Compare £60,000 loans to get the best rate available to you

See how to get approved for a £60,000 personal loan for good or bad credit and use our calculator to estimate costs.

The UK's largest range of secured loans

  • Loans from £1,000 to £2,500,000
  • See your quote before you apply
  • Quote won’t affect your credit score
Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.
£
yrs
£
£
Name Product Maximum LTV Loan amounts Loan terms Overall cost for comparison Repayments
Shawbrook Variable Secured Loan
65%
£10,000 to £500,000
3 to 25 years
4.5% APRC
£482.05
(£86,769.34 overall)
Shawbrook Fixed Secured Loan
65%
£10,000 to £500,000
3 to 25 years
4.7% APRC
£488.57
(£87,943.1 overall)
Masthaven Bank Flexible Secured Loan
70%
£10,000 to £150,000
3 to 35 years
4.9% APRC
£483.19
(£86,973.89 overall)
Optimum Credit Prime Rate Secured Loan
50%
£7,500 to £200,000
3 to 30 years
5.1% APRC
Not available for requested amount/term
Equifinance Standard Secured Loan
60%
£5,000 to £150,000
3 to 25 years
9.5% APRC
£632.39
(£113,829.5 overall)
Equifinance Adverse Secured Loan
60%
£5,000 to £150,000
3 to 25 years
10.2% APRC
£655.31
(£117,956.03 overall)
Clearly Loans Exclusive Secured Loan
75%
£5,000 to £100,000
4 to 20 years
10.7% APRC
£643.54
(£115,838.1 overall)
Clearly Loans Exclusive High LTV Secured Loan
80%
£5,000 to £100,000
4 to 20 years
11.6% APRC
£672.38
(£121,027.73 overall)
Norton Fast Track Secured Loan
75%
£3,000 to £100,000
1 to 25 years
12% APRC
£685.92
(£123,465.74 overall)
Clearly Loans Northern Ireland Secured Loan
65%
£7,500 to £60,000
4 to 20 years
12.6% APRC
Not available for requested amount/term
Loan Logics Fast Track Secured Loan
60%
£3,000 to £70,000
1 to 25 years
15.9% APRC
£799.78
(£143,961.08 overall)
Shawbrook Variable Secured Loan
70%
£10,000 to £500,000
3 to 25 years
4.6% APRC
£486.94
(£87,648.8 overall)
United Trust Bank Ltd Secured Loan
65%
£10,000 to £125,000
3 to 30 years
4.7% APRC
£475.85
(£85,653.47 overall)
loading

Compare up to 4 providers

Overall representative example
If you borrowed £34,000 over a 15-year term at 8.26% p.a. (variable), you would make 180 monthly payments of £370.70 and pay £66,726.00 overall, which includes interest of £28,531.00, a broker fee of £3,400.00 and a lender fee of £795.00. The overall cost for comparison is 10.8% APRC representative.

How can I get a £60,000 loan?

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, so getting the best rate can save you a lot of money.

How do secured homeowner loans work?

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.

What can I use a £60,000 loan for?

How much are payments on a £60,000 loan?

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. interest8% p.a. interest12% p.a. interest
5-year term£1,105£1,217£1,335
8-year term£731£848£975
10-year term£607£728£861
15-year term£444£563£720
20-year term£364£492£661
25-year term£314£452£604

You can use our loan calculator to compare a range of £60,000 loans.

How much does a £60,000 loan cost overall?

4% p.a. interest8% p.a. interest12% p.a. interest
5-year term£66,299£72,995£80,080
8-year term£70,210£81,427£93,616
10-year term£72,897£87,356£103,299
15-year term£79,886£103,210£129,618
25-year term£87,261£120,447£158,556

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, so 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.

How to use our £60,000 repayment calculator

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, then we’ll find you the loan that could best suit your situation.

Are there any fees on a £60,000 loan?

Yes, when you take out a secured £60,000 loan, you’ll almost certainly incur some fees. These are typically added to the amount borrowed. These can include a product or application fee, a broker fee, or a valuation fee for the survey that is conducted on your home to determine its value. However, fees will vary between lenders.

How much income do I need for a £60,000 personal loan?

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, which 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.

How long does it take to get a £60,000 personal loan?

You could potentially get approved for an unsecured £60,000 loan within days, but almost all 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.

How long does it take to pay off a £60,000 loan?

Loan terms range from as little as 1 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 the monthly repayments, but the higher the overall cost.

Can I pay off a £60,000 loan early?

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 can vary based on how much you still need to repay, as well as the terms of your original loan.

Can I get a £60,000 loan with bad credit?

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.

How should I compare lenders?

  • Eligibility criteria. Most lenders publish their basic eligibility criteria online. You should check that you meet these before applying. You’ll definitely be rejected if you don’t meet these criteria and may still be rejected even if you do.
  • Rate. Lenders may advertise a representative APRC, the rate that has to be offered to at least 51% of customers. However, if you’re deemed to be a particularly risky applicant, you may be offered a higher rate than this.
  • Term length. This is the number of months you’ll spend repaying the loan. Loans with longer terms will have lower monthly repayments, but it will cost you more overall due to additional interest charges.
  • Fees. Some personal loan companies charge one-off set-up fees, although these are rare nowadays.
  • Total payable. This is the amount of money you’ll pay over the entirety of the loan. This is the most important factor to consider.

What are the alternatives to a £60,000 secured loan?

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.

Full guide to remortgaging

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

More guides on Finder

  • How do we rate stocks and shares ISAs?

    We’ve rated stocks and shares ISAs to find the best one for different categories. Find out the categories we scored them on and how it works.

  • A beginner’s guide to cryptocurrency ETFs

    If you’re looking for ways to gain exposure to Bitcoin and other digital currencies, cryptocurrency ETFs could be worth exploring. Find out what crypto ETFs are and how they work in this introductory guide.

  • Monzo review: Is it worth it?

    Is Monzo’s app-only current account the right option for you? Read our review to get the low-down on all of the features of the account, its card and the app.

  • Review: Kriptomat cryptocurrency exchange

    Discover the features available on the EU-focused Kriptomat cryptocurrency exchange, how to get started and what cryptocurrency investor the exchange is best suited for.

  • Scottish Friendly review

    Scottish Friendly is a mutual organisation in the UK that offers ISAs and investment bonds. Read our review to find out what we think of Scottish Friendly and how much it costs.

  • Ethereum (ETH) price prediction 2021

    What affects the value of Ethereum (ETH) and how might the price of ETH fluctuate in the year ahead? Find out in this comprehensive guide.

  • Bitcoin (BTC) price prediction 2021

    Your guide to the factors affecting Bitcoin’s value and what to look for when forecasting bitcoin price changes in the weeks and months ahead.

  • Klarna vs Laybuy: Compare popular buy now pay later platforms

    How do Klarna and Laybuy compare? We put two of the UK’s most popular buy now, pay later services head to head to see how they match up and which might be the right choice for you.

  • Agricultural mortgage

    What you need to know about getting a mortgage if you’re buying or refinancing a farm or farmland, including the factors lenders consider when you apply for one.

  • Mortgage for a pub

    Everything you need to know about taking out a mortgage to buy or refinance a pub. Find out where to get one, how to get the best deal and the factors lenders consider.

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked
    Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
    Go to site