Get a £70,000 personal loan with the best rate

Boost your chances of being approved for a £70,000 loan and find the best loan rate.

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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.
Data updated regularly
Name Product Maximum LTV Loan amounts Loan terms Overall cost for comparison Repayments
Paragon Personal Finance Prime Rate Secured Loan
£30,000 to £500,000
10 to 30 years
3.6% APRC
(£88,328.27 overall)
Evolution Adverse Secured Loan
£10,000 to £500,000
3 to 25 years
4.5% APRC
(£91,113.94 overall)
Shawbrook Fixed Secured Loan
£10,000 to £500,000
3 to 25 years
4.7% APRC
(£91,968.64 overall)
Masthaven Bank Flexible Secured Loan
£10,000 to £150,000
3 to 35 years
4.9% APRC
(£91,310.35 overall)
Optimum Credit Prime Rate Secured Loan
£7,500 to £200,000
3 to 30 years
5.1% APRC
(£92,549.09 overall)
Equifinance Standard Secured Loan
£5,000 to £150,000
3 to 25 years
9.5% APRC
(£110,611.99 overall)
Norton Fast Track Secured Loan
£3,000 to £100,000
1 to 25 years
10.1% APRC
(£109,439.35 overall)
Equifinance Adverse Secured Loan
£5,000 to £150,000
3 to 25 years
10.2% APRC
(£113,506.55 overall)
Clearly Loans Exclusive Secured Loan
£5,000 to £100,000
4 to 20 years
10.7% APRC
(£111,876.68 overall)
Clearly Loans Exclusive High LTV Secured Loan
£5,000 to £100,000
4 to 20 years
11.6% APRC
(£115,510.62 overall)

Compare up to 4 providers

Overall representative example
If you borrowed £35,000 over a 14-year term at 8.95% p.a. (variable), you would make 168 monthly payments of £418.88 and pay £70,371.84 overall, which includes interest of £30,326.84, a broker fee of £3,550.00 and a lender fee of £995.00. The overall cost for comparison is 11.8% APRC representative.

Can I get a loan for £70k?

A £70,000 personal loan can make a dramatic impact on your day-to-day life, perhaps by funding home improvements or consolidating existing debt. To get your hands on a loan of this size, you’ll need to be a homeowner and willing to “secure” your loan against your property. This gives the lender the right to repossess your home if you fall too deep into arrears on your loan repayments.

What are the payments on a £70,000 loan?

This will vary based on both the interest rate you receive and the length of your loan. For example, a £70k loan with a 10-year term and 7% fixed annual rate could have monthly payments of £812.76. In comparison, a £70,000 loan with a 20-year term and 9% fixed rate may cost £629.81 per month. You can calculate the cost of your £70k loan here.

How much would a £70,000 loan cost?

Interest rate of 7% fixed p.a.Interest rate of 9% fixed p.a.Interest rate of 11% fixed p.a.
10-year loanMonthly: £812.76
Overall: £97,531.12
Monthly: £886.73
Overall: £106,407.65
Monthly: £964.25
Overall: £115,710.01
15-year loanMonthly: £629.18
Overall: £113,252.36
Monthly: £709.99
Overall: £127,797.59
Monthly: £795.62
Overall: £143,211.21
20-year loanMonthly: £542.71
Overall: £130,250.22
Monthly: £629.81
Overall: £151,153.96
Monthly: £722.53
Overall: £173,407.65

How do secured/homeowner loans work?

Lenders can mitigate their risk against borrowers falling into arrears by asking for personal assets to be put up as collateral. This is called a secured loan.

For personal loans as large as £70,000, lenders will only offer secured loans with a property put up as collateral. These loans therefore work in a similar way to a second mortgage, although there are no solicitors required. Lenders tend to be more lenient about who they’ll offer secured loans, compared to unsecured loans.

When organising this type of secured loan, lenders will arrange a telephone interview after you’ve submitted your online application. If you’re approved for a loan, you’ll be issued a formal offer, subject to a valuation of the property.

The valuation may require permission from your mortgage lenders, and for someone to inspect your home. You can expect the entire application process to take around three weeks.

Ready to compare lenders?

With a £70,000 loan, the difference between applying for the best available deal and the rest can make a significant impact on your finances. After all, you’ll most likely be paying interest on a sizeable amount of money for 10 years or more.

The interest rates advertised shouldn’t be all you consider though. Below is a list of the factors worth comparing.

  • Eligibility criteria. You should be able to find a lender’s basic eligibility criteria online. It may include the documents you need to provide, the type of employment and the minimum earnings/equity in your home. If you don’t meet this criteria, there’s little point in applying.
  • Rate. The lender will advertise its “representative APR”, which is the rate that has to be offered to at least 51% of customers. However, if you’re deemed a particularly risky applicant, you might be offered a higher rate than this.
  • Term length. Your loan repayments will be split over a set amount of months. Loans with longer terms will have lower monthly repayments but will cost you more overall due to extra interest charges.
  • Fees. Many secured loan companies charge one-off arrangement fees paid at the start of the term. These are usually bundled in with the loan amount and repaid over the same term.
  • Maximum LTV. Lenders want to keep their lending relative to the property being used as security, so they consider the “loan to value” ratio, and will always specify a maximum for this figure.
  • Total payable. 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 access £70,000 (or more) of your home’s equity by remortgaging. This is an alternative to a personal loan, which can work out cheaper, especially when mortgage rates are low. It may be possible to remortgage with a brand new mortgage provider too. Compare the total payable of both options to discover which is best for you.

See our full guide on remortgaging

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