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£80000 loan calculator

£80,000 loans are out there, but you'll need to own a home (and be willing for the loan to be secured against it).

£
yrs
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1 - 10 of 309
Name Product UKFPL-SEC Maximum LTV Loan amounts Loan terms Overall cost for comparison Link Repayments
United Trust Bank Ltd 1st Charge Mortgage Prime Plus
60%
£25,000 to £1,000,000
3 to 30 years
6.6% APRC
Check eligibility
View details
Together CBTL 2nd Charge PRIME
75%
£50,000 to £250,000
4 to 30 years
9.9% APRC
Check eligibility
View details
Equifinance Prime
65%
£20,000 to £250,000
3 to 25 years
7.4% APRC
Check eligibility
View details
Pepper Money Prime Rate Secured Loan
60%
£7,500 to £350,000
3 to 30 years
7.4% APRC
Check eligibility
View details
Evolution Premier Range Tier 1
80%
£5,000 to £100,000
3 to 20 years
13.6% APRC
Check eligibility
View details
United Trust Bank Ltd 1st Charge Mortgage Prime Plus
70%
£25,000 to £1,000,000
3 to 30 years
6.6% APRC
Check eligibility
View details
United Trust Bank Ltd 1st Charge Mortgage Prime Plus
75%
£25,000 to £1,000,000
3 to 30 years
6.6% APRC
Check eligibility
View details
United Trust Bank Ltd 1st Charge Mortgage-Remortgage
80%
£25,000 to £1,000,000
3 to 30 years
6.8% APRC
Check eligibility
View details
United Trust Bank Ltd Unencumbered Prime Plus
60%
£25,000 to £1,000,000
3 to 30 years
6.8% APRC
Check eligibility
View details
United Trust Bank Ltd Unencumbered Prime Plus
70%
£25,000 to £1,000,000
3 to 30 years
6.8% APRC
Check eligibility
View details
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Overall representative example
If you borrow £43,000 over 16 years at a rate of 10.25% variable, you will pay 192 instalments of £505.18 per month and a total amount payable of £96,994.56. This includes the net loan, interest of £49,404.56, a broker fee of £3,995 and a lender fee of £595. The overall cost for comparison is 12.7% APRC variable.

Can I get an £80,000 loan?

An £80,000 personal loan might sound like an incredible amount to borrow, but there are lenders who frequently offer such loans, under specific circumstances. You’ll only be able to borrow this amount with a loan secured against a property you own. The lender will be able to repossess your home if you fall too far behind on repayments.

Your ability to be approved for an £80,000 loan will largely depend on your income/outgoings, the amount of equity you’ve built up in your property, your credit profile, and some basic eligibility criteria like age, residency and employment status. Lenders will check your bank statements and employment information to ensure you can comfortably afford the monthly repayments, so a consistent income and low amounts of existing debt will help your case.

Get personalised quotes

What can I use an £80,000 loan for?

You can use an £80,000 loan for a range of purposes, including:

  • Bridging loan. This type of loan “bridges” the gap for homeowners looking to buy a new home without having sold their existing home or who otherwise need to cover a property purchase without a mortgage.
  • Business loan. If you own a business you could take out a loan to cover business expenses and costs, such as the purchase of new equipment.
  • Land loan. A land loan can be used to cover the cost of land that you want to develop or where you’re ineligible for a mortgage.
  • Home improvements. A secured loan can be used to cover the cost of improvements you want to make to your home.
  • Debt consolidation. If you have large existing debts, you could take out a loan to pay them off and consolidate them into one debt.

What would the payments be on an £80,000 loan?

The size of loan payments will depend on the interest rate you receive and the length of your loan. For example, an £80,000 loan with a 10-year term and fixed 7% rate could have monthly payments of £928.27, while an £80k loan with a 20-year term and 9% annual rate will cost £719.78 each month. You can calculate your loan costs here.

