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I need a loan, but I live abroad
Hi,
I have a property that I have been renting out for over 10 years. Due to circumstances beyond my control, I have to find another agent to look after it. The agents that have viewed the place so far seem to think it needs upgraded. I thought this was fair enough, but they estimate the cost to be in the region of £15,000. This is a lot more than I anticipated and if I go ahead, I will need to get a loan.
That may seem straight forward, but I live and work in China, where my income is plenty to live on, but not much by UK standards. There is no mortgage on the property which is worth in the region of £150,000. They reckon a rental income of £600pcm.
My problem is that I am afraid to start looking around for a loan because it might adversely affect my credit score. I still have UK bank accounts and credit card, and have never missed payments or gone over my overdraft limit.
What route should I try first? Unsecured loan, secured loan, BTL remortgage………..
I am still trying to find a way of doing the work cheaper, and really am trying to think of this £15,000 as the worst case scenario.
I have read that you have to be a UK resident to get a UK loan. But then I see other people mentioning loans and mortgages for expats. It’s all a bit confusing.
Has anyone any ideas of the best way to go?
Thanks
Alan
I have a property that I have been renting out for over 10 years. Due to circumstances beyond my control, I have to find another agent to look after it. The agents that have viewed the place so far seem to think it needs upgraded. I thought this was fair enough, but they estimate the cost to be in the region of £15,000. This is a lot more than I anticipated and if I go ahead, I will need to get a loan.
That may seem straight forward, but I live and work in China, where my income is plenty to live on, but not much by UK standards. There is no mortgage on the property which is worth in the region of £150,000. They reckon a rental income of £600pcm.
My problem is that I am afraid to start looking around for a loan because it might adversely affect my credit score. I still have UK bank accounts and credit card, and have never missed payments or gone over my overdraft limit.
What route should I try first? Unsecured loan, secured loan, BTL remortgage………..
I am still trying to find a way of doing the work cheaper, and really am trying to think of this £15,000 as the worst case scenario.
I have read that you have to be a UK resident to get a UK loan. But then I see other people mentioning loans and mortgages for expats. It’s all a bit confusing.
Has anyone any ideas of the best way to go?
Thanks
Alan
0
Comments
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colin01... post reported... :rolleyes:0
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mountainchrisriver wrote: »colin01... post reported... :rolleyes:
I'm sorry, but I don't know what that means
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I'm sorry, but I don't know what that means
There was probably a spam post that has been reported and removed.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0
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