Matching the loan to the work
Get quotes first so you know what you need, and add a contingency for surprises. Unsecured personal loans suit smaller projects; larger ones are sometimes funded by a further advance or remortgage.
Worked example
£250 a month at 8% over 5 years would repay about £12,329.61, with £2,670.39 of interest.
Before you apply
Your credit history and income also affect what you are offered, so treat this as the most your budget could repay.
How the result is worked out
The calculator turns the monthly payment you can afford into the largest loan that payment would repay over the term, using the interest rate you enter, charged monthly at one twelfth of the annual rate.
It shows the loan the payment could repay, not an offer. Fees and a different quoted rate will change the figure.
Inputs for the home renovation loan eligibility calculator
Monthly payment you can afford
What you could comfortably repay each month after your other outgoings.
Interest rate (per year)
The annual interest rate on your loan. The rate shown is only an example, so enter the rate from your quote.
Term
How many years you'd repay over.
CALCULATOR QUESTIONS
Home renovation loan eligibility calculator questions
How much can I borrow for home improvements?
Enter a repayment you can afford above to see the loan it would cover.
Should I add a contingency?
Yes. Building work often costs more than quoted.
Personal loan or further advance?
A further advance may have a lower rate but runs over your mortgage term, so compare total costs.
Is this a guarantee?
No. The lender decides.