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Loan to buy property abroad...?
Sorry if this is a daft question, but I've never had a personal loan before...
My wife comes from South America, and a friend of hers from the same country has offered to sell us her flat in the capital city. My wife's family lives there, I lived there in the past and we may consider moving there in the future, so buying property there seems logical. The price would be roughly £22,500. I am currently trying to investigate whether or not it's a good price and investment, but this question is about financing the purchase.
With the asking price given above we could potentially get an unsecured personal loan in the UK to buy the property. I'm just wondering if the bank will ask what the purpose of the loan is, and whether buying property abroad would be considered an appropriate use. Is it likely that they would refuse the loan on these grounds?
I have heard that it's possible to get mortgages for property abroad, but I imagine that this only works in places like Spain where there is high demand. I might also see if I can increase the mortagage on our house in England, but I don't want to re-mortgage because I'm locked into a fixed rate deal.
Any ideas?
My wife comes from South America, and a friend of hers from the same country has offered to sell us her flat in the capital city. My wife's family lives there, I lived there in the past and we may consider moving there in the future, so buying property there seems logical. The price would be roughly £22,500. I am currently trying to investigate whether or not it's a good price and investment, but this question is about financing the purchase.
With the asking price given above we could potentially get an unsecured personal loan in the UK to buy the property. I'm just wondering if the bank will ask what the purpose of the loan is, and whether buying property abroad would be considered an appropriate use. Is it likely that they would refuse the loan on these grounds?
I have heard that it's possible to get mortgages for property abroad, but I imagine that this only works in places like Spain where there is high demand. I might also see if I can increase the mortagage on our house in England, but I don't want to re-mortgage because I'm locked into a fixed rate deal.
Any ideas?
Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning
0
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