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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.
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.
|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: £812.76|
|15-year loan||Monthly: £629.18|
|20-year loan||Monthly: £542.71|
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.
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.
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.
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