How to get a £100,000 loan

Everything you need to know to get your application for a £100,000 personal loan approved.

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Name Product Maximum LTV Loan amounts Loan terms Overall cost for comparison Repayments
Shawbrook Variable Secured Loan
£10,000 to £500,000
3 to 25 years
4.5% APRC
(£148,813.18 overall)
Shawbrook Fixed Secured Loan
£10,000 to £500,000
3 to 25 years
4.7% APRC
(£151,172.81 overall)
Norton Fast Track Secured Loan
£3,000 to £100,000
1 to 25 years
12% APRC
Not available for requested amount/term
Equifinance Standard Secured Loan
£10,000 to £250,000
3 to 25 years
Not available for requested amount/term
Equifinance Adverse Secured Loan
£5,000 to £150,000
3 to 25 years
9.6% APRC
Not available for requested amount/term
Together Secured Loan
£50,000 to £100,000
4 to 30 years
8.1% APRC
Not available for requested amount/term
Clearly Loans Exclusive Secured Loan
£5,000 to £100,000
4 to 20 years
10.7% APRC
Not available for requested amount/term
Clearly Loans Exclusive High LTV Secured Loan
£5,000 to £100,000
4 to 20 years
11.6% APRC
Not available for requested amount/term
United Trust Bank Ltd Secured Loan
£10,000 to £125,000
3 to 30 years
5.4% APRC
(£152,777.32 overall)
Pepper Money Prime Rate Secured Loan
£7,500 to £200,000
3 to 30 years
5.1% APRC
Not available for requested amount/term
Shawbrook Variable Secured Loan
£10,000 to £500,000
3 to 25 years
4.6% APRC
(£150,580.92 overall)
Shawbrook Variable Secured Loan
£10,000 to £200,000
3 to 25 years
5.2% APRC
(£153,553.49 overall)
Shawbrook Fixed Secured Loan
£10,000 to £500,000
3 to 25 years
4.8% APRC
(£152,956.34 overall)
Shawbrook Fixed Secured Loan
£10,000 to £200,000
3 to 25 years
5.7% APRC
(£158,986.32 overall)

Compare up to 4 providers

Overall representative example
If you borrowed £46,000 over a 15-year term at 8.40% p.a. (variable), you would make 180 monthly payments of £499.13 and pay £89,843.40 overall, which includes interest of £38,853.40, a broker fee of £3,995 and a lender fee of £995. The overall cost for comparison is 10.7% APRC representative.

Can I get a £100,000 loan?

You can potentially borrow £100,000 whether you have a good or bad credit history. However, you’ll need to be able to afford the repayments and you’ll need to be able to secure the loan against a property.

£100,000 loans are available from a wide range of lenders. These lenders tend not to be the big, high-street banks with household names, but are nonetheless well-established and reputable brands, authorised and regulated by the Financial Conduct Authority (FCA).

You’ll need to have built up sufficient equity in your property in order to be able to borrow against it. Each loan will specify a maximum LTV (that’s loan-to-value ratio). So, if your house was worth £250,000 and you had a £100,000 mortgage outstanding (i.e. 40% of the property value), a loan specifying a maximum LTV of 80% could allow you to borrow an additional £100,000.

What can I use a £100,000 loan for?

You can use a £100,000 loan for a number of purposes, including:

  • Bridging loan. Bridging loans are used by homeowners to cover the cost of their new home if they’ve been unable to sell their current property.
  • Land loan. This can be used to cover the purchase of a block of land that you plan on developing or building on.
  • Home improvements. If you have major renovations planned for your home, you could take out a secured loan to cover the costs.
  • Business loan. If you’re a business owner, you could borrow £100,000 to cover business costs and expenses such as purchasing equipment.

How much are payments on a £100,000 loan?

4% p.a. interest8% p.a. interest12% p.a. interest
3-year term£2,952£3,134£3,321
5-year term£1,842£2,028£2,224
7-year term£1,367£1,559£1,765
10-year term£1,012£1,213£1,435
15-year term£740£956£1,200
20-year term£606£836£1,101

How much does a £100,000 loan cost overall?

4% p.a. interest8% p.a. interest12% p.a. interest
3-year term£106,286£112,811£119,572
5-year term£110,499£121,658£133,467
7-year term£114,818£130,924£148,283
10-year term£121,494£145,593£172,165
15-year term£133,144£172,017£216,030
20-year term£145,435£200,746£264,261

The loan illustrations above use approximate, rounded figures, based on a flat interest rate. Longer-term secured loans are likely to have variable interest rates. That means that if the rate goes down during the course of the loan, the monthly and overall costs would decrease. If the rate rises during the course of the loan, the monthly and overall costs would increase. Current interest rates are low compared to historical averages.

How much income do I need for a £100,000 loan?

First and foremost, you must be able to afford the repayment schedule. Longer loans tend to have lower monthly repayments (but tend to be more expensive overall). So, applicants with lower incomes are likely to need to spread the loan over a longer term.

Ultimately your income is just one important part of the picture on which a lender will assess your application.

