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If you’re looking to make major improvements to your home, consolidate large debts or fund a big-ticket purchase, a £50,000 loan could be just the trick. Provided you have a good credit rating and can afford the monthly repayments, it could be the easiest road to your dream purchase.
When borrowing such a substantial amount, it’s important to be aware how to get a deal with the best terms. Failing to do so could cost you thousands over the period of your loan.
When borrowing amounts as large as £50,000, you’ll almost definitely have to accept a ‘secured loan’. This means you’ll be accepted to agree for assets to be used as collateral against late or failed payments. More often than not, this collateral will be equity on your property. An ‘unsecured loan’ which involves no collateral, may be less risky for borrowers but they often come with a higher rate. There are few unsecured loans available on amounts over £25,000.
|Interest rate of 5% fixed p.a.||Interest rate of 10% fixed p.a.||Interest rate of 25% fixed p.a.|
|Over 1 year||Monthly: £4,280.37|
|Over 3 years||Monthly: £1,498.54|
|Over 5 years||Monthly: £943.56|
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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