Is My Bank More Likely To Give Me A Loan?

Gopes

Hi, I am about to buy a property in Portugal (where I grew up) with the intent of renovating and selling (yes, yes, another wannabe property developer).

The intention is to fund part of the renovation costs through an unsecured loan (I'll already have a mortgage on the property, so can't do that) of as much as I can get - ideally £20k

I have checked my credit report with Experian, and apart from a couple of 1 off missed payments over the years (always just a mistake rather than not having the cash), it looks pretty decent. However, I do not have a mortgage in the UK.

I am a private tenant in London, and have been in the same address for more than 2 years now (on the electoral register).

Salary of £27k plus bonus.

The mortgage will be with a portuguese bank in euros (my parents who live out there will act as guarantors). Will this show up on my credit rating here and affect the chances of getting a loan.

All other things being equal from the above information, do I have a reasonable chance of getting a £20k+ loan? Would I have a better chance with my bank (Natwest) - they may not be the cheapest out there, but I have been a good customer for 9 years now - is that likely to count in my favour should my credit rating not prove to be high enough?

Thanks for any advice. Ideally I would like to get the house renovated and back on the market as quickly as possible, so would suit me to borrow part of the money needed for renovation, rather than wait until I can save it (would take a couple of years at least).

Thanks
Gopes

enjoyincubus

I believe banks won't give you a loan for a propery development outside of the UK. It may be worth asking Natwest though to see what their policy is.