Some loans specify a minimum income requirement in the basic eligibility requirements (example below). However, meeting these entry-level criteria means that your application can be assessed for approval, not that approval is guaranteed.

A minimum income requirement taken from the lending criteria for Masthaven second-charge mortgages

What credit score do I need for a £100,000 loan?

Loans secured against property put less emphasis on your credit score and more on the amount of equity in your property and the affordability of the proposed repayment schedule.

Some lenders specifically aim to serve those with bad credit. However, realistically, if you have a damaged credit history you’re likely to pay a higher interest rate.

How long does it take to get a £100,000 loan?

A secured loan typically takes two to three weeks to arrange and draw down. Although there aren’t solicitors involved, a property valuation will be required and the bank holding the first charge over the property will also need to give its approval.

These extra steps can make secured loans a little slower than unsecured loans. The trade-off for many is access to lower rates and/or larger sums.

How long does it take to pay off a £100,000 loan?

We’ve built a calculator so you can see how adjusting your loan term can make your monthly repayments more affordable. If you can pay more each month you could clear the loan in less time. As a general rule of thumb, spreading repayments over a longer timeframe normally makes for lower monthly repayments (but a higher overall cost). So, it really depends on what you can afford to repay each month.

At a fixed annual rate of 5.5%, a £100,000 loan would take just under 16 years to repay if your monthly repayment was £790. However, if you wanted to keep the monthly costs down, and paid £650 each month, it would take a little over 22 years.

How will a lender evaluate my application?

Here is a non-exhaustive list of some of the key factors that will matter to a lender weighing up the risk of lending to you:

  • The amount of equity in your home. This is how much of the property you actually own, i.e. the current market value of the property minus whatever is still owing to your mortgage provider.
  • Your regular income and outgoings and those of any co-signatories (if it’s a joint application). This is crucial when determining whether or not the monthly repayments would be affordable for you. Lenders will want to know what debt you’re currently carrying and how much that’s costing you each month. If your reason for seeking a new loan is debt consolidation then naturally this will be taken into account.
  • Your credit history. This is a file kept by credit reference agencies like Experian, TransUnion and Equifax, which records your borrowing history. Lenders will be hoping to see that you have a history of using credit responsibly. CCJs are also visible to lenders through your credit report.
  • Why you want to borrow the money – i.e. the loan purpose. Lenders are pretty open-minded when it comes to the loan purpose, but may have specific unacceptable purposes (such as borrowing to put down a deposit against an even larger loan).
  • Routine eligibility criteria like UK residency (some lenders will specify that you must have been a UK resident for a certain amount of time) and your age (both minimum and maximum) at the start or end of the loan term.

£100,000 loans for the self-employed

Realistically, getting a £100,000 loan can be harder for self-employed people, who are seen as a higher risk by lenders because their income is perceived to be less stable. Still, there are lenders that specialise in homeowner loans for self-employed people. Expect to be asked for a little extra documentation – typically two years’ worth of accounts, SA302s/tax calculations, HMRC tax overview statements and possibly a reference from your accountant as well.

Looking for a £100,000 business loan?

How to get a £100,000 personal loan

  1. Work out your budget. Our calculator can help you get an idea of how long a term you’d need to spread the loan over in order to get manageable monthly repayments. As a general rule of thumb, you should aim to clear the loan in as short a time as possible, while ensuring the monthly repayments are affordable. Loans with longer terms tend to come with a variable interest rate (although some secured loans offer an introductory fixed-rate period), so it’s sensible to leave yourself a bit of leeway so that if rates rise, you’ll be able to take it in your stride.
  2. Get to know your credit record. Knowing your credit score is helpful for understanding what options are available to you. For many lenders, you’ll need a good credit score in order to be approved for a £100,000 loan. Plenty of companies can help you get free visibility of your credit report that’ll let you know how you’re tracking. If your credit score doesn’t appear to be good enough, consider applying for a smaller loan or building your credit score first and applying at a future date.
  3. Shop around or – better still – consider a broker/loan-matching service. It’s generally a bad idea to simply go straight to one lender and apply. You should always compare multiple lenders online and look for the best price for the amount you need. For a loan as big as £100,000 even a slightly better rate can translate into thousands of pounds saved. A decent broker or loan-matching service can take your details and check your eligibility against products from multiple lenders in one go – saving you a lot of time (and hopefully money too). A number of lenders (such as Masthaven) actually only offer loans through brokers.
  4. Apply. Perhaps the easiest way to apply for a £100,000 loan is with the help of a good broker. You’ll provide some basic details, agree to a credit check and the indicative result of your application will usually be made available within seconds. Bear in mind that you should only ever formally apply for credit when you’re pretty confident you’ll get approved (lenders and brokers can help you to establish this beforehand). Each application for credit usually involves a search of your credit file, which causes a small (and usually short-lived) negative effect on your credit score.

Should I just remortgage?

Remortgaging is a popular strategy for homeowners to get hold of huge lump sums. This involves altering your mortgage deal and borrowing against the equity of your property. If you’ve got a lot of equity or can bag a low mortgage rate, this could prove more economical than a personal loan.

Full guide to remortgaging

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