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Getting Funding for Your Loft Conversion

By: Emma Eilbeck BA (hons) - Updated: 29 Jan 2017 | comments*Discuss
 
Loft Conversion Home Improvement Grants

Where To Find Funding

Unless you have a large piggy bank or a lot of savings you are going to need to find funding for your loft conversion. Finding funding should not be hard work, as long as you have the adequate capital in your property.

Many people find the easiest way to get the funds for a loft conversion is to remortgage their current property, this makes sense because you are using the money to improve and add to the value of your current property, so your mortgage lender should not have any squabbles in giving you the money.

You will only be able to remortgage and increase your mortgage if the loft conversion is going to add value to your property and you can show that your house has gone up in value since you last remortgaged. If your house is going down in value than the chances are your mortgage lender will not let you remortgage the house for any more money unless it is confident your house will again rise in value.

Different Types of Loans

It may work out cheaper in the long run to take out a loan to carry out your loft conversion. Remortgaging would initially be cheaper and mean lower monthly payments, but you will end up paying more in the long run. Taking out a loan to carry out a home improvement is one of the most popular reasons for taking out a loan, so don’t be afraid to tell your bank that you are using the loan for a loft conversion.

You will probably find that your bank is a lot happier with you taking out a loan to do home improvements then they would if you were using the money to buy a new car.

You may also want to consider taking out a secured loan, the rates on these types of loans can sometimes be a lot more expensive than a normal loan, but as long as you are using the money for your loft conversion and to improve the value of your home, then the cost should pay for itself.

Getting A Loan in The Current Climate

You may find that the dreaded credit crunch will make it harder for you to find a loan to fund your loft conversion. If the current economic problems have pushed down the value of your home then it may be that a lender is not willing to let you remortgage until your house goes back up in value. If this is the case you may want to consider waiting a few years until property prices go back up again. Banks are also cutting down on who they are giving credit to, so you may find it a lot harder to get a loan, but as long as you can prove that you can pay ask the monthly payments then you should not have a problem.

Local Authority Help

You may find that your local authority will be able to assist you in fitting out your loft with loft insulation. A lot of local authorities will offer loft insulation at a knocked down price for low income families or the elderly. While they won’t pay for your loft conversion it is worth asking them about any special deals they have for loft insulation, you may be surprised at how helpful they will be. Your local council may also be able to offer you what is known as home improvement grants. If you can show that the work will improve the value of your home then you may be considered for home improvement grants.

These type of grants are normally offered to families or households on a low income. Improvement loans are also available from your local authority, they will work in a similar way, it may be that you local authority will supply you with a builder or tools to carry out the work, they may also pay for the work to be done for you, but by one of their designated builders.

Trying to get a loan for any purpose is becoming increasingly harder as lenders cut back on giving out as much credit, but as long as you can prove that you can make the payments then getting funding for your loft should be relatively easy. If not you should contact your local authority and ask about improvement loans and whether you will be considered, if you are on a low income and can show you are increasing the value of your home or converting for much needed space, the chances are they will be able to help you.

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[Add a Comment]
Needa grant for loft conversion
Nus - 29-Jan-17 @ 4:21 PM
Hi we had three bed room house we r on benefits i had five children's I want convert our loft in bed room I want to apply for government funding plz let me know about process .so I can apply for funding thanks
Shazadi - 6-Oct-16 @ 11:09 AM
i want getting Funding for Your Loft Conversion
nad - 10-May-16 @ 8:42 PM
I live in carlisle Cumbria and I own my own home my husband works but we have a low income we have 5 children and just taken mynephew in who can no longer live with is mum it's asemi-detached three-bedroomHousetwo doubles and a very small singleWe don't have any money to pay foran extension Can't remortgage and can't get a loan Anddesperately need more room Would I be able to get any help
Codie79 - 29-Oct-15 @ 7:31 PM
bratt - Your Question:
Hi im in a 2bed council propery with 4 kids 3 boys & a girl, will I be elegible for a grant from the council to partition/loft conversion? I really dont want to move but we just need more rooms thanks

