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Taking a loan in the UK as a non resident UK home owner?
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I need to borrow around 15k, for personal reasons. I own a house in the UK, but I currently live in Spain and my only regular income is my pension. Is there any way to borrow against the house (which I plan to sell soon anyway)? Or any other options that might work for me?
I am technically still registered there, but as I haven't been back in over a year because of covid I'm guessing I must deregister as a resident there asap.
I am technically still registered there, but as I haven't been back in over a year because of covid I'm guessing I must deregister as a resident there asap.
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Due to Brexit some banks won't be interested in doing business with anyone living in quite a few Euro countries. I would have thought it might be more straight forward to get a load in Spain - but I have no idea of their banking system.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions 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.
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Even with a house there as collateral?Brie said:Due to Brexit some banks won't be interested in doing business with anyone living in quite a few Euro countries. I would have thought it might be more straight forward to get a load in Spain - but I have no idea of their banking system.
I was actually supposed to have sold the house by now, but covid has made everything difficult.1 -
Houses are selling very well just now in most of the UK. Getting a move on to sell as quickly as possible is likely to be your best bet.
Lenders like income. They want you to pay off your loan directly, rather than having to mess about with security, and possibly repossessing assets.0 -
Secured loans are normally high interest and high set up fees. Try and get a quote if you must have £15,000 right now or speak to your Estate Agent and get the house sold.
Covid has changed the way we live, but people are still buying houses.0 -
What about something like a bridging loan? Or if I had started the selling process of the house, would a bank lend me the money for a short period until after the house was sold?
The interest rate is not so important, of course I want the lowest rate possible, but a high rate is a better option than no loan at all.0
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