If you are looking for a long term loan then two possible ways to get this kind of finance are with a personal and a secured loan.
A personal loan, also referred to as an unsecured loan, is one which does not require any asset as backing, for example a house. As long as you are a permanent UK resident with a fixed address then you qualify for one of these. You can borrow over a period of up to 10 years, and an amount of up to £25,000 this way. The maximum amount you can borrow will depend upon your credit score.
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A secured loan is a way of borrowing a much larger amount over a longer period. Because the lender is lending you a lot more money, this method of borrowing means you need an asset to borrow against, as the lender is at much greater risk of losing money if you cannot pay the loan back. So the secured loan will be put as a 'charge' against your house, meaning if you cannot pay it back then the lender can sell your house to get back what you owe. This kind of loan obviously requires careful consideration. However it does mean you can borrow up to £100,000 over a period of up to 25 years, which is an extremely flexible way of borrowing money. You can choose to clear your loan quickly, paying much more each month, or borrow over a very long period, drastically reducing your monthly repayments.
Careful consideration of both options should provide you with the best and hopefully cheapest way to get the long term loan that you require. The figures shown are applicable to the UK only.
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