Home Improvement Loans
One loan, multiple offers, smooth comparison for the suitable transformation of your living space
- No requirement of equity
- Energy-saving incentives
- Multiple lender access
- Flexible borrowing range
- Ideal for phased improvements
Home improvement loans are a practical solution to fund planned or urgent home enhancement works. Qualifying with less-than-perfect credit scores is possible. Borrow a lump sum amount and repay in monthly instalments. No early repayment penalties with many lenders we work with. Simplified application procedure for convenience.
These are personal loans available for home upgrades in Ireland. Any repair work or home extension can be addressed right now without any delay. Decking up your home for the festivities is now possible at the tap of a button.
Givemyloan is here to find an ideal lender and navigate anxieties and dilemmas while selecting a loan offer. We have a well-established network of lenders, and you can search conveniently through us. You can find us operational in different cities like Dublin, Cork, Galway, etc., to name a few.
There are two types of home improvement loan options in the market. You can set your preferences and budget to choose the most appropriate one.
Home remodel loans can be obtained from €1000 to €50,000. We can help people with different magnitudes of requirements connect with several private loan agencies. The amount you must borrow should be according to your earning capability, need, and the value of the property.
Our lenders will let you repay the home improvement loan over 10 years’ span. Now, this is the maximum time you can get, depending on the amount you choose to borrow. Contact our loan experts to understand and review the amount you can actually get.
Besides, you can confirm the repayment term. With longer terms, you can take pleasure in low monthly payments. Flexible loan repayment options can be chosen that allow you to spread payments over time.
Each lender will have their own home improvement loan eligibility criteria in Ireland. Nevertheless, there are some usual conditions that you must meet to be able to pre-qualify for loans. Generally, you should:
The lender will assess your application based on a few factors, such as:
As a reliable intermediary working between established lenders and borrowers like you, Givemyloan always try to show the reality. Here, you can compare home improvement loan, home loan with money for renovations and construction loan. This will clear up how a home renovation loan can be a superior option for you.
| Home renovation loans | Home loans | Construction loans |
|---|---|---|
| They can be obtained as secured or unsecured funds | They are secured against the home you want to purchase | You can get them for the property under construction |
| Smaller borrowing range according to your income and credit scores | A bigger amount is accessible depending on the value of the property | An amount that can cover the construction and land cost |
| Usually required for home refurbishing | Generally taken out when you want to buy a new property | Oftentimes, a construction loan for business property development is also used |
| Home extension loans are going to carry higher rates, as accessible in small amounts | Home loan interest rate in Ireland is lower because of property pledged as collateral | Interest rates vary depending on the construction status |
| Funds released in full amount | Get the approved amount for home purchase | Funds are disbursed in portions based on construction progress |
| Basic checks on establishing income is conducted | Property will also be evaluated | Estimation of cost, plans of building, agreements, etc., will be done |
Yes, you can choose green home improvement loans for these purposes. They should be used for some specific reasons related to improving the energy efficiency of your home. You can get them as collateral-free funds, and approximately 75% of the approved amount should be spent for the following purposes.
On the flip side, the normal one can be used for usual home refurbishment purposes like transforming the garden, purchasing or customising old furniture, or converting the garage into a new room. This funding solution has the potential to help you enhance the look of your home as per your budget plan.
Yes, you can get a home improvement loan for a new kitchen or bathroom. You can obtain funds to cover expenses such as fitting, materials, labour, and installation. Don’t forget to compare the lenders offering the best financing plans for these purposes.
To find out the best home improvement loans, you must examine the benefits that come along with these loans. You can arrange funds to complete home refurbishment work when you want or when there is a compulsion like festivals, i.e. Christmas. These aspects can make borrowing a smooth experience.
Fast disbursal of funds
If you are looking for quick loans to repair or renovate your home, you can do that with these loans. If the roof is leaking or the boiler has broken down, you cannot wait to get loans in a traditional way. The loopholes of mainstream lending can be circumvented with direct lenders.
They make sure to process your loan request as soon as possible. After approval, the funds will be transferred without further delay to your checking account.
