Unsecured Loan - Pupose of Loan

skubendr

I am thinking of getting a property abroad and looking for a unsecured loan for £20,000. I am not a home owner in the UK.

1) In the loan purpose if I mention getting property in abroad will it affect
my success of the application?

2) Is it better to apply for 2 seperate loans for £10,000 each or just to apply a single loan for £20,000

Thanks

chani1

some lenders can be a bit funny about lending for that eg if you plan to rent it out it will be classed as business loan which most unsecured lenders don't do and that being the reason for decline. I no its not the best advice but i would say it was for a car or something. your better off with just the 1 loan for many reasons like just 1 interest rate and things like that. Try northern rock they lend to non homeowners. but hust be aware of the risks involved in buying abroad!. hope this helps

chani1

some lenders can be a bit funny about lending for that eg if you plan to rent it out it will be classed as business loan which most unsecured lenders don't do and that being the reason for decline. I no its not the best advice but i would say it was for a car or something. your better off with just the 1 loan for many reasons like just 1 interest rate and things like that. Try northern rock they lend to non homeowners. but justbe aware of the risks involved in buying abroad!. hope this helps

tom188

Why is it that there are so many posts suggesting people lie to lenders at the moment? What has happened to the moral fabric of this country?

iolanthe07

There was a bit in the Daily Telegraph yesterday about a random survey in Virginia where 60% of people sampled had lied on their mortgage applications by inflating their incomes by at least half. I don't think you should take chani1's advice as your application would be fraudulent with possible serious consequences. But I agree with tomm188 - What has happened to the moral fabric of this country? that such a thing is even suggested.