Home improvement loan
Make a house a home with a loan for home improvements. Start by using our eligibility checker. If pre-approved, you'll get a personalised rate, with no effect on your credit score.
How does a home improvement loan work?
A home improvement loan is a personal loan which can be used for changes and improvements such as:
- Loft conversion
- Major repairs
- Installing heat pumps
- Getting solar panels fitted
- Insulating the walls and loft space
- Fixing up the garden
Check your eligibility
- Check if you're eligible to apply for a loan by answering a few questions and if pre-approved, get a personalised rate - with no effect on your credit score.
- No need to re-type your answers - as long as nothing's changed, you don't need to type these details in again.
- Apply securely online to get a decision.
- If approved, you should have the money in your account in 2 hours, or sometimes up to three working days.
The amount of lending and the interest rate offered to you, depends on an assessment of your personal circumstances.
MBNA personal loans are provided exclusively by Lloyds Bank plc. MBNA Limited act as a credit broker and not the lender.
Before ripping up floorboards, start with a touch of planning and a splash of research.
Make a plan
First, decide what improvements or repairs need to be made.
If you’re pretty handy:
Cost up materials, furniture and finishing touches.
If you need a professional:
- Make some calls and get a few quotes to compare.
- Check when they'll be available.
- Factor in seasonal conditions, like the weather or holidays, into your plan.
Work out costs
When your plan’s in place, work out total costs – keeping in mind there could be unexpected costs. Then, see how much you need to borrow and decide if a loan is the best option for you.
Does it fit your budget?
Look at the money you have coming in and your expenses going out. This helps you work out what you can afford to pay back each month.
You can apply for a loan if:
- You are age 18 or over.
- You’re a UK resident (except for the Channel Islands and Isle of Man).
- You’re not in full-time education.
- You’re in paid employment or have a regular income.
- You’ve not been declined for credit in the last month.
- You don’t have a history of bad credit.
- You are not applying for any of these reasonsLoans won't be provided for speculative purchases (gambling, investments and share purchases), any illegal purposes, business-related purposes, purchase/lease of land or property, either full or part purchase (including deposit), timeshares/holiday clubs.
Frequently asked questions
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All of our loans are unsecured, meaning they’re not secured against anything such as a car or your home.
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Getting a personalised quote, telling you what your repayments would be, doesn’t affect your credit score – we’ll only do a ‘soft search’ then. If you go on to apply, we’ll then do a full credit check, called a ‘hard search’. This helps us understand if you’re likely to have any problems paying the loan back.
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When you apply for a home improvement loan, we’ll tell you how much your monthly repayments will be. This includes the interest and is a fixed amount until you pay the loan back. The repayments will start the month after your agreement begins. We’ll take them by Direct Debit on a date that suits you.
You can make extra payments with no charge. If you pay the loan off early, we may charge you up to 58 days’ interest.
If you miss a repayment, your account could be passed onto our collections team and you may be charged £25. And if more repayments are missed, you may be charged more.
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Our eligibility checker is an online tool you can use to tell us a bit about you and your circumstances. By answering a few questions, you can:
- find out if you're eligible to apply for a loan.
- if pre-approved, get a personalised rate.
- relax - as long as nothing's changed, you don't need to re-type any of the details you've already given us.
All of this, before you apply and with no effect on your credit score.