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.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.
£
yrs
£
£
Name Product Maximum LTV Loan amounts Loan terms Overall cost for comparison Repayments
Paragon Personal Finance Prime Rate Secured Loan
65%
£30,000 to £500,000
10 to 30 years
3.6% APRC
£736.07
(£88,328.27 overall)
Shawbrook Variable Secured Loan
65%
£10,000 to £500,000
3 to 25 years
4.5% APRC
£759.28
(£91,113.94 overall)
Shawbrook Fixed Secured Loan
65%
£10,000 to £500,000
3 to 25 years
4.7% APRC
£766.41
(£91,968.64 overall)
Masthaven Bank Flexible Secured Loan
70%
£10,000 to £150,000
3 to 35 years
4.9% APRC
£760.92
(£91,310.35 overall)
Optimum Credit Prime Rate Secured Loan
50%
£7,500 to £200,000
3 to 30 years
5.1% APRC
£771.24
(£92,549.09 overall)
Equifinance Standard Secured Loan
60%
£5,000 to £150,000
3 to 25 years
9.5% APRC
£921.77
(£110,611.99 overall)
Equifinance Adverse Secured Loan
60%
£5,000 to £150,000
3 to 25 years
10.2% APRC
£945.89
(£113,506.55 overall)
Clearly Loans Exclusive Secured Loan
75%
£5,000 to £100,000
4 to 20 years
10.7% APRC
£932.31
(£111,876.68 overall)
Clearly Loans Exclusive High LTV Secured Loan
80%
£5,000 to £100,000
4 to 20 years
11.6% APRC
£962.59
(£115,510.62 overall)
Norton Fast Track Secured Loan
75%
£3,000 to £100,000
1 to 25 years
12% APRC
£976.39
(£117,166.61 overall)
loading

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 can I use a £70,000 loan for?

You can use a £70,000 loan for any number of purposes, including the following:

  • Bridging loan. This covers homeowners looking to buy a new house, but have yet to sell their existing home, or who need to cover the purchase of a new property without a mortgage.
  • Business loan. A £70,000 loan can be used to help cover business expenses, such as covering cash flow issues or the purchase of new equipment.
  • Land loan. If you’re looking to buy land to develop or are ineligible for a mortgage, you could take out a land loan to cover the purchase.
  • Home improvements. Homeowners can also take out a secured loan against their property, which they then use to cover the cost of home improvements.
  • Debt consolidation. If you have multiple large debts, you could use a £70,000 loan to consolidate them into a single loan.

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 to, 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

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.

More guides on Finder

  • Sole trader loans

    Find out how to get a loan if you work for yourself, including which lenders offer business loans for sole traders.

  • Chain break finance

    Learn everything you need to know about chain break finance – a type of bridging loan that stops you losing your dream home if the sale of your existing one falls through.

  • Commercial bridging loan

    Everything you need to know about commercial bridging loans. We look at when they’re useful, how they work and what to be aware of before taking one out.

  • Hard money loans: Short-term finance in the UK

    Learn everything you need to know about hard money loans – also known as bridging loans. Find out how they work, what they can be used for and their benefits and downsides.

  • 100% bridging loans: How to get one

    Read our in-depth guide to 100% bridging loans, including how bridging loans work, how to borrow 100% of the property’s value, how to get the best deal and the pros and cons.

  • Loans for small businesses affected by coronavirus

    Learn about government support and alternative options for businesses needing finance to help deal with the impact of coronavirus.

  • How we rate budgeting apps

    This is how we come up with the star ratings and “best for” picks that you see for budgeting apps and their features.

  • Compare bridging loan rates for property development

    Everything you need to know about the benefits of using a bridging loan to fund a property development project if you don’t have the cash already available.

  • Compare bridging loans to buy land

    Find out if a bridging loan could be a good option versus other types of finance if you’re buying land.

  • Probate loans

    We explain how probate loans can be a valuable tool for dealing with financial issues that can come up when dealing with someone’s estate.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site