Home improvement loans
A home improvement loan is a personal loan which you use to make improvements or repairs to your home.
Why choose Lloyds Bank?
Get a quote in minutes
Log on to Internet Banking to get a personalised quote.
- Tell us how much you want to borrow and over how long to get a quote in minutes.
- This won't affect your credit score.
- If you go on to apply, you’ll get an instant loan decision online.
Frequently asked questions
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A home improvement loan is a personal loan you can use to pay for updates to your home, such as a new kitchen or an extension.
Before applying for a home improvement loan, we’d recommend getting quotes for the project in order to get an idea of the loan amount you’ll need.
Once you’re sure of the loan amount needed, you can use our loan calculator to get an idea of what your monthly repayments may look like. You can also get a personalised quote by logging onto Internet Banking. In most cases, we'll tell you how much you could borrow and if you're likely to be approved, before you apply.
If your loan is approved, you could have the money in your account the same day. You can then pay the suppliers or contractors for your home improvements and pay back the loan to us as per the agreed terms.
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Yes, as a home improvement loan is a personal loan, if you decide you’d rather not use it to pay for home renovations, you can use it for just about anything else.
However, there are some restrictions. We can’t issue loans intended for:
- Any illegal activity.
- Speculative purchases, e.g. gambling, investments and share purchases.
- Business related purposes.
- The purchase or lease of land or property, either in full or in part. This includes deposits.
- Timeshares/holiday clubs.
These limits apply whether you want to borrow money for yourself, or to support someone else. For example, you can't take out a loan and give those funds to a family member as a deposit for a house.
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Getting a personalised quote with us does not use a credit check or affect your credit score.
When you apply for a home improvement loan, we will perform a credit check. This is to help us understand how likely you are to pay the loan back. Learn more about how credit checks work.
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Home improvements can be significant investments, so it’s important to choose the best borrowing option for you. Other borrowing options include:
- Remortgaging
This is where you switch your existing mortgage to a new lender. 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 Lloyds Bank remortgages.
You could lose your home if you don't keep up your mortgage repayments.
- Additional Borrowing
Another potential option is 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
For small home improvements, a credit card may be a more suitable option than taking out a loan. Credit card lenders may offer introductory offers of 0% or low interest for a set amount of time.
With this borrowing option, consider whether or not you will be able to fully repay the outstanding balance before the end of the introductory period in order to avoid higher interest charges.
Read more about our Credit Cards.
Learn more about ways to pay for home improvements.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).
How much we lend and the rate available are subject to our assessment of your circumstances. You must be 18 years of age or over and a UK resident. You must have had a Lloyds Bank Current Account for more than one month.