Loan for a professional working abroad for a foreign firm

jimmyb78

Hello,

I'm a British citizen trying to source some finance in the UK for a purchase overseas where I work for a foreign company. I'm pretty well paid but I realise I'm likely to encounter large difficulties when trying to get a loan from a UK bank.

I'd like to get around 25000 but realistically any amount would help. Does anyone have any advice or contacts with a company that might be able to help?

Tixy

Do you have a UK bank account?

Are you classed as resident in the UK (even though you work abroad)?

Do you have a UK address?

Is it a personal loan you are looking for? for personal expenditure not related to business and not related to property?

gb12345

jimmyb78 wrote: »

Hello,

I'm a British citizen trying to source some finance in the UK for a purchase overseas where I work for a foreign company. I'm pretty well paid but I realise I'm likely to encounter large difficulties when trying to get a loan from a UK bank.

I'd like to get around 25000 but realistically any amount would help. Does anyone have any advice or contacts with a company that might be able to help?

Are you permantly overseas or just temporarily and do you still have a UK address/bank account?

If you have no connection to the UK any more then no UK lender is going to consider you - the risks of default are just too high.

Are you not able to borrow in the country you now live in?

jimmyb78

I have a UK bank account and a UK property that I pay a mortgage on. I did think of refinancing but don't have too much equity in the property. I am looking for a personal loan that's unrelated to property. I can get financing in my current country (Russia) but loans start at 11.5% and get worse from there. As you can see, I'd be a lot better off with a UK interest rate!

imoneyop

jimmyb78 wrote: »

I have a UK bank account and a UK property that I pay a mortgage on. I am looking for a personal loan that's unrelated to property. I can get financing in my current country (Russia) but loans start at 11.5% and get worse from there. As you can see, I'd be a lot better off with a UK interest rate!

Are you permenantly in Russia or are you still on the Register of Electors in the UK?

If you've been removed from the Register then you are going to fail the credit checks for any lender.

Also, even if you did pass that check, you would need to be earning over 50k a year to borrow 25k.

Tixy

An unsecured loan of £25k at 11.5% wouldn't be a particularly poor rate for that level of loan even in the UK for someone living/earning here (rates UK lenders offer tend to increase above 15k and often again above 20k)

Many lenders won't lend up to £25k (even without the potential residency issues) or will only lend that level for a limited number of uses.

Remortgaging your UK property would seem the logical option (assuming it has sufficient equity in it)?

Tixy

Just seen your other thread - do you want to borrow this money to purchase a property in Russia?

If so you will find that buying property is usually specifically excluded as the purpose for UK personal loans (that would include property abroad).

gb12345

Just had a quick look at Nationwide's application and the first page states as a requirement that applicants must:

Have the full right to live and work in the UK and will be a UK resident for the full length of the loan

I would imagine other lenders will have a similar criteria, so I would say a personal loan is a non-starter.

jimmyb78

Yeah, the residency probably screws me. Oh well, thanks for the input guys!