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It’s possible to get your hands on a £60,000 personal loan, but you’ll need to secure a loan of this size against a property, which means you’ll likely only be able to borrow £60,000 if you own a house.
When applying for large loans, it’s also especially crucial to have your finances in order. If you’ve got a healthy credit score and a decent amount of equity in your property, it will make the process much easier and improve your chances of getting approved.
It’ll be hugely beneficial when it comes to finding the best available deal too. After all, even the smallest difference in interest rates can make a significant impact on the overall cost of a loan this size, and getting the best rate can save you a lot of money.
When borrowing a sum of £60,000 or more, your lender will insist the loan be “secured” against a property. This essentially means your lender has the right to repossess your property if you fall too far behind on loan repayments. In nearly every way, this type of loan works the same as a second mortgage, although there are no conveyancers needed.
The lender will need to research your finances and the property you’re hoping to secure the loan against. This process will begin with a telephone interview, followed by a formal offer, then a valuation of the property. Your lender will need to obtain permission from your mortgage provider to finalise the loan.
You can expect this entire process to take around three weeks.
Your monthly payments on a £60,000 loan will vary based on both the rate you receive and the length of your loan term. You can compare the payments on different £60,000 loans below.
|4% p.a. interest||8% p.a. interest||12% p.a. interest|
You can use our loan calculator to compare a range of £60,000 loans.
|4% p.a. interest||8% p.a. interest||12% p.a. interest|
The loan illustrations above use approximate figures and are based on a fixed interest rate. If you receive a variable rate on your £60,000 loan, your monthly payments are likely to change over time, and you may end up paying more or less depending on how the rate changes. It’s also worth keeping in mind that current interest rates are at historically low levels.
You can use our loan calculator to compare a range of £60,000 loans from popular lenders, based on monthly payment size and APR. Simply enter in how much you want to borrow, how long you want the loan for, the value of your property and mortgage, and we’ll find you the loan that could best suit your situation.
If you take out a secured £60,000 loan, you’ll probably need to pay some fees, including a lender’s or application fee, as well as a valuation fee for the survey that is conducted on your home to determine its value. However, fees will vary between lenders, and some lenders may offer £60,000 loans with no additional fees.
This will vary between different lenders, and the minimum income requirement will only be one of the criteria you’ll need to meet in order to be eligible for a £60,000 loan. When considering your application, lenders want to see evidence that you’ll be a responsible borrower, and this extends beyond how much you make.
For example, someone with a salary of £20,000, but who demonstrates good financial habits and has low outgoings, may be just as likely to get a loan as someone who earns £50,000 but who also spends a lot each month.
You could potentially get approved for an unsecured £60,000 loan within days, but most loans of this size will require you to use an asset as security, which will extend the application process. It can often take two or three weeks for a secured loan to be approved and funded, as the lender will need to have a valuation carried out on your property.
Loan terms range from as little as one year right up to 20 years or more. You can tailor your loan term to make your monthly repayments affordable. You can change your loan term to make your monthly repayments more affordable, or can increase the size of your monthly repayments to pay off your loan quicker. As a general rule of thumb, the longer the loan term, the lower monthly repayments, but the higher the overall cost.
Yes, you can generally pay off your £60,000 loan before the end of your loan term, but it’s likely you’ll need to pay an early settlement fee to do so. This fee will vary based on how much you still need to repay, as well as the terms of your original loan, and will be an amount that’s equal to up to 58 days of interest.
Potentially, yes. Thanks to the reduced risk to the lender that a secured loan provides, your credit score is less of a be-all-and-end-all. Realistically, the very lowest rates being advertised on the market might not be attainable with bad credit, as rates are tailored to the applicant. However, secured loans are a popular way for people with bad credit (and a home) to avoid paying extortionate interest rates.
You can get your hands on a lump sum of £60,000 by remortgaging to pocket some of the equity built in your property. This is most likely to be more cost-effective than a personal loan when mortgage rates are low. To find the best deal, compare the total payable of a remortgage deal with that of your personal loan.
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