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
£60,000 loans
Discover how to be approved for a £60,000 personal loan and what you'll need to do to secure the best terms
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.
Homeowner loans comparison
Table: sorted by overall cost for comparison (representative APRC)
Updated April 9th, 2020
Overall representative example
If you borrowed £41,000.00 over a 14-year term at 8.89% p.a. (variable), you would make 168 monthly payments of £479.45 and pay £80,547.60 overall, which includes interest of £34,557.60, a broker fee of £3,995.00 and a lender fee of £995.00. The overall cost for comparison is 11.6% APRC representative.
If you borrowed £41,000.00 over a 14-year term at 8.89% p.a. (variable), you would make 168 monthly payments of £479.45 and pay £80,547.60 overall, which includes interest of £34,557.60, a broker fee of £3,995.00 and a lender fee of £995.00. The overall cost for comparison is 11.6% APRC representative.
What's in this guide?
Overview
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.
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 perform the valuation and finalise the loan.
You can expect this entire process to take around three weeks.
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 will advertise a representative APR, 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. For more information, see our guide on remortgaging.
£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.
£60,000 loan illustrations
| 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 Overall: £83,598.11 | Monthly: £760.05 Overall: £91,206.56 | Monthly: £826.50 Overall: £99,180.01 |
| 15 year loan | Monthly: £539.30 Overall: £97,073.45 | Monthly: £608.56 Overall: £109,540.79 | Monthly: £681.96 Overall: £122,752.47 |
| 20 year loan | Monthly: £465.18 Overall: £111,643.05 | Monthly: £539.84 Overall: £129,560.54 | Monthly: £619.31 Overall: £148,635.13 |
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.
Ask an Expert