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