{"id":345008,"date":"2020-10-20T14:29:59","date_gmt":"2020-10-20T13:29:59","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=345008"},"modified":"2024-09-03T15:23:19","modified_gmt":"2024-09-03T14:23:19","slug":"150000-loan","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/secured-loans\/150000-loan","title":{"rendered":"How to get a \u00a3150,000 loan"},"content":{"rendered":"<article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\"><strong>Overall representative example<\/strong><br>If you borrow \u00a343,000 over 16 years at a rate of 10.25% variable, you will pay 192 instalments of \u00a3505.18 per month and a total amount payable of \u00a396,994.56. This includes the net loan, interest of \u00a349,404.56, a broker fee of \u00a33,995 and a lender fee of \u00a3595. The overall cost for comparison is 12.7% APRC variable.<\/div><\/article><h3>Can I get a \u00a3150,000 loan?<\/h3><p>If you own a home and have enough equity in your property, you may be able to use this equity as security to borrow \u00a3150,000. Your income will need to be sufficient to cover the repayments on the loan (plus any other financial commitments you might have).<\/p><p>While your credit history will be likely to impact the interest rate you\u2019d receive, the good news is that secured \u201chomeowner\u201d loans are commonly issued to borrowers with both good or bad credit.<\/p><h3>What can I use a \u00a3150,000 loan for?<\/h3><p>You can use a \u00a3150,000 loan for any number of purposes, including the following:<\/p><ul class=\"list-1\"><li><strong><a href=\"https:\/\/www.finder.com\/uk\/mortgages\/property-flipping\/bridging-loans\">Bridging loan<\/a>. <\/strong>This is a type of loan that covers homeowners looking to buy a new house, who haven\u2019t managed to sell their existing home or need to cover the cost of a new property without a mortgage.<\/li><li><strong><a href=\"https:\/\/www.finder.com\/uk\/business-loans\">Business loan<\/a>. <\/strong>You could take out a \u00a3150,000 loan to help cover business costs or expenses, such as the purchase of new equipment.<\/li><li><strong><a href=\"https:\/\/www.finder.com\/uk\/personal-loans\/personal-loans-to-buy-land\">Land loan<\/a>. <\/strong>If you\u2019re looking to buy land to develop or are ineligible for a mortgage, you could take out a land loan to cover the purchase.<\/li><\/ul><h3>How much equity do I need for a \u00a3150,000 loan?<\/h3><p>Each loan specifies a maximum \u201cLTV\u201d. This is the loan-to-value ratio and it basically means the maximum overall amount of borrowing allowed as a proportion of the property\u2019s value.<\/p><p>For example, if your house was worth \u00a3400,000 and you owed \u00a3150,000 still on your mortgage, a homeowner loan specifying a maximum LTV of 75% could allow you to borrow an additional \u00a3150,000.<\/p><p>However, each application will be considered on its own merit. So unfortunately, having sufficient equity doesn\u2019t guarantee approval, but it can guarantee that your application will be considered.<\/p><h3>How much are payments on a \u00a3150,000 loan?<\/h3><table class=\"luna-table\"><thead class=\"luna-table__header\"><tr><th><\/th><th>3% p.a. interest<\/th><th>6% p.a. interest<\/th><th>9% p.a. interest<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><th>7-year term<\/th><td>\u00a31,982<\/td><td>\u00a32,191<\/td><td>\u00a32,413<\/td><\/tr><tr><th>10-year term<\/th><td>\u00a31,448<\/td><td>\u00a31,665<\/td><td>\u00a31,900<\/td><\/tr><tr><th>15-year term<\/th><td>\u00a31,036<\/td><td>\u00a31,266<\/td><td>\u00a31,521<\/td><\/tr><tr><th>20-year term<\/th><td>\u00a3832<\/td><td>\u00a31,075<\/td><td>\u00a31,350<\/td><\/tr><\/tbody><\/table><h3>How much does a \u00a3150,000 loan cost overall?<\/h3><table class=\"luna-table\"><thead class=\"luna-table__header\"><tr><th><\/th><th>3% p.a. interest<\/th><th>6% p.a. interest<\/th><th>9% p.a. interest<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><th>7-year term<\/th><td>\u00a3166,488<\/td><td>\u00a3184,068<\/td><td>\u00a3202,722<\/td><\/tr><tr><th>10-year term<\/th><td>\u00a3173,809<\/td><td>\u00a3199,837<\/td><td>\u00a3228,016<\/td><\/tr><tr><th>15-year term<\/th><td>\u00a3186,457<\/td><td>\u00a3227,841<\/td><td>\u00a3273,852<\/td><\/tr><tr><th>20-year term<\/th><td>\u00a3199,655<\/td><td>\u00a3257,915<\/td><td>\u00a3323,901<\/td><\/tr><\/tbody><\/table><p>The loan illustrations above use approximate, rounded figures, based on a flat interest rate. Longer-term secured loans are likely to have variable interest rates. If the rate goes down during the course of the loan, the monthly and overall costs would decrease. Conversely, if the rate rises during the loan, the monthly and overall costs would increase. Current interest rates are low compared to historical averages.