BBVa Loans....
Join Date: Sep 2012
Location: Uk
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BBVA Loans
How easy is it to get a loan from BBVA? ... I'll re-phrase, what do they look for in order to grant the loan? how long, on average, is the response time to know if you have been granted a loan? and what do you need to have when applying for a loan with BBVA?
Join Date: Nov 1999
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That depends! It isn't "easy" to get a loan from any reputable lender these days unless you satisfy fairly strict creditworthiness criteria.
For secured lending, they look for security usually a suitable property in either the UK or Spain. The property should have no more than one secured charge (mortgage) already on it. Your proposed loan will form the basis of a second charge (unless it is already mortgage free.)
The total amount of the combined charges (the existing mortgage and the proposed loan,) should not exceed 60% of the value of the property.
The loan proposer (you) and or your guarantors, should be able to satisfy affordability and credit criteria in accordance with the banks normal lending policies.
The response time will vary depending on the result of those checks and the criteria being met. An "in principle" decision should be quite rapid.
For secured lending, they look for security usually a suitable property in either the UK or Spain. The property should have no more than one secured charge (mortgage) already on it. Your proposed loan will form the basis of a second charge (unless it is already mortgage free.)
The total amount of the combined charges (the existing mortgage and the proposed loan,) should not exceed 60% of the value of the property.
The loan proposer (you) and or your guarantors, should be able to satisfy affordability and credit criteria in accordance with the banks normal lending policies.
The response time will vary depending on the result of those checks and the criteria being met. An "in principle" decision should be quite rapid.
I have my loan with BBVA. I took this out back in 2004 before starting at FTE in 2005.
I got 4/5 of the amount I needed, due to the equity in my parents property
Just make sure you have a backup plan!!!!
I got 4/5 of the amount I needed, due to the equity in my parents property
Just make sure you have a backup plan!!!!
Several people I know have/had a BBVA loan at some point in the past and all of them seem to have very similar views on the company and loan as a whole.
Firstly, they seem to be quite willing to lend the money as long as you have the equity in your UK house. They will only accept up to 60% of the unmortgaged value of a property so in most cases (and I stress MOST) they will not be able to repossess your/family's houses.
Secondly they are not the best as a banking institution - especially comparable to UK Banks such as Halifax or HSBC. They have two people who sort out and manage loans/accounts for CTC, OAA and FTE so as you can imagine they have a lot on their plates. Replies often take days and answers are given to questions that weren't asked. You have to open a current account to go with the loan but I don't know of anyone who has used it - as what you can do with it is very prohibitive.
Thirdly, if you are planning on getting one of these loans always start your application early, and always read the small print or you may be in for a surprise. It's not unknown for people to have taken about 8/9 months to get a loan sorted and it can have a big impact on course start dates etc. Always get a solicitor to go over the contracts once you get them, and if you find something they don't like then ask to change it - as it can be done!
For most people this is the only way to get onto an integrated course and it does work. They are a stable bank with huge divisions in Spain and South America. Just make sure you start early!
Hope this helps.
Firstly, they seem to be quite willing to lend the money as long as you have the equity in your UK house. They will only accept up to 60% of the unmortgaged value of a property so in most cases (and I stress MOST) they will not be able to repossess your/family's houses.
Secondly they are not the best as a banking institution - especially comparable to UK Banks such as Halifax or HSBC. They have two people who sort out and manage loans/accounts for CTC, OAA and FTE so as you can imagine they have a lot on their plates. Replies often take days and answers are given to questions that weren't asked. You have to open a current account to go with the loan but I don't know of anyone who has used it - as what you can do with it is very prohibitive.
Thirdly, if you are planning on getting one of these loans always start your application early, and always read the small print or you may be in for a surprise. It's not unknown for people to have taken about 8/9 months to get a loan sorted and it can have a big impact on course start dates etc. Always get a solicitor to go over the contracts once you get them, and if you find something they don't like then ask to change it - as it can be done!
For most people this is the only way to get onto an integrated course and it does work. They are a stable bank with huge divisions in Spain and South America. Just make sure you start early!
Hope this helps.
I've never had any issues with the BBVA. There may only be a couple of people dealing with the flight training side of things however they're always readily available to contact.
It can be quite a long process ie getting the property valued but I think I had mine sorted within 6-8 weeks.
It can be quite a long process ie getting the property valued but I think I had mine sorted within 6-8 weeks.
