Home improvement loans

Whether or not a personal loan is the best option for you depends on your individual circumstances. You’ll need to consider how much you want to borrow, how long you want to repay for and how much you can afford per month.

If you wish to borrow less than £1,000, you may be better off saving up for a few months or using a credit card. If you need to borrow more than £25,000, you might want to explore remortgaging or a home equity loan.

Note: M&S Bank does not offer either home equity loans or remortgaging as ways of financing home improvements.

If you're looking to fund a large home renovation, remortgaging might be suitable for you if:

• You already have a mortgage and are considering paying more off each month
• The amount you want to borrow is over £25,000
• You want to pay back the loan over a longer period than we offer
• Your mortgage is up for renewal soon

A personal loan would be more suitable for funding your renovations if:

• You don’t have a mortgage, or you don’t want to increase your monthly payments
• You need to borrow less than £25,000
• You want to repay your loan over a period of 12 to 84
• You recently renewed your mortgage

You may be eligible for a home improvement loan if:

• You are a UK resident
• Aged 18 or over
• With a regular annual income of at least £10,000

Customers who do not meet our normal lending criteria may be offered a loan at a different APR. This will depend on your personal circumstances. The loan amount and term you request will also impact the rate offered. Use our eligibility checker to see you’ll be accepted for a personal loan.

Once you've applied online and have been approved, we'll email you the agreement to sign and return to us. We'll sign the agreement when we get it back from you and transfer the money to your account in 3-5 working days.

The smallest amount we lend is £1,000 and the most we might lend is £25,000 (credit subject to status). Before applying for a personal loan, make sure the borrowed amount is right for your project costs and the monthly repayments fit into your budget.

You can repay your loan over 12 to 84 months.

1. Decide how much you’d like to borrow and for how long, using our personal loan calculator.
2. Get a personalised loan quote. This will give you an idea of the terms on which we may be able to lend to you, without affecting your credit rating.
3. Apply for your personal loan online. Make sure you have the following information available for your application:
   • Income and employment details
   • Details of monthly payments, like utilities
   • Bank details
   • An email address
   • Your current address, and your old address if you’ve lived where you are now for less than 3 years
      

To apply for an M&S Loan, you must have an annual income of at least £10,000, be a UK resident and be aged 18 or over. Customers who do not meet our normal lending criteria may be offered a loan at a different APR. This will depend on your personal circumstances. The loan amount and term you request will also impact the rate offered. A personalised loan quote is a quotation search of your credit file at a credit reference agency and this search does not affect your credit rating.