<\/p><div itemscope=\"\" itemtype=\"https:\/\/schema.org\/FAQPage\"><div itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">How much income do I need for a \u00a3150,000 loan?<\/h3><div itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>The minimum income requirements will vary depending on factors like the term of the loan you opt for. All lenders must be able to demonstrate they are lending <em>responsibly<\/em>. So in other words, they must be careful to ensure the proposed repayment schedule would be affordable for you, taking into account your income and outgoings. For example, an applicant with a \u00a335,000 salary but relatively low regular financial commitments might stand a better chance than an applicant with a \u00a350,000 salary and exorbitant monthly outgoings.<\/p><p>Ultimately your income is just one important part of the picture on which a lender will assess your case.<\/p><p>Loan companies often specify a minimum income requirement in their basic lending criteria (<a href=\"#income-example\" class=\"scroll\">example below<\/a>). Crucially, meeting these entry-level criteria means you can apply, but doesn\u2019t mean approval is guaranteed.<\/p><\/div><\/div><\/div><article id=\"income-example\" class=\"luna-card luna-card--shadow\"><div class=\"luna-card__block\"><img decoding=\"async\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2018\/07\/Screenshot-2020-07-10-at-11.38.05.png\" alt=\"A minimum income requirement taken from the lending criteria for Masthaven second-charge mortgages\" width=\"946\" height=\"170\" class=\"aligncenter size-full wp-image-322711\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2018\/07\/Screenshot-2020-07-10-at-11.38.05.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2018\/07\/Screenshot-2020-07-10-at-11.38.05.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2018\/07\/Screenshot-2020-07-10-at-11.38.05.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2018\/07\/Screenshot-2020-07-10-at-11.38.05.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2018\/07\/Screenshot-2020-07-10-at-11.38.05.png?fit=1200 1200w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2018\/07\/Screenshot-2020-07-10-at-11.38.05.png?fit=2838 2838w\" sizes=\"(max-width: 2838px) 100vw, 2838px\" loading=\"lazy\"><\/div><\/article><div itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\" class=\"has-padding-top-medium\"><h3 itemprop=\"name\">What credit score do I need for a \u00a3150,000 loan?<\/h3><div itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>When you secure a loan against property, your <a data-trigger-introductory-modal=\"true\">credit score<\/a> becomes a less crucial factor \u2013 but remains a factor nonetheless. The importance given to your credit score will vary by lender, with some lenders <a href=\"https:\/\/www.finder.com\/uk\/secured-loans\/secured-loans-with-bad-credit\">specifically aiming to serve those with bad credit<\/a>. If you have a damaged credit record, you\u2019ll likely be offered an interest rate that\u2019s higher than the very best rates advertised by lenders.<\/p><\/div><\/div><\/div><div itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\" class=\"has-padding-top-medium\"><h3 itemprop=\"name\">How long does it take to get a \u00a3150,000 loan?<\/h3><div itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p><a href=\"#calculator\" class=\"scroll\">Secured loans<\/a> can take two to three weeks to arrange and drawdown. Although there aren\u2019t solicitors involved, a property valuation of some form will be required and if there\u2019s a \u201cfirst charge\u201d over the property, then that lender will also need to give its approval.<\/p><p>These extra steps make secured loans a little slower, but the trade-off for many is access to lower rates and\/or larger sums.<\/p><\/div><\/div><\/div><div itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\" class=\"has-padding-top-medium\"><h3 itemprop=\"name\">How long does it take to pay off a \u00a3150,000 loan?<\/h3><div itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>You can <a href=\"#calculator\" class=\"scroll\">adjust your loan term<\/a> in order to make your monthly repayments more affordable. Similarly, you can <a href=\"#calculator\" class=\"scroll\">increase your monthly repayment<\/a> in order to clear the loan in less time. As a general rule of thumb, spreading repayments over a longer timeframe normally makes for lower monthly repayments (but a higher overall cost). So it really depends on what you can afford to repay each month.<\/p><p>At a fixed annual rate of 4.0%, a \u00a3150,000 loan would take over 17 years to repay if your monthly repayment was \u00a31,000. If you wanted to keep the monthly costs down, and paid \u00a3800 each month, it would take more than 24 years.