£300,000 - £500,000 loans

Can I borrow a loan up to £500,000?

Most lenders will be willing to approve a loan of £500,000 provided you meet their eligibility requirements – this usually means owning your own home too.

When applying for a large loan amount, the terms of the loan will be set against your property. It’s important to have enough equity in your home to set against a higher-value loan.

Breaking the agreement of a £300,000 to £500,000 loan could put your home at risk. So it’s important you are sure you can make the repayments. The most common ways to borrow this amount of money are via bridging loans and business loans.

What is a bridging loan?

A bridging loan is a short term loan which allows you to complete a sale on a property or to clear a mortgage. They should only be used in the short term and taken out with a view to repaying in full as the interest rates associated with a bridging loan can add a lot of interest over time.

How do you qualify for a business loan?

If your business qualifies for a loan, then you don’t need to personally qualify for it. This means your own credit score won’t affect whether or not you’re eligible for a business loan. All you need is an established and secure business with a proven track record.

Before you apply for a £300,000 to £500,000 loan

Before you apply for a £300,000 or higher loan, there are quite a few things you need to consider.

Equity in your home

If you have a large amount of equity in your home, you’re more likely to qualify for a large loan.

Monthly income and outgoings

Lenders will assess whether you will be able to make your monthly repayments based on your current financial situation, so it’s important to ensure you know the ins and outs of your budget before you apply.

Debts

If you’re looking for £300,000 to £500,000 loan to consolidate debts, this will be taken into consideration - as will the purpose of the loan and the reason why you want to apply for one. It needs to be a suitable purpose to warrant a large loan, so remember to bear this in mind when you apply.

Check your eligibility for a loan

Checking you’re eligible for a loan before you apply is important. To find out more about what you need to be eligible, take a look at our loan eligibility explained guide.

You must be a UK resident aged 18+.

Will I need a valuation on my property?

Yes, you’ll need a valuation on your property when applying for a large loan amount. Part of the terms for a bridging loan require a valuation so that the lender can assess your property’s suitability and determine an LTV (loan to value) so they will know how much you can borrow.

Your £300,000 - £500,000 loan repayment plan

With £300,000 to £500,000 loans, you’ll need to have a structured repayment plan so you’re able to keep on top of repayments. Not being able to make your repayments on time could have serious consequences, from lowering your credit score to losing your property secured as collateral on the loan.

Our secured loan calculator can provide you with a repayments estimate before you apply to help you determine whether you can afford to take out a loan of this amount.

What is the monthly repayment on a £300,000 loan?

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SECURED LOANS - Rates from 6.59% variable. We also have a range of plans with rates up to 65.2% allowing us to help customers with a range of credit problems.

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%.

These amounts may vary depending on your personal financial situation. For larger loan amounts, this loan would likely be secured against your property.

Use our loan calculator to estimate how much your monthly repayments would be.

You can compare these repayment plans against your own finances to estimate your eligibility for a £300,000 to £500,000 loan, and decide how many years you would plan to pay it back over.

What about remortgaging?

If you’re looking to raise cash, remortgaging may be an alternative. By remortgaging you can often reduce your monthly repayments and release some of the equity you have in your home to free up the cash.

Remortgaging isn’t suitable for everyone, and it often helps if you are coming to the end of your current mortgage deal. Early repayment fees from your mortgage lender can sometimes make this a more expensive option depending on how long you have left and the terms of your current deal. Learn more about remortgaging in our what you need to know about remortgaging article.

Borrowing £300,000-£500,000 with Norton Finance

With over 40 years of experience, we offer loan plans for individuals seeking to borrow £300,000 to £500,000. Applying for a loan with us is quick and easy, even if you have been turned away by other lenders in the past.

All you have to do is provide some details regarding your personal and financial circumstances, and our helpful staff will advise you on the next steps.

Frequently asked questions about our loans

What do I need to apply for a £300,000 to £500,000 loan?

To apply for a loan you’ll need to provide us with your personal details, income and employment details. These and any current debts or credit you have already will be assessed in order to calculate whether you’re eligible for a loan.

How much can I borrow?

While this page is about our loans of up to £500,000, you can borrow any amount from £3,000 to £500,000 from Norton Finance.

How long are the repayment terms?

Repayment terms vary across our products. They can be between three and 30 years, to suit your schedule and affordability.

What are the interest rates?

The repayments on a £500,000 loan are based upon your financial history and current circumstances. You can use our loan calculator to get a better idea of interest rates.

How long will it take?

The process can take up to two weeks. Initially, you may receive an instant decision in principle, but you should allow one to two weeks for your application to be processed and for the money to arrive in your bank account.

Are there any loan fees?

Fees differ depending on the type of loan you take out. We may charge a fee of up to 12.5% of the loan amount. This is a typical broker fee and is capped at £3,995, however, this fee does not apply to our unsecured loans.

Can I pay off a £300,000 to £500,000 loan early?

Yes, you can pay off your loan early but you may be charged an Early Repayment Fee.

What happens if I miss a payment?

If you miss a repayment, it’s vital you let your lender know straight away. They will be able to help you to get back on track with your loan repayments.