Compare £60,000 loans

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

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Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.
Name Product Maximum LTV Loan amounts Loan terms Overall cost for comparison Repayments
United Trust Bank Ltd Secured Loan
£50,000 to £1,500,000
3 to 30 years
5.7% APRC
(£95,522 overall)
Pepper Money Prime Rate Secured Loan
£7,500 to £350,000
3 to 30 years
7.4% APRC
(£103,591.71 overall)
Together Secured Loan BTL
£50,000 to £250,000
4 to 30 years
8.7% APRC
(£111,456.68 overall)
Equifinance Adverse Secured Loan
£10,000 to £250,000
3 to 25 years
10.2% APRC
(£120,046.77 overall)
Norton Fast Track Secured Loan
£3,000 to £250,000
1 to 25 years
10.4% APRC
(£120,591.49 overall)
Clearly Loans Exclusive Secured Loan
£5,000 to £100,000
4 to 20 years
10.7% APRC
(£115,838.1 overall)
Evolution Premier Ranger Tier 1
£35,000 to £100,000
3 to 20 years
11.7% APRC
(£125,783.01 overall)
Loan Logics Fast Track Secured Loan
£5,000 to £60,000
1 to 25 years
14.4% APRC
Not available for requested amount/term
United Trust Bank Ltd Secured Loan
£50,000 to £1,000,000
3 to 30 years
5.7% APRC
(£95,522 overall)
United Trust Bank Ltd Secured Loan
£50,000 to £1,000,000
3 to 30 years
5.7% APRC
(£95,522 overall)
United Trust Bank Ltd Secured Loan
£50,000 to £1,500,000
3 to 30 years
5.7% APRC
(£95,522 overall)
United Trust Bank Ltd Secured Loan
£50,000 to £1,000,000
3 to 30 years
5.8% APRC
(£96,143.65 overall)
United Trust Bank Ltd Secured Loan
£50,000 to £1,000,000
3 to 30 years
6.1% APRC
(£97,393.79 overall)
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.
When you’re looking for a loan of over £50,000, your options are more limited than with smaller loan amounts. Use our guide to get an idea of what’s out there for you and how to find it, and how to make sure you don’t pay more than you have to.

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?

You can get a £60,000 loan for any worthwhile purpose. Loans are often used for the following reasons:

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 based on interest and terms below. The 5 and 10 year loan terms are one of the more popular options among borrowers.

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 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 amount you’d have to repay on a remortgage deal with the equivalent amount of your personal loan.

If you’re looking for a £60,000 loan to buy a car, you might be able to borrow through an alternative route. Take a look at our guide to car loans and finance options to find out more.

Bottom line

If you’re borrowing £60,000, it’s really important to make sure you get a loan you can afford, so you don’t risk losing your home, or whatever asset you’ve used as security. So before you start filling in that application form, get your credit score in the best shape it can be, and make sure you shop around for the best deal.

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.

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