<\/p><\/div><\/div><\/div><\/div><h3>What do I need to apply for a \u00a3150,000 loan?<\/h3><p>Once you\u2019ve compared lenders and ready to apply, you\u2019ll need to have a few things to hand. Including:<\/p><ol><li>Your bank details and bank statements<\/li><li>Proof of address<\/li><li>Proof of ID such as a driving licence or passports<\/li><li>Proof of employment and income<\/li><\/ol><h3>How do I get approved for a \u00a3150,000 loan?<\/h3><p>Here is a non-exhaustive list of what matters to a lender when it\u2019s weighing up the risk of offering you a loan:<\/p><ul><li>The amount of <strong>equity<\/strong> in your home. This is how much of the property you actually own, i.e. the current <strong>market value of the property<\/strong> minus whatever is still owing to your mortgage provider (if you have one).<\/li><li>Your regular <strong>income and outgoings<\/strong> (and those of any co-signatories, if it\u2019s a joint application). This is crucial when determining whether or not the monthly repayments would be affordable for you. Lenders will want to know <strong>what debt you\u2019re currently carrying<\/strong> and how much that\u2019s costing you each month. If your reason for seeking a new loan is debt consolidation, then naturally this will be taken into account.<\/li><li>Your <strong>credit history<\/strong>. This is a file kept by credit reference agencies which records your borrowing history. Lenders will be hoping to see that you have a history of using credit responsibly. CCJs are also logged in your credit report.<\/li><li>What you want the money for \u2013 i.e. the <strong>loan purpose<\/strong>. Lenders are pretty open-minded when it comes to the loan purpose, but may have a defined list of acceptable purposes or a defined list of unacceptable purposes.<\/li><li>Some routine eligibility criteria like <strong>UK residency<\/strong> (some lenders will specify you must have been a UK resident for a specific amount of time) and <strong>your age<\/strong> (both minimum and maximum).<\/li><\/ul><h3>\u00a3150,000 loans for the self-employed<\/h3><p>Realistically, getting a \u00a3150,000 loan can be slightly harder for self-employed people. These individuals are seen as a higher risk for lenders because their income is perceived to be less stable. Still, there are lenders that specialise in homeowner loans for self-employed people. Expect to be asked for a little extra documentation \u2013 typically two years\u2019 worth of accounts, SA302s\/tax calculations, HMRC tax overview statements and possibly a reference from your accountant as well.<\/p><h3>How to get a \u00a3150,000 personal loan<\/h3><ol><li><strong>Work out your budget.<\/strong> Our <a href=\"#calculator\" class=\"scroll\">calculator<\/a> can help you get an idea of how long a term you\u2019d need to spread the loan over in order to get manageable monthly repayments. As a general rule of thumb, you should aim to clear the loan in as short a time as possible, while ensuring the monthly repayments are affordable. Loans with longer terms tend to come with a variable interest rate (although some secured loans offer an introductory fixed-rate period), so it\u2019s sensible to leave yourself a bit of leeway so that if rates rise, you\u2019ll be able to take it in your stride.<\/li><li><strong>Get to know your credit record.<\/strong> Knowing your <a data-trigger-introductory-modal=\"true\">credit score<\/a> helps understand what options are available to you. For many lenders, you\u2019ll need a good credit score to get approved for a \u00a3150,000 loan. Plenty of companies can help you get <a href=\"https:\/\/www.finder.com\/uk\/credit-score\/free-credit-report\">free visibility of your credit report<\/a> that\u2019ll let you know how you\u2019re tracking. If your credit score doesn\u2019t appear to be good enough, consider applying for a smaller loan or building your credit score first and applying at a future date.<\/li><li><strong>Shop around or, better still, consider a broker or loan-matching service.<\/strong> It\u2019s generally a bad idea to simply go straight to one lender and apply. You should always compare multiple lenders online and look for the best price for the amount you need. For a loan as big as \u00a3150,000 even a slightly better rate can translate into thousands of pounds saved. A decent broker or <a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/personal-loans\/secured-loan-finder-powered-by-loans-warehouse-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22loan-matching%2Bservice%22%2C%22site%22%3A%22UKFPL%22%2C%22offer_id%22%3A%2224814%22%2C%22niche_code%22%3A%22UKFPL%22%2C%22product_id%22%3A%225e794d89-1ae4-4cce-902a-50f6f8138ce9%22%2C%22product_name%22%3A%22Secured%2BLoan%2BFinder%2Bpowered%2Bby%2BLoans%2BWarehouse%22%2C%22provider_id%22%3A%229013df25-9c60-4805-89c4-66f0a3d013de%22%2C%22provider_name%22%3A%22Loans%2BWarehouse%22%2C%22post_id%22%3A%22345008%22%2C%22post_path%22%3A%22secured-loans%252F150000-loan%22%2C%22post_country%22%3A%22uk%22%7D\">loan-matching service<\/a> can take your details and check your eligibility against products from multiple lenders in one go, saving you a lot of time (and hopefully money too). A number of lenders (such as <a href=\"https:\/\/www.finder.com\/uk\/personal-loans\/united-trust-bank\">United Trust Bank<\/a>) actually only offer their loans through brokers.