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Equity rich and floundering

catrionag
catrionag Posts: 3 Newbie
in Mortgages & endowments
PC (pre-crunch) reserved two one bed flats in golf region of Algarve for rental income (high season)/personal use (low season). Wrongly assumed no prob to raise funds for developer's deposit of £30k by either remortgage or by releasing equity from house. House valued at £320k..present mortgage with Nationwide £35k. Self employed for just over year - education centre - so no audited accounts yet. Also own French cottage,outright, valued at £150k. No other debt but bringing up 3 kids on own meant lots of juggling of finances so credit rating pretty shot. Plan is to sell house here, sell house in France: buy/build cheaper here, buy Portugese flats. Filling out ENDLESS forms applying for finance only to be turned down. Have already paid reservation fee for Portugal - around £10k - and don't want to lose it. Keeping in touch with lawyers over there but they're getting impatient. HELP PLEASE!!

Comments

  • dunstonh
    dunstonh Posts: 119,967 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Go see a whole of market mortgage adviser. Let them do the running around and also not risk your credit score by getting too many credit checks in quick succession.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • catrionag
    catrionag Posts: 3 Newbie
    Thanks for reply. Where do I find a whole of market mortgage advisor?
  • LisbonLaura
    LisbonLaura Posts: 1,121 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    catrionag wrote: »
    Plan is to sell house here, sell house in France: buy/build cheaper here, buy Portugese flats. Filling out ENDLESS forms applying for finance only to be turned down. Have already paid reservation fee for Portugal - around £10k - and don't want to lose it.
    HELP PLEASE!!

    Sorry, but your plan is well out of date.

    You will almost certainly lose a lot more if you do get the finance & go ahead.

    The world changed last autumn. The easy credit which fuelled the madness has vanished in a puff of reality; many have still not realised it.
    Values (of property, if not morality) will thus correct, sharply.
  • Dick_here
    Dick_here Posts: 1,605 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Spend more time with your kids instead of various properties.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • catrionag
    catrionag Posts: 3 Newbie
    My kids have now grown and flown but what helpful advice! Thanks, !!!!!!.
  • UK007BullDog
    UK007BullDog Posts: 2,607 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Shot credit rating = no hope.

    Look in the yellow pages or google online.

    Buyer beware is all I can say.
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