Borrow money to move abroad

Question

I live in the UK, and I am planning to leave the country next year for another European country.

I have lived in this country for more than 5 years, and I have an excellent credit score. I have also savings, let's say 10k, and I would like to ask for a personal loan of equal amount to cover the expenses related to the move (deposit for renting another house, expenses to move all my things, etc.). I do not want to use my savings because I would like to keep that money available in case of emergency.

I have been a customer of my bank since I moved here, there is a possibility to open a bank account with them abroad, and even that I will move in a country where they have physical branches (even though I am not sure that I will move in one of those countries).

Will a bank allow me to borrow with such reason? or going abroad is a too high risk for them?

Answer 1

With a suitable credit rating you should be able to get a personal loan without having to give any specific reason for the loan. They will certainly require you to be UK resident at the time of the loan application, but they’re unlikely to require that you remain UK resident in the future.