£150,000 - £200,000 loans

Can I borrow a loan up to £200,000?

Most companies are happy to arrange for you to borrow big loans of up to £200,000 as long as you meet their criteria for lending.

Consider that when applying for a large loan amount like this, the terms of the loan will be set against your property. So, you need to make sure you own enough equity in your home to secure against the £150,000 to £200,000 loan.

It’s important to make sure you can afford the loan in advance and are able to make the repayments on time, as breaking the agreement could put your home at risk.

Before you apply for a loan

Before you apply for a £150,000 to £200,000 loan, there are a few things you will need to consider:

Your regular income and outgoings

Before you apply, you’ll need to calculate your monthly income, regular expenses, and current debts. This will help a lender determine whether you can afford the monthly repayments on a £150,000-£200,000 loan. Lenders will evaluate the source of your income and its stability. If you’re applying to consolidate existing debts, lenders will consider these existing debts and how much they cost you each month.

Your security

When applying for a large secured loan, it’s important to evaluate the value of your property. You can calculate the amount of equity in your home (i.e. how much of the property you actually own), by taking the property’s current market value and subtracting the money you still owe towards your mortgage. The more equity you have, the less risk a lender will face, which means potentially better rates.

Your credit history

Lenders will usually check your credit rating before they accept your loan application, so they can see your borrowing history and any county court judgements (CCJs) for debt. It’s useful to be aware of your credit report in advance to answer any concerns or questions the lender may have.

The purpose of your loan

Make sure there’s a clear reason for your loan application as some lenders may have a defined list of acceptable or unacceptable purposes.

Check your eligibility for a loan

It’s important to find out the lender’s eligibility criteria when you apply for a loan. This usually varies depending on the loan amount and your financial situation, but generally all loans will require you to be a UK resident aged 18 and over.

Take a look at our article on loan eligibility for further advice on whether you can apply for a £150,000 to £200,000 loan.

Does credit score matter for a secured loan?

As your home will be secured against the loan amount, your credit score isn’t the only factor considered during your application.

Different lenders place different importance on your credit history. Some loan products are designed to help you get your financial situation on track.

But remember, the better your credit score, the lower the interest rate might be.

Your £150,000 - £200,000 personal loan repayment plan

With large secured loans, it’s better to plan in advance how much you’ll have to pay back and when so you can keep on top of repayments. Not being able to make your repayments on time could have serious consequences, from a negative mark on your credit score to major risks like losing your property.

Our secured loan calculator can provide you with an estimate before you apply to help you determine whether you can afford your desired loan amount.

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Representative example

SECURED LOANS - Rates start at 6.59% variable. We also have a range of plans with rates up to 65.2%, giving us the flexibility to help you find a loan that suits your needs.

Representative example: if you borrow £34,480 over 10 years, initially on a fixed rate for 5 years at 7.60% and for the remaining 5 years on the lenders standard variable rate of 8.10%, you will make 60 monthly payments of £467.50 and 60 monthly payments of £473.06.

The total repayable would be £56,528.60 (This includes a lender fee of £595 and a broker fee of £4137) The overall cost for comparison is 11.3% APRC representative.

The maximum APR is 36.6%.

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Should I consider remortgaging?

Remortgaging may be an alternative if you wish to raise funds. You can develop your long-term financial relationship with your existing lender or find a new one, whilst releasing some of your equity for a financial lump sum.

For further advice and information, take a look at our helpful guide to remortgaging. It highlights the potential benefits of remortgaging, from securing a better interest rate to reducing monthly expenses. It also explores the range of remortgaging products available, so you can see which would work best for you.

Frequently asked questions about £150,000 to £200,000 loans

What do I need to apply for a £150,000 to £200,000 personal loan?

To start your online loan application, you’ll need to provide:

• Your full name and date of birth
• Residential address(es)
• Employment status
• Details of your income

It only takes a few minutes to provide these details. You can use recent bank statements, mortgage statements or payslips to make the process as smooth as possible.

A friendly advisor may also get in touch, so it helps to have further information to hand, such as details of any other debts you may have.

How much can I borrow?

Norton Finance offers a range of small and large personal loans. While this page is about our £150,000 to £200,000 loans, you can borrow anywhere between £3,000 and £500,000.

How long are repayment terms?

The repayments on a loan of up to £200,000 can be anywhere between one and 30 years. It all depends on what you’re comfortable paying back each month.

What are the interest rates?

Our homeowner rates start at 6.59%, but most of our loan interest rates will depend on your individual financial circumstances.

How long will it take?

Some decisions might be instantly received within 24 hours of submitting an application. However, it’s best to allow up to two weeks for your application to be processed and the money to appear in your account.

Are there any loan fees?

As we are a broker rather than a bank, we may charge a fee of up to 12.5% of the loan. However, this fee is always capped at £3,995.

Can I pay off a loan early?

Yes, you are able to repay the full amount of your loan in advance, whether that’s a £150k loan or a £200k loan. However, doing this may incur an early repayment fee.

What happens if I miss a payment?

If you are late making a loan repayment, it is best to get in touch with your lender straight away. They might be able to arrange an extension or restructure your repayments to help you get back on track.

Borrowing £150,000-£200,000 with Norton Finance

With over 40 years of experience, we offer loan plans for individuals seeking to borrow £150,000 to £200,000. Applying for a loan is quick and easy; all you have to do is provide some details regarding your personal and financial circumstances.

Whether it’s your first time applying for a large loan or you’ve been previously turned down, our advisors are happy to share their expertise and help you find the perfect loan for your situation.