Home Improvement FAQs

We know that not everyone gets the best deal from their bank. That’s why we’ve chosen to do things differently.

What are home improvement loans?

A Shawbrook home improvement loan is an unsecured personal loan which can be used to finance home improvements.

Are home improvement loans interest tax deductible?

For tax advice please contact HMRC or a qualified accountant.

Are home improvement loans secured?

There are usually two types of home improvement loans, secured and unsecured.

Can a home improvement loan be added to a mortgage?

Shawbrook offers unsecured personal loans for home improvement purposes. For more information on additional borrowing on your existing mortgage you should contact your mortgage provider.

How long are home improvement loans?

The time your home improvement loan will last is dependent upon the term you have chosen. At Shawbrook, loan terms available are from 1 to 7 years.

How much home improvement loan can I get?

We offer loans from £1,000 to £35,000. The loan amount you can borrow will depend on your personal circumstances.

Is a home improvement loan classed as a second mortgage?

Shawbrook offers unsecured personal loans for home improvement purposes, an unsecured personal loan for this purpose is not classed as a second mortgage. For more information on additional borrowing on your existing mortgage you should contact your mortgage provider.

What are your home improvement loan rates?

A Shawbrook home improvement interest rate will vary depending on our assessment of your financial situation and chosen borrowing amount. We can quote you a guaranteed personal rate with no impact on your credit score.

What types of home improvements does a home improvement loan cover?

Home improvement loans can be used to finance a range of home improvements. It could be used to finance all or part of the home improvement.

Would my home improvement loan need to be secured against my home?

At Shawbrook, we offer unsecured personal loans for home improvement purposes of £1,000 - £35,000 which are not secured against your home.

Can I borrow a portion of the amount of the home improvement product?

With a Shawbrook home improvement loan, you could borrow a portion of the amount to finance the home improvement product you would like to purchase.

Can I have more than one home improvement loan?

You could potentially take out more than one home improvement loan if you can afford to make the repayments. Each application would be assessed based on your personal circumstances at the time you apply.

If I do not have credit history can I apply with a co-signer?

We do not offer loans to individuals that require a co-signer.

I'm not a Shawbrook customer, can I still apply for a home improvement loan?

Yes, if you are not an existing Shawbrook customer you can apply for a home improvement loan, but we do have some basic criteria you’ll have to satisfy before we can consider your application. You must:

  • Be aged 21 to 75
  • Have been a UK resident for at least three years
  • Have an annual income of at least £15,000
  • Have a personal bank account in the UK

How much can I borrow?

We offer loans from £1,000 to £35,000. The loan amount you can borrow will depend on your personal circumstances.

Do I meet your eligibility criteria for a home improvement loan?

At Shawbrook we look at every customer individually, but we do have some basic criteria which you’ll have to satisfy before we can consider your application. You must:

  • Be aged 21 to 75
  • Have been a UK resident for at least three years
  • Have an annual income of at least £15,000
  • Have a personal bank account in the UK

What information do I need to apply for a home improvement loan?

To apply for a Shawbrook home improvement loan you will need to supply the following information:

How do I apply for a home improvement loan?

You can apply for a Shawbrook home improvement loan on our website www.shawbrook.co.uk/personal/loans/home-improvement-loans/

 

 

How secure is my online home improvement loan application?

At Shawbrook, we have security protocols in place to ensure your information is safe and secure when applying online.

How quickly will I receive a decision on my home improvement loan application?

In most cases you could get a decision immediately after you have applied. However in some cases we may need further information from you.

What happens if I change my mind?

You have the right to cancel/withdraw from your loan agreement within 14 days from the date you receive the funds. You will then have 30 days to repay the funds to Shawbrook.

Does it cost me anything to apply for a home improvement loan?

No, it doesn’t cost you anything to apply for a home improvement loan.

Where do I send my completed agreement form?

With a Shawbrook loan everything’s done online, and there’s no paperwork through the post.

How quickly will I receive the funds?

If your loan application is successful, funds will be transferred into your account within 3 working days after we have received your signed loan documents.

What happens if I want to repay my loan early?

You can repay all or part of the outstanding balance of your loan at any time. Please note that an early redemption fee may be charged. If you can't repay your car loan, please contact us immediately on 0345 650 6290.

What happens if I miss a repayment on my home improvement loan?

Failure to make a repayment will result in a late payment fee being added to your outstanding balance. The late payment will also be recorded on your credit report and therefore could also result in it becoming more difficult to obtain new credit.

What if I get declined for a home improvement Loan?

If you get declined for a home improvement loan, there could be a number of reasons why you have been declined as each decision is based on your personal circumstances and by reference to a credit reference agency. The most common reasons for a decline decision are:

  • Information from Credit reference agencies
  • Your credit score
  • Our internal policy rules

 

How do I change my direct debit information?

For enquiries regarding home improvement loans for existing customers, please call 0345 650 6290.

Who can I speak to if I have a question about my home improvement loan?

For enquiries regarding home improvement loans for existing customers, please call 0345 650 6290.