|
I am looking at getting a secured loan on my new apartment I bought last year.
If I get a secured loan on this property, but then decide to sell that property, is it possible, as the lender will have security on this for my loan?
Am I able to do this?
Regards
Simon |
|
Yes it is possible to get a secured loan but when you sell it all secured mortgages & loans would have to be repaid so becarefull of redemption penalties.
P.S dont tell the broker that you may be selling the property as his commission may be taken back if you redeem the loan early.
Alex M |
|
Thanks Alex.
I'm looking at waiting to sell, maybe rent it out for a while and get a secured loan on it.
But being an expat, arent there restrictions on getting loans?
cheers
Simon |
|
Been an ex-pat will not prevent you fron having a secured loan if you can prove income then it gets cheaper if it's non status then it will be quite expensive.
Alex M |
|
I was getting mixed up with unsecured loans.
Cheers Alex
Simon |
|
Hi Simon, just for your reference sometimes it's better to keep yourself on the UK voters roll at your parents or even sisters, brothers. That way you will have less of a problem getting things as the lender will see UK residency, trick is voters roll and savings account at that address. that way lenders will be more inclined to deal with you.
Alex M |
|
Cheers Alex,Yeah I have bank accounts and an address in the U.K, but for unsecured loans, they ask for pay statements and as I get paid in Euros, this is a bit difficult.
cheers anyway. |
|
Hi Simon, not quite true. Just got my mate 8K they asked for nothing. He was on voters got a high credit score and sailed through.
Try Cahoot.com
Alex M
p.s. some lenders may and some dont Cahoot normaly dont. |
|
Thanks again Alex.
I'll give those a go.
Regards
Simon |
