3

I'm from the UK, working as a contractor for a US company, earning $30k+ annually, and I want to buy a house costing around $100k in a non-EU country. I need an investment visa to do this.

A mortgage for the house is not an option. I have considered this, and (a) the interest rates are very high in that country; and (b) without foreign investment I can't get an investment visa, which is a pretty important part for me.

How might I be able to get a personal loan of around $100k? Am I better off trying to get a business loan?

What other loan types might meet my need?

  • What are the investment visa requirements for the destination country? – Freiheit Jan 31 '18 at 15:08
  • 2
    Ad $30k is only Just over £21k which is absurdly low for an IT contractor id find a better paying job first. – Neuromancer Jan 31 '18 at 20:59
7

It can be very difficult, but not impossible. It will depend on :

  • your working contract (fixed or permanent?).
  • your bank policy (there is huge difference between banks).
  • you relation with your bank ( for new comer the bank is likely to refuse but if you are a good client in the bank and knows the manager, they might accept).
  • your marriage status
  • down payment you can afford (% of the final price)

Go to ask several bank, they all have different policies. If all the banks refuse, you can go to less conventional financing such as private ( family, friend,) or peer to peer lending.

But with 30K of salary in the UK, you need to pay all our expense (including rent) and you want to buy a house somewhere else? How much do you think you can pay every month to reinbouse the loan?

  • 1
    Good answer - the only thing it is possibly missing is a discussion of why this is more difficult given that the OP does not want a mortgage [the bank won't have collateral on the house, and therefore risk is higher]. – Grade 'Eh' Bacon Jan 30 '18 at 14:27
  • the op says a contractor so its a temp /short term contract – Neuromancer Jan 31 '18 at 21:00

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.