Unsecured loan
Good Morning MSE colleagues,
Happy Monday!
I appreciate this might've been covered but I was not able to find such thread.
I'm struggling to find out how much I can borrow via unsecured loan. My situation is as follows:
1) I currently live in UK.
2) I make approx 90-100k per year.
3) No mortrages, no CC etc, I basically always pay cash.
I'm considering buying property in Europe, I would not be able to take mortrage outside UK unfortunately (and UK banks won't offer mortgage for property abroad). That said, I do have some savings so I was planning to take ideally few personal loans and just pay them off.
I can see that my bank (HSBC) can give me up to 50k personal loan (with 6,7% APR over 30k, otherwise 3.9% APR).
Would I be able to let's say, do 3x30k with HSBC over span of eight years (that's maximum length)? I can easily afford it but not sure I would be allowed to take multiple loans.
Even taking 3, monthly cost would be 3x£360=£1080. I could easily cover twice as that.
If similar thread was discussed, I would appreciate URL
Thank you.
Kind regards,
Adam
Happy Monday!
I appreciate this might've been covered but I was not able to find such thread.
I'm struggling to find out how much I can borrow via unsecured loan. My situation is as follows:
1) I currently live in UK.
2) I make approx 90-100k per year.
3) No mortrages, no CC etc, I basically always pay cash.
I'm considering buying property in Europe, I would not be able to take mortrage outside UK unfortunately (and UK banks won't offer mortgage for property abroad). That said, I do have some savings so I was planning to take ideally few personal loans and just pay them off.
I can see that my bank (HSBC) can give me up to 50k personal loan (with 6,7% APR over 30k, otherwise 3.9% APR).
Would I be able to let's say, do 3x30k with HSBC over span of eight years (that's maximum length)? I can easily afford it but not sure I would be allowed to take multiple loans.
Even taking 3, monthly cost would be 3x£360=£1080. I could easily cover twice as that.
If similar thread was discussed, I would appreciate URL

Thank you.
Kind regards,
Adam
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Also, having no debt you may find it difficult to secure this financing at a competitive rate. This is because there is no evidence of how you manage your money.
You will not be able to take 3 personal loans with HSBC (or any single bank) in a short time of each other.
I can spell, my iPad can't.
Disregarding that, the amount you can borrow will depend on affordability and risk - but 90k looks very unlikely.
You generally can borrow for home improvements, but not for the actual purchase of a property. Assuming the property is in the Schengen area, remember that assuming a British passport you will be limited to 90 in 180 days in the area, including any other business or tourism travel.
I can spell, my iPad can't.
2023 £1 a day £54.26/365
I agree though potentially this is worth a try.
Edit: That director is an EU passport holder just for clarity, most people will be in a position worse than that.
I can spell, my iPad can't.
Trying to get three loans for £30k from the same lender would be challenging, but even if possible, I suspect the APR on the second and third loans would be considerably higher (increased risk as level of debt increases).
That being said, getting mortrage in PL is nearly impossible for someone earning in £. There's a law forcing to take mortrage in currency your income is, and post brexit, none of the banks offer such mortrages in Poland.
I do believe that an income of c.£90k should give me some flexiblity? I'm just not sure how the process of a loan actually works here.
I don't mind taking few loans at seperate banks? I guess my point is that it should be fairly feasible to take a cash loan equating to roughly your yearly income?
Just looking for best way to do this?