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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.
When applying for large loans, it’s 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.
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.
Below, we explore what you can do to boost your chances of being approved for a £60,000 loan as well as how to find the best deal.
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 perform the valuation and finalise the loan.
You can expect this entire process to take around three weeks.
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. For more information, see our guide on remortgaging.
|Interest rate of 7% fixed p.a.||Interest rate of 9% fixed p.a.||Interest rate of 11% fixed p.a.|
|10 year loan||Monthly: £696.65|
|15 year loan||Monthly: £539.30|
|20 year loan||Monthly: £465.18|
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