Personal loan from bank- advice

geminigem

Hello
Advice please -  I'd like to get a bank loan, around £80,000 from a bank. I'm in stable employment and have been for over a decade and will be for the foreseeable future.  What is the best way to do this please. It will be for property and home improvements.  Is it a straightforward process

JGB1955

Isn't it called a mortgage?

Moneyravingexpert

Could you add this to a mortgage? 

Clive_Woody

Pretty sure most lenders will not do unsecured loans for that amount. Depending on your earnings and current debt (and credit history) you might be able to get a mortgage.

ARH_2

As per other posters, unsecured loans are typically up to 25k. There are some providers who will go up to 50k, but the interest rates really start to rocket, as it's a lot of money to lend with no security.

Beyond 25k, the mortgage application process - although time consuming - is worthwhile.

Dr_Crypto

Can really rich people not get larger loans or is the assumption that they don’t need them? 

benbay001

Dr_Crypto said:

Can really rich people not get larger loans or is the assumption that they don’t need them? 

I assume they would have valuable assets to offer as security, so the loan would no longer be unsecured.

bonkersbonkers1

Some banks certainly used to let A1 credit score customers borrow up to £50,000 on a personal loan, BUT they will not lend to you unsecured to buy a property.

geminigem

ARH_2 said:

As per other posters, unsecured loans are typically up to 25k. There are some providers who will go up to 50k, but the interest rates really start to rocket, as it's a lot of money to lend with no security.

Beyond 25k, the mortgage application process - although time consuming - is worthwhile.

thanks really helpful advice

Shakin_Steve

Just to add, you really haven't picked the best time to apply for a large loan, unless you have enough equity in a property to use as collateral.

RyanHello

Can't you just save your money and have the work done gradually? Just an idea