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
Updated . What changed?
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.
We look at switching bonuses, what they are, how they work, and which banks offer the best ones. If you’re fed up with your current bank, there is no good reason not to switch and get a nice little cash bonus as an extra perk.
Second charge mortgages can allow borrowers to finance big projects, like home improvements. However they come with risk, so it’s crucial to read-up, do your sums and work out what’s right for your circumstances.
If you’re looking to take out your first credit card, it can be hard to know what to look for. Here’s what you need to do to find the first credit card that’s best for you.
If you’re considering applying for a £200,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
If you’re considering applying for a £150,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
If you’re considering applying for a £100,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
If you’re planning to save your money into a fixed rate bond, we take a look at how you can find the best 2 year option.
How to get the best 1 year fixed rate bond. Here’s what you need to know.
Cashback credit cards let you earn money back on every purchase you make, but which one has the best cashback offer, as well as the best rate?
Here’s how you can get the best deal on a balance transfer credit card, from finding the longest 0% periods to getting the lowest fees.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.