Secured Loan when unemployed

PhilPP_2

I own about a third of the value of my property and, due to unemployment, now need to sell. However it seems that as I'm unemployed I can't get a loan secured against the money I have in my property and consequently I can't afford the up-front fees to sell my house. It seems like I'm caught in a catch 22 situation but I feel there must be a way out. Any advice? Thanks.

jonesMUFCforever

Who owns the other two thirds of the property?
Or are you saying you have 30% equity in the property?

Either way unless you can afford to repay the interest you won't get a loan secured or otherwise.

The only up front fee for selling should be the HIP - everything else is taken from the sale proceeds.

PhilPP_2

Yeah, I have a mortgage for the other 70% or so.

The point is that I'll be able to repay it when I sell my house. But I guess as there's no guarantee of that, there is in theory no guarantee I'll repay. Although you'd think the building society I have my mortgage with would do it as it's in their interests that I sell the property and they then get their money back with the least amount of effort from them.

Also, aren't the solicitors fees payable up front or am I mistaken on that? Wrong board for that question I guess but hey!

jonesMUFCforever

No the solicitors fees (and estate agents etc) come out after the sale has gone through.
Most lenders won't lend more than 75% loan to value so this is why you are finding it difficult to get a loan other than the fact you are unemployed.

_Andy_

Estate agent and legal fees will be deducted from the proceeds of the sale of your house.

BenL

and EA's can roll the HIP cost until the end as well. It was in martins news this week as they charge more for the HIP but this is a benefit they offer.