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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.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.
Compare £60,000 homeowner loans
Table: sorted by overall cost for comparison (representative APRC)
Overall representative example
If you borrowed £36,000 over a 13-year term at 8.69% p.a. (variable), you would make 156 monthly payments of £435.16 and pay £67,884.96 overall, which includes interest of £27,289.96, a broker fee of £3,600.00 and a lender fee of £995.00. The overall cost for comparison is 11.6% APRC representative.
If you borrowed £36,000 over a 13-year term at 8.69% p.a. (variable), you would make 156 monthly payments of £435.16 and pay £67,884.96 overall, which includes interest of £27,289.96, a broker fee of £3,600.00 and a lender fee of £995.00. The overall cost for comparison is 11.6% APRC representative.
What's in this guide?
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, and 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.
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 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. interest | 8% p.a. interest | 12% p.a. interest | |
|---|---|---|---|
| 5-year term | £1,105 | £1,217 | £1,335 |
| 8-year term | £731.36 | £848.20 | £975.17 |
| 10-year term | £607 | £728 | £861 |
| 15-year term | £444 | £573 | £720 |
| 20-year term | £364 | £502 | £661 |
How much does a £60,000 loan cost overall?
| 4% p.a. interest | 8% p.a. interest | 12% 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 |
| 20-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, 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.
£60,000 loan calculator
This tool is designed to help you estimate the monthly and overall costs of borrowing £60,000. You can adjust the duration of the loan and the interest rate to get a better idea of what would be affordable. Our calculations assume that any fees involved are bundled in with the loan amount and repaid over the same term, at the same rate. Refer to your loan agreement for exact repayment amounts as they may vary from our calculations.
Interest rate
Loan term
Fees
Your loan would cost around £ each month and £ overall.
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.
Should I just remortgage?
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.
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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