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There were plenty of people across the UK who looked to move and have taken advantage of the reduced stamp duty in 2021. However, many homeowners chose to stay put and improve their existing property, financed by a large home improvement loan, rather than sell up to upgrade.
Often, you may look to make the most of the space you currently have, but once you’ve identified a potential area that you’re not entirely happy with, you may consider renovating to create the space you need.
The key difference here is that when you choose to renovate, this could add value to your home in the long term. In doing so, you could recoup your investment when you sell, and you get to enjoy a more spacious and up-to-date home in the meantime.
We will share five exciting uses for a large home improvement loan, which could help add value to your property. Not only that, but you’ll be able to create a home that suits your needs for years to come and reflect what you want most from your property.
1. Upgrade your bedrooms
If you’ve got a growing family or perhaps need to care for older relatives, you may need an additional bedroom. There are several ways to do this depending on your property, including a loft conversion or extending upwards, both of which could require a large home improvement loan to support the project. Plus, from an investment perspective, this represents an attractive proposition if you choose to sell your property in the future.
3. Upgrade your hosting space
A rear extension can do wonders to your hosting space. You could elongate your dining area by extending back and introducing some bi-fold doors that lead into the garden or even add a conservatory. Also, don’t forget the garden as this is very much part of your hosting space; you could consider adding a new patio or pergola, for example. All of these options can help to give the home a modern feel and add value to your home in the process. As this is a significant renovation, an unsecured loan may not be suitable for this type of project; instead, you may wish to consider a large home improvement loan through a second charge mortgage or raise capital through a remortgage.
4. Update your kitchen
Modern kitchens are an area of your home that draw significant attention from your guests, family and potential buyers. If you’re considering improving your kitchen, chances are a spacious dining area, complete with an island bench and breakfast bar, are all on your wishlist. These changes may require an extension to fit them all in, and you may need a large home improvement loan to make this a reality. Plus, many homeowners decide to combine their kitchen renovation with an upgraded hosting space that we’ve just covered.
5. Upgrade and refit your home
These projects aren’t for everyone as they are about as significant as it gets, but the results can be spectacular. It would help if you got the basics right to start with upgraded heating, electrics, and double glazing in some cases. You can then go ahead about renovating your home with an architect or designer and potentially consider extending your property to create the living space you desire in your very own design. This type of project is a big undertaking, but the good news is that the effects on the value of your property can be huge.
We’ve shared some ideas to keep in mind when considering improvements to your property that could enhance you and your family’s daily lives whilst adding value to your home.
If you’re looking to see how you could fund your project, consider enquiring with us at Pepper Money to see if we could help you with a large home improvement loan. You’ll be able to speak to one of our UK-based mortgage advisers who can recommend a suitable product for your unique circumstances.
Please think carefully before securing additional debts against your property.
Try our homeowner loan calculator to see how much you could borrow.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
UK Mortgage Lending Ltd (UKMLL) t/a Pepper Money is authorised and regulated by the Financial Conduct Authority (FCA) under registration number 710410 as a provider of regulated mortgages. The FCA does not regulate our Buy to Let mortgages. UKMLL is a member of the Finance and Leasing Association and follows its Lending Code as a provider of second charge regulated mortgages. Registered Office: 4 Capital Quarter, Tyndall Street, Cardiff, CF10 4BZ. Registered in England and Wales under Company Number 08698121.
Pepper Money Limited t/a Pepper Money is authorised and regulated by the Financial Conduct Authority under Firm Registration Number 811609 as a provider of regulated mortgages. The FCA does not regulate our Buy to Let mortgages. Registered Office: 4 Capital Quarter, Tyndall Street, Cardiff, CF10 4BZ. Registered in England and Wales under Company Number 11279253. Calls may be monitored or recorded for training, compliance and evidential purposes.