Homeowners spent £12,374 on home improvements in 2018

Over the last five years Sainsbury’s Bank Personal Loans has seen 30% of its personal loans taken out to fund home improvements. While the volume of loans taken out for this purpose has remained fairly steady since 2014, the amount has surged from an average loan amount of £9,352 in 2014 to £12,374 in 2018. 

Robert Oag, Head of Personal Loans at Sainsbury’s Bank, said:

“People spend so much of their time in their homes, so it’s important that it’s a place they love. Whether it’s extra space or decking in the garden a home renovation loan can help to make those dreams a reality.”

Sainsbury’s Bank offers the following tips for renovating your house:

  • Be inspired: It can be hard to decide what to do to improve your house. To get inspired check out the guide to improving your home from Sainsbury’s Bank.
  • Shop around: Don’t accept the first quote you get for your renovations. Be sure to get quotes from different companies and compare what they’re offering you. Remember the cheapest may not be the best option. Look up reviews online and ask family and friends for recommendations to find the right company for you.
  • Think about taking out a loan: A loan could be a good way to help you afford that open plan kitchen you’ve always dreamt of, or a driveway so you can avoid walking from where you parked your car in the rain.
  • Inform your insurance: It’s a good idea to let your insurance provider know that you’re having renovations done to your house. You may need to update your policy if your current policy doesn’t cover your planned house changes.
  • Reflect: Take time to think about how you want your house to look when it’s complete. Be sure to make a detailed plan, down to what colours you want the walls painted, that you can share with the renovator. This can help to prevent any miscommunication, and ensure it looks just as you imagined.

For people who are looking to take out a personal loan, Sainsbury’s Bank Personal Loans offer a useful calculator for customers to see how much you could borrow and the repayments this would offer. Find out more here https://www.sainsburysbank.co.uk/borrowing/bor_borrowing_zone