Nationwide Loans

Compare Nationwide loans

Nationwide is the world’s largest building society offering loans for a variety of purposes including car purchases, home improvements and debt consolidation. A personal loan from Nationwide can be a relatively straightforward way to access extra finance when you need it.

It is also worth considering other forms of borrowing, depending on your exact needs. Avenues that may be worth pursuing include extending the overdraft on your current account, getting a credit card or remortgaging your home.

If you think a Nationwide personal loan is likely to be a good choice for you, make sure you know all of the relevant details before moving forward.

Nationwide personal loans

Applying for a personal loan with Nationwide can be a fast, simple way to get the money you need. This kind of unsecured borrowing is usually best suited to borrowing smaller amounts for shorter periods.

Advantages of Nationwide personal loans

• Borrow from £1,000 to £25,000

• Repay over up to 1-7 years

• Fixed monthly payments

• Apply online in minutes and get an instant decision

Restrictions on Nationwide personal loans

• You must be a UK resident

• You must be aged 18-79

• If you do not keep up with your repayments your credit rating may be affected

• Failing to repay your loan could result in your account being passed to a county court-appointed bailiff to recover the debt

Borrow more with a secured loan

A secured loan may be a better option if you are seeking to borrow a larger amount and/or have a longer repayment period. You can often borrow significantly more with a secured loan and may be able to repay over several decades.

A secured loan will usually be tied to the value of your home or another property you own. Lenders may also use the term “second charge mortgage” for this type of borrowing. How much you will be able to take out as a secured loan will depend on the market value of your home and any mortgage or other debt that is already attached to the property.

Lenders will make a decision on how much to loan you based on your properties Loan to Value (LTV) ratio. This is determined by the amount you want to borrow, plus any existing debt tied to your property, versus the value of the property. So, if you want to borrow £25,000, already have a mortgage of £50,000 and your property is worth £100,000, this gives you an LTV ratio of £75,000/£100,000 or 75%. The lower your LTV ratio, the lower the interest rate you will tend to be offered.

To find the best deals on secured loans, head over to our secured loan calculator.

Need to borrow more than £25k?

The more money you need to borrow, the more details like the interest rate you pay matter. Getting the best possible deal on your loan can make a significant impact on the final amount you have to repay.

Fair Mortgages team of specialist loan advisors can help you find the best deals on loans over £25k for property improvement purposes. Simply call us on 0117 403 4474 or use our contact form to get in touch.