Inspiring interiors for a loft bedroom

Converting a loft is still one of the most popular forms of home improvement in London. Currently, the average cost of a loft conversion is about £35,000 to £40,000. Of course, this is a ballpark figure and how much it will cost depends on your house, what exactly you are having done and the types of materials you choose to use.

Adding a loft can add value to your property. According to Nationwide, adding a loft can add up to 22% to the value of your house. While adding a loft conversion may not just be about money, more space and convenience is important too, it will cost money to build. So, how do you finance a loft conversion on your home?

How paying for a Simply Loft conversion works?

Before we get into detail on what you can do to fund a loft conversation, let’s talk about how we do things here at Simply Loft.

We work on a fixed fee basis that is priced against a clear and agreed specification; therefore, we do not charge for hidden extras. You will only have to pay extra if you add a variation later that is additional to what was in the agreed specification. If you do choose to add a variation, we will cost and spec the work and give you a quote – which you are under no obligation to accept.

Once a specification and fixed fee have been agreed, the project is then split up into six staged payments. When each stage is completed satisfactorily, the payment for that stage is required. We would never ask you to pay the whole cost up front.

Re-mortgaging your house for a loft conversion

We have found that many clients opt to remortgage their home to release some funds for these types of improvements. For this you need to have equity in your home of at least the amount that you wish to borrow, plus a deposit. Amongst other things, this will mean that you’ll increase your borrowing and release some of the equity in your home, usually by extending the mortgage term or with increased monthly payments, or sometimes a combination of both. There are many other factors which can have an impact on your ability to remortgage, including your current credit rating and other financial circumstances, so it’s worth seeking expert advice before you go down this route.

Before you try to change your mortgage, be sure to check if there are any fees for early repayment of your balance from your existing provider. It’s also worth noting that remortgaging can sometimes be a more expensive way to borrow, as you are usually borrowing over a longer period of time.


If you have savings that can cover all or part of the cost it might be worth dipping into them as it can be one of the cheapest ways to pay for a loft conversion – as you will not be hit by interest charges as you would if you borrowed money. Guardian and personal finance journalist Donna Ferguson recommends using a rewards or cashback credit card for purchases and then pay off the balance in full out from your savings. You can also use a 0% on purchases credit card. Using a credit card will mean that you get consumer protection on purchases over £100.

Personal Loan

If your credit history is in good standing, another option could be taking out a personal, unsecured loan. While in some circumstances this can be a cheaper way of borrowing than remortgaging, you have to be able to afford the monthly payments on top of your mortgage and other financial commitments. Do be aware that those enticing low APR offers advertised are only really available to those with squeaky clean (A1) credit ratings, as they only have to be given to 51% of successful applicants. Other approved applicants can be offered much higher interest rates, which may mean there could be other, cheaper ways to borrow.

Simply Loft work on a clear fixed fee system so you always know what you are paying. If you want a hassle free loft conversion contact us today for a free site survey.

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