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    • Stephen.Cockburn
    • By Stephen.Cockburn 17th Mar 17, 9:01 PM
    • 4Posts
    • 1Thanks
    Stephen.Cockburn
    Loans for non-UK residents
    • #1
    • 17th Mar 17, 9:01 PM
    Loans for non-UK residents 17th Mar 17 at 9:01 PM
    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!
Page 1
    • DCFC79
    • By DCFC79 17th Mar 17, 9:25 PM
    • 29,737 Posts
    • 18,828 Thanks
    DCFC79
    • #2
    • 17th Mar 17, 9:25 PM
    • #2
    • 17th Mar 17, 9:25 PM
    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.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • glosoli
    • By glosoli 17th Mar 17, 10:06 PM
    • 574 Posts
    • 328 Thanks
    glosoli
    • #3
    • 17th Mar 17, 10:06 PM
    • #3
    • 17th Mar 17, 10:06 PM
    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
    • By Stephen.Cockburn 18th Mar 17, 10:25 AM
    • 4 Posts
    • 1 Thanks
    Stephen.Cockburn
    • #4
    • 18th Mar 17, 10:25 AM
    • #4
    • 18th Mar 17, 10:25 AM
    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.
    Originally posted by DCFC79

    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
    • By Stephen.Cockburn 18th Mar 17, 10:27 AM
    • 4 Posts
    • 1 Thanks
    Stephen.Cockburn
    • #5
    • 18th Mar 17, 10:27 AM
    • #5
    • 18th Mar 17, 10:27 AM
    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.
    Originally posted by glosoli
    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
    • By glosoli 18th Mar 17, 4:27 PM
    • 574 Posts
    • 328 Thanks
    glosoli
    • #6
    • 18th Mar 17, 4:27 PM
    • #6
    • 18th Mar 17, 4:27 PM
    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.
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