If you ask a broker, weirdly they will tell you that this is not always the case. Mainstream lenders seem to think the risk is different for different loan purposes. Borrowing to invest / consolidate debts / buy another property are seen as red flags.
Sure - sorry, I meant more that you just say renovation and leave it at that. If you say you want to borrow £50k because you've seen a cool NFT, they will have a different outcome :D
It's just an affordability thing - they could give a fuck what you use it for.