Chiclanagir

I am looking to get a personal loan for some building work in the UK of say 5k. Lived abroad for 6 years but own property in the UK and have UK pensions. How difficult would it be to get a loan? Has anyone done it?

HBG

Taking the exchange rate into account, would you not be better off getting the loan here in Spain and changing it into pounds in the UK?

Chiclanagir

I don´t know I have no experience of that or what interest rates would be here.

HBG

I have no recent experience of it either, but I know that the local bank manager here in Spain has the power to set the interest rates according to the customer’s needs, it’s far more flexible than in the UK. If you know him, he might be amenable to talk over lunch.

Bigger Jim

I have a UK Bank account, a place in the UK to which my bank information is sent, various UK pensions and have no problem in getting loans from my UK bank.

I make no attempt to hide the fact that I have a place in Spain, spend half a year here and indeed transfer money to my bank in Spain from the one in UK. I am with Lloyds. Took out a loan in the Summer.

Jim

Chiclanagir

Jim, it is Lloyds whom I have the account with. Do you live half the year in the UK?

Fredbargate

Personally if I wanted a sterling loan and my income ( pension ) was sterling I would opt for a UK bank loan.

Saves any messy exchange fluctuations.

Chiclanagir

I would but can´t find anyone who will give me one even though I have UK assets, pay UK tax and have UK income oh and a UK bank account!

scampicat

I do not think you will get a Bank Loan if you are not UK resident, no matter what assets you have in the UK, nor what tax you pay, I think it is residency that is the key.

Do you have a UK Credit Card with enough credit limit on it? Maybe you could use that.

Otherwise try for a Spanish bank loan as mentioned above.

Bigger Jim

Yes I do live here for 6 months and have my pensions paid into Lloyds.

I have been with them for a long time and if I want a loan they just ask how much. If I want money transferred to Spain I normally get them to do it and accordingly just assume they are completely au fait with my situation.

I dont volunteer information and they don't ask.

Jim

pwwm

I think what a previous poster means is. do you have UK address? or if it is a Spanish one then I am pretty sure you wont get loan in UK.

If you read what they tend to have on web site it says you have to be UK resident.
Good idea though re credit card if you have enough on it.

Bigger Jim

When I left the Service I went on a resettlement course and one of the things they stressed was track record if you wished to borrow money. To develop that they suggested we borrow money from the bank, pay it back and repeat the process until you had a reasonable track record of borrowing and paying back.

I would have thought they would be reasonably sympathetic if you stressed that the loan was to pay for repairs to property in the UK.


Jim

Bigger Jim

You might Google "Money Saving Expert" for advice

Jim

Chiclanagir

30 years with Lloyds! In fact you can see the property from the bank.

jackytoo

Why not just call the bank and ask