4% p.a. interest7% p.a. interest10% p.a. interest
8-year loan£975£1,091£1,214
10-year loan£810£929£1,057
12-year loan£700£823£956
15-year loan£592£719£860
20-year loan£485£620£772
25-year loan£422£565£727

How much does an £80,000 loan cost overall?

3% p.a. interest5% p.a. interest8% p.a. interest
8 years£90,083£97,228£108,570
10 years£92,698£101,823£116,474
12 years£95,361£106,547£124,699
15 years£99,444£113,874£137,614
20 years£106,483£126,712£160,596
25 years£113,811£140,302£185,236

How do secured homeowner loans work?

A personal loan secured against your property works very similarly to a second mortgage, although there are no conveyancers involved. To approve your loan, the lender will need to conduct an evaluation of your finances and the property you’re using as collateral.

After you’ve applied for the loan, the lender will typically conduct a telephone interview to get a better idea of your financial situation.

If you meet the lending criteria, you’ll be issued a formal offer, subject to a valuation of your property. The valuation will usually require an official property inspection and you may need to get permission from your mortgage lender.

If all is well and good, you can expect the money to be transferred into your bank account shortly after. The entire application process typically takes around three weeks to complete.

How do I compare lenders?

It’s worth taking your time to compare all the personal loan offers across the market using a comparison website.

When you’re borrowing an amount as significant as £80,000 over a long period of time, the slightest improvement in interest could make a significant difference to your bank account.

The advertised interest rate is not all you need to think about, though. Here’s a full list of factors to consider:

  • Lending criteria. A lender will usually publish its basic eligibility criteria online. You may also find criteria for specific loans. This could include details of expected minimum income, employment type or minimum equity in your property, among other things. Check to see if you meet these criteria before applying for a loan.
  • Rate. The loan’s “representative APR” will be advertised. This is the rate that has to be offered to at least 51% of customers. If you’re deemed a particularly risky applicant, you may be offered a rate that’s higher than this.
  • Term length. This is the number of months you’ll spend repaying the loan. A loan with a longer term may have lower monthly repayments, but you’ll pay more overall due to extra interest charges.
  • Arrangement fees. Some personal loans include one-off fees paid at the start of the term, although this is rare nowadays.
  • Total payable. The total amount paid over the term of the loan. This is the most important factor to consider.

Should I just remortgage?

If you’re a homeowner (with or without a mortgage) and you’ve built up more than £80,000 of equity in your property, then you should also consider remortgaging. The process typically takes around 4-8 weeks.

Much like a secured loan, remortgaging is likely to involve sizeable fees, although they are typically lower. These can usually be bundled in with the loan. A remortgage may work out more cost-effective than a personal loan, especially with current mortgage rates low across the board.

For many, the prospect of a single mortgage secured against their home will appeal. However, deciding which option is right for you can get fiddly and will probably require a calculator!

Banks reserve their best interest rates for low-LTV (that’s your loan-to-value ratio) applications. So if you currently have a £90,000 mortgage outstanding on a £200,000 house, then you have an attractively low LTV of 45%. Your bank probably loves customers like you, and so you might be enjoying a low rate of, say, 1%. But add £80,000 additional borrowing on top of this, and your LTV rises to 85%. An 85% LTV is riskier for a lender, and as such it would likely offer you a higher interest rate across your whole mortgage balance – not just the additional £80,000 borrowing.

Similarly, if your credit score has taken any knocks since you bagged a favourable mortgage rate, or if interest rates generally have risen, then you may find that you’re now being offered only higher rates than you’re used to, and you may not want these to apply to all your borrowing.

To ensure you get the best deal, compare the total financial impact of remortgaging to that of a secured loan to see which is the better option for you. Factor in how quickly you hope to be able to pay off the £80,000, and check out the early repayment conditions of any loan or mortgage before you take it out.

Read our full guide to remortgaging

Frequently asked questions

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio

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