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Representative example: If you borrow £35,000 over 14 years at a rate of 8.95% variable, you will pay 168 instalments of £418.88 per month and a total amount payable of £70,371.84. This includes the net loan, interest of £30,326.84, a broker fee of £3,550 and a lender fee of £995. The overall cost for comparison is 11.8% APRC variable.

Typical 11.8% APRC variable. Maximum APRC 24.9%

Minimum loan term of 1 year. Maximum loan term of 30 years.

Borrowing money to improve your home

Making changes to your home could give you extra space, save you money on your heating bills, increase the value of your home, or just make it a better place to live in. However improving your home can be expensive, so you may need to borrow some money. Here we look at your options for home improvement loans.

Remortgaging

You may be able to borrow some money against your property's value by increasing the size of your mortgage. Borrowing money using your property could be an option if the value of your home has increased, or if you have paid off some of your mortgage. Remortgaging could give you the money you need to improve your home in return for a larger mortgage. Bear in mind that securing new borrowing against your house means you risk losing it if you are unable to make your repayments.

You can ask your existing lender if you can increase your mortgage, or switch to a new lender. You may be able to get a better deal on your mortgage at the same time as raising more funds. See, our Guide to Remortgages.

Secured loans

Borrowing money with a secured loan could be an option if you are prepared to use your house or flat as security and you already have a mortgage in place on it. You can borrow larger amounts of money with a secured loan compared to personal loans. However, secured loans are riskier because you could lose your home if you fail to make your monthly loan repayments.

Another critical difference is that secured loan interest rates are variable, not fixed as they are with personal loans. Meaning that the interest rate on your secured loan could be increased over time, making the loan much more expensive and increasing the risk that you won't be able to afford to repay it. Interest rates on secured loans also tend to be higher than personal loan rates. Find out more about secured loans.

Personal loans

A personal loan could be a good way to borrow money for a large purchase over a set period of time with a fixed interest rate. Personal loans are often used to buy cars, pay for home improvements, or pay off more expensive debts. Personal loans are also called unsecured loans as your house or assets are not used as security.

You can usually borrow between £1,000 and £25,000, although a few personal lenders offer loans of up to £50,000. Interest rates on personal loans tend to be lower than other types of borrowing, like overdrafts or credit cards and are fixed for the length of the loan. The best interest rates tend to be for loans of between £7,500 and £15,000 for three to five years.

Monthly loan repayments are fixed, and you know from the start how much interest you will pay in total over the length of the loan. One of the main benefits of personal loans is that as long as you have made all the monthly repayments at the end of the loan, it will be repaid in full, including interest.

Credit cards

For smaller home improvements, you could use a 0% purchase credit card to pay for them. With a 0% purchase card, you could pay no interest for up to around 20 months, or more. If you already have a debt on a credit card, you could move it to a 0% balance transfer card and pay no interest for up to around 28 or more months. You will typically have to pay a fee of about 3% on the amount you transfer to the new credit card. There are 0% balance transfer credit cards with shorter 0% periods that have lower balance transfer fees or don't charge a fee at all.

Shop around for the best deal

Before borrowing any money shop around to get the best deal to keep the cost to a minimum and think about what would happen if interest rates go up. Don't ignore the risk of losing your property if you have used your property as security, and you cannot make the repayments.