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Live in US, need UK loan.

Live in US, need UK loan.

Old Dec 10th 2007, 11:17 pm
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Default Live in US, need UK loan.

I am a UK citizen relocated to the US. I need to take out a loan for building and repairs on my house in the UK. Does anyone know whether the UK banks will lend me the money (about 20K) as I no longer live there?
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Old Dec 10th 2007, 11:23 pm
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Default Re: Live in US, need UK loan.

Originally Posted by JCRUK View Post
I am a UK citizen relocated to the US. I need to take out a loan for building and repairs on my house in the UK. Does anyone know whether the UK banks will lend me the money (about 20K) as I no longer live there?
I would think it depends on which bank you are with and what your relationship with them is like. Why not give them a call?
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Old Dec 10th 2007, 11:29 pm
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Default Re: Live in US, need UK loan.

Originally Posted by JCRUK View Post
I am a UK citizen relocated to the US. I need to take out a loan for building and repairs on my house in the UK. Does anyone know whether the UK banks will lend me the money (about 20K) as I no longer live there?
Can we assume you don't have a current UK bank account? How long ago is it since you relocated? You say that you have a house in the UK, so do you have a mortgage on it? How would you repay the loan? Questions, questions...

If no one can give a concrete answer to your questions here at BE, I may be willing to contact my own bank to assess things in principle for you (subject to you not having a UK bank a/c and/or a UK mortgage).

Mike
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Old Dec 10th 2007, 11:33 pm
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Default Re: Live in US, need UK loan.

Originally Posted by JCRUK View Post
I am a UK citizen relocated to the US. I need to take out a loan for building and repairs on my house in the UK. Does anyone know whether the UK banks will lend me the money (about 20K) as I no longer live there?
My guess is that if you have enough assets to back up the amount you need to borrow it'll be fairly easy.. as I said, I'm only guessing..
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Old Dec 10th 2007, 11:34 pm
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Default Re: Live in US, need UK loan.

Originally Posted by britex01 View Post
Can we assume you don't have a current UK bank account? How long ago is it since you relocated? You say that you have a house in the UK, so do you have a mortgage on it? How would you repay the loan? Questions, questions...

If no one can give a concrete answer to your questions here at BE, I may be willing to contact my own bank to assess things in principle for you (subject to you not having a UK bank a/c and/or a UK mortgage).

Mike
Thanks for your help Mike.

I relocated two years ago and have current accounts with LLoyds and IF. I also have a mortgage with Alliance and Leicester but am not keen on adding to it.
I would have to repay the loan by sending money from the US.
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Old Dec 10th 2007, 11:39 pm
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Default Re: Live in US, need UK loan.

Originally Posted by JCRUK View Post
Thanks for your help Mike.

I relocated two years ago and have current accounts with LLoyds and IF. I also have a mortgage with Alliance and Leicester but am not keen on adding to it.
I would have to repay the loan by sending money from the US.
If you want a mortgage using the security of your property, there is a limited market, you might up ending paying a few more points.

If not, then proably best to take out the loan here in dollars, as you will be using dolars to re pay. plus I would have thought you have little chance of a UK Loan.
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Old Dec 11th 2007, 12:29 am
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Default Re: Live in US, need UK loan.

Originally Posted by JCRUK View Post
Thanks for your help Mike.

I relocated two years ago and have current accounts with LLoyds and IF. I also have a mortgage with Alliance and Leicester but am not keen on adding to it.
I would have to repay the loan by sending money from the US.
Okay, I'm not a big business finance wizard but you say that have both bank and mortgage accounts in the UK, but you don't want to add to the mortgage (1st mortage?). Then what about LLoyds, for example (2nd mortgage?). Or another bank?

Interest rates have recently gone down, I believe, albeit marginally.

Alternatively, is there someone you trust implicitly in the UK - a family member perhaps - who can supervise the building and repairs on the house on your behalf, through whom you could pay the bills on invoice from the UK via a bank loan in the States?

Pinching at straws I'm afraid, but other posts might prove more helpful.

Mike

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Old Dec 11th 2007, 12:39 am
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Default Re: Live in US, need UK loan.

Originally Posted by britex01 View Post
Okay, I'm not a big business finance wizard but you say that have both bank and mortgage accounts in the UK, but you don't want to add to the mortgage (1st mortage?). Then what about LLoyds, for example (2nd mortgage?). Or another bank?

Interest rates have recently gone down, I believe, albeit marginally.

Alternatively, is there someone you trust implicitly in the UK - a family member perhaps - who can supervise the building and repairs on the house on your behalf, through whom you could pay the bills on invoice from the UK via a bank loan in the States?

Pinching at straws I'm afraid, but other posts might prove more helpful.

Mike

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As I said before I think he is best to call his bank and see what they can suggest. Failing that he could get a loan here...anyone can get a loan here...and use this to pay for the repairs. Which ever gives him the best rate I suppose.
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Old Dec 11th 2007, 3:50 am
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Default Re: Live in US, need UK loan.

Originally Posted by JCRUK View Post
I relocated two years ago and have current accounts with LLoyds and IF. I also have a mortgage with Alliance and Leicester but am not keen on adding to it.
I would have to repay the loan by sending money from the US.
We extended our mortgage by about £20k while I was living in the UK and earning nothing and my husband was living in the US and earning dollars.

He had to send a letter from his employer verifying that he worked there, what his wages were, and that it was a permanent position. That was all that was required apart from the usual bunch of forms.

Why don't you want to extend your mortgage? Wouldn't it be the easiest option?
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