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Secured loan

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Trishetta
Trishetta Posts: 1 Newbie
in Loans
Hi and hope you can help. Is it possible to have an English secured loan on a Spanish property that is owned outright? It’s for debt consolidation. TIA

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Don't get a secured loan
    Debt consolidation doesn't work - read the many stories on here of it
    Go to the Debt Free pages and seek advice
  • DE_612183
    DE_612183 Posts: 3,810 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    why not use a spanish bank to get the loan?
  • phillw
    phillw Posts: 5,665 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Trishetta said:
    Hi and hope you can help. Is it possible to have an English secured loan on a Spanish property that is owned outright? It’s for debt consolidation. TIA
    https://internationalservices.hsbc.com/buy-property-abroad/how-to-finance-an-overseas-property/

    You need to think carefully about debt consolidation.
     
  • MalMonroe
    MalMonroe Posts: 5,783 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    I'd never get a secured loan whether in the UK or anywhere else.

    Debt consolidation? Never a good thing. (I speak from experience.)

    Information in the following link may be of help?  https://www.gov.uk/guidance/how-to-buy-property-in-spain
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • MrFrugalFever
    MrFrugalFever Posts: 1,301 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    I echo the above.

    Head on over to the Debt Free Wannabe (DFW) forum board and post an SOA (Statement of affairs - income & expenditure) so we can help?

    Just remember that whatever financial mess you are in, no matter how bad you think it is, there’s always a way out and light at the end of the tunnel. 
    If you believe you can, you will. If you believe you can't, you won't.

    Secured/Unsecured loans x 1 
    Credit Cards x 8 (total limit £55,050)
    Creation FS Retail Account x 1
    Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
    0% Overdraft x 1 (£0 / £250)
    Mortgage Outstanding - £137,707.00 (Payment 13/360)
    Total Debt = £7,400 (0%APR) @ £100pm - Stoozing

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