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.

The UK's largest range of secured loans

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Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.
Name Product Maximum LTV Loan amounts Loan terms Overall cost for comparison Repayments
Shawbrook Variable Secured Loan
£10,000 to £500,000
3 to 25 years
4.5% APRC
(£91,113.94 overall)
Pepper Money Prime Rate Secured Loan
£7,500 to £200,000
3 to 30 years
5.1% APRC
(£92,764.66 overall)
United Trust Bank Ltd 1st Charge Mortgage-Remortgage
£25,000 to £1,000,000
3 to 30 years
5.5% APRC
(£96,505.38 overall)
Together Secured Loan
£50,000 to £500,000
4 to 30 years
6.6% APRC
(£100,497.14 overall)
Equifinance Standard Secured Loan
£10,000 to £250,000
3 to 25 years
(£101,494.09 overall)
Norton Fast Track Secured Loan
£3,000 to £250,000
1 to 25 years
10.5% APRC
(£115,916.95 overall)
Clearly Loans Exclusive Secured Loan
£5,000 to £100,000
4 to 20 years
10.7% APRC
(£111,876.68 overall)
Loan Logics Fast Track Secured Loan
£3,000 to £70,000
1 to 25 years
15.9% APRC
Not available for requested amount/term
Shawbrook Variable Secured Loan
£10,000 to £500,000
3 to 25 years
4.6% APRC
(£91,754.51 overall)
Shawbrook Fixed Secured Loan
£10,000 to £500,000
3 to 25 years
4.7% APRC
(£91,968.64 overall)

Compare up to 4 providers

Overall representative example
If you borrowed £46,000 over a 15-year term at 8.40% p.a. (variable), you would make 180 monthly payments of £499.13 and pay £89,843.40 overall, which includes interest of £38,853.40, a broker fee of £3,995 and a lender fee of £995. The overall cost for comparison is 10.7% 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, have accrued more than £70,000 in equity and be 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?

In theory you can use a £70,000 loan for almost anything you like. Lenders typically only stipulate a handful of exceptions – such as criminal activities, gambling, investments involving risk or using the funds to secure an even bigger loan.

In reality, when a lender evaluates your loan application, they’ll want to check that you plan to use the money for something sensible. Home improvements that add value to your property, for example.

So while lenders don’t go into great detail about the numerous daft ways you could blow £70,000, a sensible purpose for the borrowing will boost your chances of being approved for the loan. Some of the more standard purposes (which lenders encounter frequently and may be more likely to “rubber stamp”) include –

  • Home improvements. Homeowners can also take out a secured loan against their property, which they then use to cover the cost of home improvements.
  • Buying land. If you’re looking to buy land to develop or can’t opt for a traditional mortgage, you could take out a loan to cover the purchase.
  • 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 £70,000 loan with a 10-year term and 7% fixed annual rate could have monthly payments of around £813. In comparison, a £70,000 loan with a 20-year term and 9% fixed rate may cost around £630 per month. You can calculate the cost of your £70k loan here.

5% annual interest rate9% annual interest rate11% annual interest rate
8-year loan£886£1,026£1,100
10-year loan£742£887£964
12-year loan£647£797£877
15-year loan£554£710£796
20-year loan£462£630£723
25-year loan£409£587£686

How much would a £70,000 loan cost overall?

Again, this will vary based on both the interest rate you receive and the length of your loan. For example, on a £70,000 loan with a 10-year term and 7% fixed annual rate, you’d pay back around £97,531 overall. That’s £27,531 in interest. In comparison, on a £70,000 loan with a 20-year term and 9% fixed rate, you’d pay back around £151,154 overall. That’s £81,154 in interest. You can calculate the cost of your £70,000 loan here.

5% annual interest rate9% annual interest rate11% annual interest rate
8-year loan£85,075£98,449£105,561
10-year loan£89,095£106,408£115,710
12-year loan£93,229£114,713£126,358
15-year loan£99,640£127,798£143,211
20-year loan£110,873£151,154£173,408
25-year loan£122,764£176,231£205,824

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 likely 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.

Choosing a lender

With a £70,000 loan, the difference between applying for the best available deal and the rest can make a significant impact on your monthly outgoings and the overall cost of borrowing. After all, you’ll most likely be paying interest on a sizeable amount of money for 10 years or more. A good broker can help you find the cheapest loan available to you.

The interest rates advertised are not the only factor that narrow down lenders, however. Below is a list of factors that will play a role in defining the most suitable lender for your circumstances:

  • 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. Most secured loans charge one-off arrangement fees paid at the start of the term. These can be 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.
  • Early repayment terms. Typically, secured loans involve penalty fees when you repay any sums early.

Should I just remortgage?

Potentially. If you’ve built up more than £70,000 of equity in your home, then remortgaging could allow you to tap into that. Remortgaging can effectively act as an alternative to a personal loan, and could work out cheaper, given that mortgage rates are low. In fact, many people might also prefer the simplicity of a single loan.

It generally makes sense to remortgage every couple of years anyway, whether that’s to a brand new mortgage provider or to a better product with your existing lender. This is because banks’ “standard variable rates” – which kick in after any introductory rates have finished – tend not to be competitive.

OK, so why might I not want to just remortgage?

If you’re currently enjoying a wonderfully low fixed rate on your mortgage, then you may not want to disrupt it (and incur penalty fees in the process – although these can sometimes be worth shouldering). Similarly, if your credit record has taken a bit of a bruising since you took out your existing mortgage, and the rates you’re now being offered are significantly higher, then you may once again prefer to leave your existing mortgage alone.

Bear in mind that topping up your mortgage by £70,000 is likely to have a significant impact on your LTV (loan-to-value ratio), so the best mortgage rates on the market may be off the table.

Additionally, if remortgaging would mean that you end up paying off the £70,000 over 20 years, when you might otherwise have paid it off in, say, 10 years, then it could end up costing you significantly more overall.

You should aim to evaluate the overall costs of all your options to discover which is best for you. As a general rule of thumb (for any borrowing), aim for the loan that costs the least overall, while offering monthly repayments which you’re confident will be affordable.

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.

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