Loans to Pay other Loans - Other Countries

Sir_Peter

Good evening!

I have an investment property abroad which I have a laon for i that country. I am getting charged transfere fees every month for the sirling that I send to the bank in that country. I was thinking would it be better for me to just take out a years amount of the repayments, put them in the bank over there and use that money to repay the loan, and then just repay the loan over here as you normally would?

The interest rate is higher for the investment loan than the standard UK rate, so I would be saving a little there, and in the fees, and I would also know what exchange rate wouldbe?? My question is will a bank need to know why I am getting a loan, and how would I get hold of the cash, as most laon are for cars etc??

Thank for your help.

as400

"My question is will a bank need to know why I am getting a loan, and how would I get hold of the cash, as most laon are for cars etc??"

What the loan is for doesn't influence the credit score that much so just put anything in, maybe car or home improvement, you can always say you changed your mind later.

Once the money is in your account you can take out as much cash as you want, though your bank may ask for ID before they give it to you as you may be a member of Al-Qaeda or a drug dealer.