I work overseas. Now with all this salary shading I can't borrow that much and I hate banks anyway so prefer to buy outright if I can. I have 70k, can borrow 20k from family as a deposit and looking at a small miners shack in the sticks. With a 35k personal loan I could just about get there. Any views on this situation of using personal finance loans to get there rather than a mortgage? I really just want a place to live when I get back from Australia, write my books and do some art.
I would think it to be very hard if you live overseas. They would be worried about the recovery of the money.
i suspect an expat style, mortgage secured loan will be easier for you to get than a personal loan of that quantum what is the currency and the approx income pls ? ta rolf
Sounds like you can probably just work overseas for a few more years and save your way there? Dont imagine the miners shacks are moving up much.
Why would you pay a high interest personal loan over a lower interest mortgage, with an offset account? Bizarre Edit - and avoid borrowing from family if you're struggling to get where you want to be
If you are looking for an old miners shack in the sticks, you probably can negotiate hard and not have a need for a personal loan. Good luck I had a colleague who used a personal loan for a deposit for a house. Not sure how he secured such a loan.
What do you do overseas? And is this a well thought out plan? You want a 13% unsecured loan against a shack where correct me if I’m wrong but you don’t plan on working? How will you repay the loan and live?
