Loans for non-UK residents

Stephen.Cockburn · 17 March 2017 at 10:01PM

Hi

I am a UK citizen who has been living and working in West Africa for the last 6 years. Im trying to identify ways I can get reasonably priced loans to help me buy some land for a house here - the interest rate at the bank here is above 9%...

Could anyone advise of any products or ways I could take out a lower rate loan from the UK (or from an international bank) without being resident? I do have a bank account in the UK, a family address it is linked to, and also own a property (with mortgage) that I let out, so I was hoping there would be some way to take out a loan. I have already been informed that I could borrow more against my UK property to invest elsewhere, as it is being let out.

Any advice welcome!

DCFC79 · 17 March 2017 at 10:25PM

So you want to build a house in West Africa, why just why ? You not concerned about Boko Haram wanting to take the house ?

That aside I cant see a UK bank agreeing to it.

glosoli · 17 March 2017 at 11:06PM

As you say, you could potentially raise money against the buy to let, as this is an unregulated mortgage agreement (I presume it is let privately and not to family), not effected by the European Credit Directive changes to foreign currency lending.

Stephen.Cockburn · 18 March 2017 at 11:25AM

DCFC79 wrote: »

So you want to build a house in West Africa, why just why ? You not concerned about Boko Haram wanting to take the house ?

That aside I cant see a UK bank agreeing to it.

Why? To live with my family in the beautiful and safe country (Senegal) where I work. You should come on holiday, you might like it.

West Africa is a big place - Dakar is about as far (ie. 4000km) from Boko Haram zones as London is from Aleppo. I assume you're not worrying about Assad!

Any advice welcome.

Stephen.Cockburn · 18 March 2017 at 11:27AM

glosoli wrote: »

As you say, you could potentially raise money against the buy to let, as this is an unregulated mortgage agreement (I presume it is let privately and not to family), not effected by the European Credit Directive changes to foreign currency lending.

Thanks - I was advised by my bank that, not being resident, I could only borrow against it to fund another property purchase in UK (but if I was resident it would be less restrictive).

It is not let to family.

Not sure if any other options or ways around that?

glosoli · 18 March 2017 at 5:27PM

You could try another lender and re-mortgage,

I processed an application yesterday for an applicant who lived in East Asia, and paid in said currency, on a buy to let application to release funds for debt consolidation, so it is possible.

Loans for non-UK residents

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