more about our credit cards.
Lending and rate are subject to status. Available to UK residents aged 18+.
Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.