<\/li><li><strong>Apply.<\/strong> Perhaps the easiest way to apply for a \u00a3150,000 loan is <a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/personal-loans\/secured-loan-finder-powered-by-loans-warehouse-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22with%2Bthe%2Bhelp%2Bof%2Ba%2Bgood%2Bbroker%22%2C%22site%22%3A%22UKFPL%22%2C%22offer_id%22%3A%2224814%22%2C%22niche_code%22%3A%22UKFPL%22%2C%22product_id%22%3A%225e794d89-1ae4-4cce-902a-50f6f8138ce9%22%2C%22product_name%22%3A%22Secured%2BLoan%2BFinder%2Bpowered%2Bby%2BLoans%2BWarehouse%22%2C%22provider_id%22%3A%229013df25-9c60-4805-89c4-66f0a3d013de%22%2C%22provider_name%22%3A%22Loans%2BWarehouse%22%2C%22post_id%22%3A%22345008%22%2C%22post_path%22%3A%22secured-loans%252F150000-loan%22%2C%22post_country%22%3A%22uk%22%7D\">with the help of a good broker<\/a>. You\u2019ll provide some basic details, agree to a credit check and the indicative result of your application will usually be made available within seconds. Bear in mind you should only ever formally apply for credit when you\u2019re pretty confident you\u2019ll get approved (lenders and brokers can help you to establish this beforehand). Each application for credit usually involves a search of your credit file, which causes a small (and usually short-lived) negative effect on your credit score.<\/li><\/ol><h3>Should I just remortgage?<\/h3><p>Remortgaging is a popular strategy for homeowners to get hold of huge lump sums. This involves altering your mortgage deal and borrowing against the equity of your property. If you have a lot of equity or can bag a low mortgage rate, this could prove more economical than a personal loan.<\/p><p><a class=\"more-link-arrow\" href=\"https:\/\/www.finder.com\/uk\/mortgages\/remortgaging\"><strong>Full guide to remortgaging<\/strong><\/a><\/p><div class=\"text-center has-margin-bottom-large\"><h3 class=\"has-padding-xsmall\" data-toc=\"false\">Ready to compare rates?<\/h3><a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/personal-loans\/secured-loan-finder-powered-by-loans-warehouse-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Get%2Bstarted%22%2C%22site%22%3A%22UKFPL%22%2C%22class%22%3A%22luna-button%2Bluna-button--success%2Bluna-button--large%22%2C%22offer_id%22%3A%2224814%22%2C%22niche_code%22%3A%22UKFPL%22%2C%22product_id%22%3A%225e794d89-1ae4-4cce-902a-50f6f8138ce9%22%2C%22product_name%22%3A%22Secured%2BLoan%2BFinder%2Bpowered%2Bby%2BLoans%2BWarehouse%22%2C%22provider_id%22%3A%229013df25-9c60-4805-89c4-66f0a3d013de%22%2C%22provider_name%22%3A%22Loans%2BWarehouse%22%2C%22post_id%22%3A%22345008%22%2C%22post_path%22%3A%22secured-loans%252F150000-loan%22%2C%22post_country%22%3A%22uk%22%7D\" class=\"luna-button luna-button--success luna-button--large\">Get started<\/a><\/div><div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000000\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000000\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">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 <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. 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 is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article>","protected":false},"excerpt":{"rendered":"<p>If you\u2019re considering applying for a \u00a3150,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.<\/p>\n","protected":false},"author":195,"featured_media":345069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[10875],"tags":[],"asset_tag":[],"class_list":["post-345008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-secured-loans"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u00a3150,000 loan calculator &amp; eligibility check - Finder UK<\/title>\n<meta name=\"description\" content=\"Learn how to get the best deal on a \u00a3150,000 personal loan. Use our calculator to find the best rates plus what matters for getting your loan approved.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/uk\/secured-loans\/150000-loan\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to get a \u00a3150,000 loan\" \/>\n<meta property=\"og:description\" content=\"Learn how to get the best deal on a \u00a3150,000 personal loan. 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