Home Improvement Loans That Leave Your Mortgage Untouched.

A home improvement loan is a personal loan taken for renovation work, advanced as a lump sum and repaid over an agreed term.

It sits outside your mortgage, so the existing home loan is untouched and there is no refinancing of the property involved.

Terms run up to 7 years, the maximum available anywhere on the panel, and the loan can be written secured or unsecured.

Leaving the mortgage alone avoids reopening a facility that may be on terms you would rather not disturb.

A defined term also means the renovation is paid off on a schedule rather than being absorbed into a debt running for decades.

Having the funds confirmed before work begins puts you in a stronger position with trades, who quote differently for a job that is ready to proceed.

It suits defined projects with a known cost, such as a kitchen, a bathroom or a deck, rather than open-ended work.

For very large structural projects, redrawing on the mortgage may be worth comparing, and that is a conversation for your mortgage lender.

If the scope is likely to move, build a margin into the amount rather than planning to arrange a second facility partway through.

Have quotes for the work, identification and evidence of income ready, since the amount is assessed against the project as well as your profile.

One enquiry compares lenders rather than approaching them individually and marking your credit file each time.

Pre-approval on a straightforward application is possible the same day, so trades can be booked with confidence.

Get firm quotes rather than estimates before deciding the amount, because renovation costs rarely come in under a rough figure.

Allow for the things that are not on the quote, such as temporary accommodation or eating out while a kitchen is unusable.

Match the term to how long the improvement will last rather than to the smallest possible repayment.