Loans as a non UK resident

[kevinandjane@shaw.ca]

Hello,

We are two Canadians looking to relocate to the UK on an ancestry visa. We would like to purchase a business over there. Does anyone know what the rules/polices are in relation to non resident person borrowing money for a business? As far as down payment, credit rating etc., we would have no problem. And we are looking for other solutions besides a "high risk" thus "high interest rate" lending relationship. Thank you.

Kevin

[UKbound]

Generally, your credit history doesn't travel with you, so having good credit in Canada won't count in the UK. Think of it like you're 18 again and starting out..

Also, credit in the UK is tracked via your voter information with your local council, so that could make it difficult to get a loan here if you're not resident. Also, even if you are resident, if you're not permanent resident, many banks or loan companies won't touch you, since there is no permanency to your stay.

If you want to finance something, your best bet is to deal with a mortgage or loan broker that can explore the options. Another option is to finance it based upon being a foreigner, the same way you might finance property in the US or other parts of Europe.

Hope that helps.