£90,000 unsecured loan. Possible or not? No equity but GOOD FOR THE MONEY!!

SchoonerBoy

Hello all,

Apologies if this has been covered elsewhere but I could not find a definitive answer.....

MY BACKGROUND: I have a completely clear credit history, a good job (£55k/annum), am single with no children and want to purchase my first property. However the property I want to buy is abroad. I have done my research and none of the usual High Street lendors are willing to lend on a property in the country I want to purchase in. It is possible to go through brokers but they require 50% LTV which I do not have and it takes in excess of 3 months to get a decision. I have a deposit of 10%.

MY QUESTION: WILL I BE ABLE TO GET AN UNSECURED LOAN FOR £90,000?

It seems like £25,000 is the ceiling at the majority of the lendors with just the usual 'debt consolidation crowd' offering miracles of loans up to £100,000! Am I being a synic or is this true.

Incidentally I haven't applied for a loan from this latter group of companies as I am unsure whether this affects my credit score. Am I correct or should I ask for a quote?

Please can someone tell me where I might be able to get a loan. The frustrating thing is that if the property were in the UK any number of lendors would be 'throwing' money and contract terms at me. I don't want to miss the boat..... I AM GOOD FOR THE REPAYMENTS!!

Many thanks. All replies greatly appreciated.

mountainofdebt

would YOU end someone £90K without any security????

I guess the answer would be no as well

Personally I wouldn't touch those debt consolidation companies with a barge pole but that's just me.

jonesMUFCforever

Debt consolidation won't touch you either unless you have security.

mrcow

SchoonerBoy wrote:

'debt consolidation crowd' offering miracles of loans up to £100,000! Am I being a synic or is this true.

I doubt it, as these are usually secured.

You could always try and get the £90k over more than one loan, but on a salary of only £55k, I'd doubt you'd get anywhere near enough unsecured, and you'd probably be refused credit befire you reached your goal. Your best bet would be to try and do some "fast track" saving, although how reasonable that is with your outgoings etc, only you know.

BTW, asking for a quote won't affect your credit "score" but will appear as a search on your credit record, something that can go against you if you have too many searches in a short space of time as it look as if you're scrambling around for credit.

waddy80

What counrty are you buying in? Would it not be possible to get a loan / mortgage from a bank in that counrty?

bert&ernie

£25,100 is the maximum value for a loan covered by the Consumer Credit Act - hence £25K is generaly the most you can borrow on an unsecured basis.

seven-day-weekend

http://www.property-abroad.com/OP/PA/Getting-a-mortgage.htm

http://www.propertyfinance4less.com/home.html

Don't know whether these pages will be of any help....

Snaggles

Hello, I work as a credit underwriter for a major bank, and can confirm what the above responses have indicated - on an income of £55k, most major high street banks would look at a loan of £35k-£40k unsecured, dependant on what other borrowing you have (although not cca regulated, an unsecured loan of this size can still be done - normally at about 3-4% above base rate, and usually with an arrangement fee, which can be quite high, 1% - 1.5% is quite normal), BUT as you are looking at unsecured borrowing, banks would probably look at a maximum term of 7 years, therefore the monthly repayments would be very high. The best option might be to look at the companies on the above post which specialise in buying properties abroad. Hope you do manage to find a solution and go ahead with your purchase!