Personal Loans

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12 Oct 2010 00:00 by Ziggyblue Star rating. 36 posts Send private message

This is my first time of posting and I had problems starting a new thread so apologies for putting it on the Spanish Mortgages thread.

I own a property in both Spain and the UK and am looking for a small personal loan to make improvements on my UK property. I have a UK bank account and have no mortgage on either property. My own bank in the UK don´t want to know as I am a Spanish resident. Does anyone have any ideas?  Or has any one got a similar loan from a Spanish bank?  Any ideas would be appreciated.





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12 Oct 2010 21:02 by EOS Team Star rating in In Spain of course!. 4018 posts Send private message

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I would be surprised if a bank in Spain would give you a loan to fix up your property in UK....especially as they are not too keen at lending anyone anything these days.

However, if you are working and feel that you have a decent credit history then you could just ask them to see what they would say if you wanted a personal loan "to buy some new furniture" for example, and just see what they say.

Justin



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12 Oct 2010 21:11 by Ziggyblue Star rating. 36 posts Send private message

What difference does it make what I need the money for as long as I can prove I can repay it? 





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12 Oct 2010 21:16 by EOS Team Star rating in In Spain of course!. 4018 posts Send private message

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I suppose it shouldn't but if you tell the bank that the money is going abroad then they may class that as "high risk" and not lend it to you.

I know someone who had this issue but in the opposite direction so that's why I suggested you just put the feelers out with the bank and see what they say, especially as they just aren't as willing to lend money at the moment as they used to.

Justin



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12 Oct 2010 21:31 by Ziggyblue Star rating. 36 posts Send private message

All very stressful.  It all comes of being too honest in the UK before moving over.  Should never have told the bank that we were moving but kept the address that I own as my main residence.  I take your point about the furniture though.  We are not asking for a fortune.





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12 Oct 2010 22:10 by sharonw Star rating in Coin, Malaga. 281 posts Send private message

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Hi Ziggyblue,

Do you work here in Spain or is your income from the UK?  As far as I know there is a lender here in Spain that will grant a personal loan but the rates are high and maximum term is 8 years.  The lender stresses that income must be good........!

 



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Sharon

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 www.themortgageservicegroup.com

 




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12 Oct 2010 22:19 by Ziggyblue Star rating. 36 posts Send private message

Income is all from the UK - pensions plus rental income.  Only want three years.





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13 Oct 2010 10:07 by joanmalaga Star rating in Costa del Sol. 420 posts Send private message

As long as you have an income and no mortgages on either property you should have it quite easy. 

Depending on the amount you want they may offer you a small mortgage on the Spanish property instead of a loan.

As for taking the money abroad, make sure you dont tell them before you get the money, you can say its for whatever you want:

Repairs, furniture ..... just dont mention the UK

Joan





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13 Oct 2010 10:54 by Ziggyblue Star rating. 36 posts Send private message

I definitely don´t want a mortgage on my property just looking for 5k





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13 Oct 2010 12:14 by joanmalaga Star rating in Costa del Sol. 420 posts Send private message

You should be able to get that no problem, its a small amount





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13 Oct 2010 12:16 by Ziggyblue Star rating. 36 posts Send private message

I hope so Joan.  Just off now to try and make an appointment with my bank manager.  Did try Gib banks and building societies but not interested.





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