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Home improvement loans

A home improvement loan is a personal loan which you use to make improvements or repairs to your home.

What are the benefits?

With a home improvement loan you can:

  • spread the cost of making essential repairs
  • move forward with your plans, such as refreshing or extending your home
  • make room for a growing family with flexible repayment options to suit your budget.

Things to consider

Deciding how much to borrow - have you set the cost of your home improvements at the right level?

Making a plan - thorough preparation is the secret to a successful project. Making a plan at the outset will give you a good idea of how long the work could take and the costs involved.

Other borrowing options - there may be other borrowing options which are better suited to your personal circumstances.

Can I apply?

To apply for a home improvement loan, you need to:

  • be aged 18 or older
  • be a UK resident (excluding the Channel Islands and the Isle of Man)
  • have held a Lloyds Bank current account for at least one month
  • be in paid employment or have a regular income and are not a full-time student
  • have a good credit score, with no history of bad credit, such as County Court Judgements (CCJs) or bankruptcy.

Why choose Lloyds? 

How it works

 

  • Borrow between £1,000 and £35,000 over 1-7 years.
  • If your application is approved, the money could be in your account the same day – between 9am-8.30pm, or before 9am the next working day.
  • It's easy to keep track of your loan using Internet Banking or the Mobile Banking app, but you can also phone us or visit us in branch.
  •  

    Offering you flexibility

    • Repayment holidays - you can apply for up to two repayment holidays per year, subject to approval.
    • Make additional payments with no extra charge.
    • Or pay off your loan early. Just be aware, we will charge up to 58 days' interest for early settlement.

    Representative example

    You could borrow £10,000 over 48 months with 48 monthly repayments of £225.04. Total amount repayable will be £10,801.92. Representative 3.9% APR, annual interest rate (fixed) 3.83%.

    This representative APR applies to loans of £7,500 to £25,000 over 1 to 5 years. Other terms and loan amounts are available at different rates. The maximum APR you could be offered is 29.9% APR.

    Loan calculator

    Use our handy loan calculator to work out how much your loan payments could be. It will give an indication of monthly payments and APR.

    Find out your personalised rate by logging in to Internet Banking.

    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.

    Other ways to apply

    Apply in branch – our local branch will be happy to help you apply for a loan.

    Find your nearest branch 

    Apply over the phone – if you have a:  

    • Lloyds Bank Current Account, call us on 0330 123 3890.
    • Credit card, mortgage or existing loan with us, call us on 0330 123 4715

    Speak to an adviser 8am-10pm, every day.

    Frequently asked questions

    • 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.

       

    • 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.

       

    • 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.

       

    • 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.

       

    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.