secured loan

rjrs0510

Hi there,

I am currently working abroad, South Korea, and according to the mortgage broker I was dealing with, I cannot get a mortgage for a property in the UK.

I would like to know what other alternatives there are to financing the purchase of the house that I want. I currently have two properties that I own outright and I would like to borrow an amount that is about half the value of these two properties. Is it possible to get a secured loan in these circumstances (currently working abroad). I would like the term to be short, around 3 years.

Any one who has experience of of a similar situation or knowledge of secured loans, your advice would be greatly appreciated. If it makes any difference, the properties I own are in Northern Ireland and the potential house that I want to purchase is in Northern Ireland, too.

Thanks!

[Deleted User]

You will need to be UK resident for a UK loan.

I can't imagine you will be able to get a South Korean loan for a UK property either, due to the collateral being overseas.

DCFC79

Either move back to the uk
Sell one of the properties to buy the other
Or would remortgaging be an option.

Dont know if the last option is even an option but you could find out.

You may have to accept even if you do get the finamce the term might be longer than what than the 3 years.