Spanish resident wishing to raise funds for property repair.

Posted on 21 January 2011 by Glynis


I live in Spain and own outright a property here and another in the UK which is let. I need to raise approx 20k on the UK property for repairs. As a Spanish resident but with UK rental and pension income is this possible?

Glynis,

The amount you wish to borrow is going to make this difficult to arrange, for instance Lloyds International require a minimum loan of £100,000. You may also find that the length of time that you can arrange a loan over is restricted by your age.

If the UK property is already mortgaged I suggest you start with your existing Lender. A Further Advance is nearly always going to be cheaper to arrange than a new mortgage. If you do not currently have a mortgage on this property then there are UK Lenders who will consider an application from a Spanish resident, but this will be subject to your personal circumstances and the property providing adequate security.

I recommend that you speak to a UK independent mortgage broker with experience of arranging mortgages for non UK residents and also enquire about the possibility of raising funds locally.

Peter

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