Poor credit is not a red flag
The private loan companies do not perform upfront credit checks. For pre-approval, they do not require you to unveil your credit scores. Thus, you can get home improvement loans with bad credit as well.
Some mandatory checks will be conducted later once you accept the loan proposal. Therefore, you do not have to feel reluctant to apply for loans because of terrible credit scores.
Enhance the value of your home
You will be getting loans to upgrade the appearance or functionality of your home. This will directly affect the worth of your home, and you can think of selling it at a reasonable price. Furthermore, by working on improving the aesthetics of your home, you can enhance your quality of living.
Better than a credit card
You can pre-qualify to compare different types of loan offers. This lets you get the best home improvement loan rates. Your trusted loan broker here will introduce you to a hub of lenders who will personalise loan proposals for you, unlike credit cards.
Mortgage refinancing can be avoided
Refinancing can turn out to be costlier than getting an entirely new loan for home improvement purposes. You can work with a new lender who will be ready to provide custom-made offers aligned with your financial circumstances. Besides, you do not have to complete a lot of paperwork all over again.
Flexibility to spend loans
You will get the freedom to utilise this financing option to sponsor any cost related to home renovation. You do not have to hesitate, as there are no restrictions on whether you are using funds to get building materials or not. You can even spend these external funds to include some architectural changes in your home.
Make your home energy efficient
By using a personal loan for home improvement, you can make the necessary changes to your home to increase its energy efficiency. This can help you save money that you usually spend on energy bills. These modifications can be done just when you feel the need, without waiting to save money on a personal level.
Taking out a home improvement loan can affect your mortgage application in several ways. These may include:
Impact on credit score
Applying for a home renovation loan can impact your credit score, and it is going to be a vital element in your mortgage approval. Repaying on time will improve your credit score, while missed payments will lower your credit score and also affect your mortgage approval chances.
Impact on debt-to-income ratio
Most of the time, lenders review your debt-to-income ratio to determine your affordability. Taking out a home improvement loan means you are increasing your financial commitments. It will further level up the debt-to-income ratio. A higher ratio may lead to stricter mortgage terms.
Impact on property value
Using a loan to improve a home can increase property value. You can upgrade your kitchen and insulation for solar energy equipment, thereby increasing the value of your property. It will impact the mortgage assessment.
Impact on time
When you want to renovate your home, time will be an essential factor. You should not immediately apply for a mortgage. It is recommended to wait for a while before applying for a mortgage.
Consult with our loan experts first, then proceed with a mortgage. You can connect with them 24/7, and they are committed to answering your query immediately.
You must make it a point always to check home improvement loan interest rates and APR. This takes you through the fees you might face. You can have a better sense of the total cost of borrowing by calculating it before getting loans.
The rates are prone to vary depending on your credit scores, whether or not you pledge collateral, the loan amount and the repayment term. Here, you can refer to the table below showing how much you have to spend to get a €20,000 home improvement loan for 5 years. You will see variations of interest rates to understand the actual cost.
| Rate of interest | Monthly repayment | Total interest | Total cost |
|---|---|---|---|
| 5.49% | €381.93 | €2915.86 | €22,915.86 |
| 7.99% | €405.43 | €4325.93 | €24,325.93 |
| 10.99% | €434.75 | €434.75 | €26,084.92 |
** This table has been given for reference purposes
When preparing to get home renovation finance in Ireland, you must also assess the likelihood of setbacks you may face. After all, this is a loan and not money that you can get free of cost or without any obligation. You must understand where you need to be cautious and how.
Givemyloan understands the different situations when you may need external financial help for home renovation. We can provide the much-needed support to find a reliable private loan company. Curtail the legwork, as we will cover it for you.
We are the link between a borrower and a potential lender. Make the most out of the huge loan provider panel maintained by us.
“Our big plans to renovate our bathroom finally materialised with the intervention of this broker. They made everything straightforward for us”
-Christiana“Finally, I got the best deal of my life, which I had never expected. It might not have been possible with you. Thanks a ton.”
-Arthur“Fast, friendly and transparent service is assured here. We trusted their expertise from day one, and We are very happy now”
-Oliver