Our Response:
We don't know what your council's policy is...why not ask? They will be more likely to insist you move to a large council property and so they can allocate the 2 bed to a smaller family etc.
LoftsAndBasements - 3-Sep-15 @ 12:51 PM
hi im in a 2bed council propery with 4 kids 3 boys & a girl, will i be elegible for a grant from the council to partition/loft conversion? i really dont want to move but we just need more rooms thanks
bratt - 3-Sep-15 @ 9:49 AM
@M.shabir. Grants for loft conversions are not that common so it's unlikely you'll be able to find anything but try your local council to see if there is anything available in your area.
LoftsAndBasements - 27-Jul-15 @ 9:53 AM
Hi I want to have a loft conversion because I have a semi-detached house two bedroom house with two teenagers 1 of them is 16 and the other is 14 one bedroom is two small two share to study and my husband can't make it because he gets low wage and i receive working and child tax credits aswell and I don't work so can you help us with the loft conversion many thanks.
M.Shabir - 23-Jul-15 @ 12:01 AM
Hi im a foster carer and i looking to get an loft conversion so i b able to take on another foster child my builder as told me i may be able to get an grant to help towards this how do i find out were i can get this from
sarah - 13-Jul-15 @ 10:13 PM
@Lc. You could try the Disabled Facilities Grant for a loft conversions are difficult to come by. Low cost loans are sometimes available though.
LoftsAndBasements - 28-Jan-15 @ 12:37 PM
Hi am disabled with 3 children living in a semi detached house we are struggling for space so can I qualify for a loft conversion grant ?
Lc - 26-Jan-15 @ 1:37 PM
@Wazza. Not that we can find unfortunately. If you are overcrowded, this would be considered in any application for social housing though, if your brother or grandparents were to make an application etc.
LoftsAndBasements - 3-Nov-14 @ 12:23 PM
I live with my parents in a 1930's semi detached house. It has two bedrooms and a box room, which can just about fit a bed in. There are six people living here - Mum and dad, nan and grandad, my brother and I. My mum who had the best wage has had to take early retirement due to medical reasons. My dad has a low pay approx £300 /week. My brother earns approx £1000 /month, I'm at university / unemployed. My grandparents only have their pension. As the house is obviously overcrowded and we don't have a lot of money, does a grant exist to help fund a loft conversion?
Wazza - 1-Nov-14 @ 7:15 PM
@Chelly. There some grants available for improvements for disabled people but these do not usually include non-physical issues. Without knowing your circumstances we cannot really give you any additional information unfortunately. Try your local council for more information.
LoftsAndBasements - 3-Jul-14 @ 1:40 PM
i have 12 old twins who share a bedroom, one of them has medical behaviour problems which has a huge impact on the other sibling,i also have a 17 year old son,i live in a 3 bed property which i am the homeowner would i be able to get help for a loft conversion. many thanx
chelly - 2-Jul-14 @ 8:41 PM
Hi. I was just wondering if we would get help for a loft conversion. I have a four bedroom house and have 4 children. The rooms are very small and once my youngest two reach 6-7 years old (in 2 years) their room size will not allow them to share. My partner and I both work and receive reasonable pay but we are in a DMP so we have no disposable income and our mortgage lender will not allow us to remortgage our current home. Thanks
Mich - 19-Feb-14 @ 12:06 AM
hiya i have a two bedroomed house ive a 6 year old daughter a 1 year old son and a baby on way im in reciept of benefits and wondering if id be entitled to any help to get a loft conversion done as i dont really want to have to move again
emzi - 18-Dec-13 @ 1:24 PM
Hi my eldest son and is girlfriend are getting married next year they cant afford a place of their own could i get a grant for a loft convertion, my husband n i are on a low wage and my son only works 11 hours a week and his girlfriend doesnt work as shes only 17 i have 2 other children both 18, ive got my mother in law whose 83 and my sister in law who is 64 she is still working full time thanx
jules - 8-Oct-13 @ 4:45 PM
I write to you over a month a go about my loft conversion and you did not reply
Jase - 6-Aug-13 @ 6:43 PM
I have my own home and need a loft conversion I have 3 kids and only 2 bedroom terrace house but need funding and help please
Jase - 16-Jul-13 @ 6:39 PM
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