Need some money till house sells!

Paulinesun

Hi
I have my house on the market and I am trying to get a job. I am a widow and only receive a small pension from late husbands work. I am however finding things difficult money wise. I need to borrow some money to tide me over till my house sells. My bank wont help as Im not working and I keep getting same reply everywhere I turn.
It is so frustrating as I have all this money tied up in my house but cant get hold of any. Can anyone offer any help please!

skintandscared_2

Without an income, I doubt you will be able to get a loan I'm afraid. Do you have any mortgage on the property? Can you afford to drop the price a little to make it more attractive to buyers? Have the estate agents given you any feedback on why it's taking some time to sell? Sometimes a really cheap paint job and declutter is all it takes to make your home very saleable!

I have absolutely no experience or knowledge about equity release schemes and whether they are remotely adviseable but maybe someone will be along who knows a bit more about those and can say whether they're a good idea or horrendously bad!

jonesMUFCforever

Paulinesun wrote: »

Hi
I have my house on the market and I am trying to get a job. I am a widow and only receive a small pension from late husbands work. I am however finding things difficult money wise. I need to borrow some money to tide me over till my house sells. My bank wont help as Im not working and I keep getting same reply everywhere I turn.
It is so frustrating as I have all this money tied up in my house but cant get hold of any. Can anyone offer any help please!

You have asked the same question over and over - do you not like the replies?
Sorry to be cruel but without an income you will not get a loan.

NeverEnough

Well I guess she can ask the question - there are thousands of !!!!!!!!!!s and benefit scroungers out there with credit cards and loans, so why not someone with some equity in a property?

skintandscared_2

NeverEnough wrote: »

Well I guess she can ask the question - there are thousands of !!!!!!!!!!s and benefit scroungers out there with credit cards and loans, so why not someone with some equity in a property?

Because you need to show you have an income that will pay the loan back. Equity in a property will not pay it back unless you find someone willing to wait until you choose to sell, which is why I mentioned possibly using an equity release scheme. But I have no experience of them and don't know if they are a good idea.

andy.m_2

Have you spoken with the mortgage company to ask about any options you may have with them?

geoffky

Houses are not cash machines. and around here we have houses that are now into the fifth year for sale. it could be that long before yours sells..

lawrie28

Hate to be the one to bring it up, and be very very very very very very careful if you do, but equity release?

skintandscared_2

lawrie28 wrote: »

Hate to be the one to bring it up, and be very very very very very very careful if you do, but equity release?

I think I mentioned it about 24 hours ago... but no idea whether it's a good idea or not?

lawrie28

skintandscared wrote: »

I think I mentioned it about 24 hours ago... but no idea whether it's a good idea or not?

I need to read better - youcertainly did mention it!

paddyrg

geoffky wrote: »

Houses are not cash machines. and around here we have houses that are now into the fifth year for sale. it could be that long before yours sells..

Any house can sell within a week if the price is right - 5 years sounds like unrealistic expectations! But you make a very valid point about how long the loan would be for, and why that would scare any lender.

Can you just lower the price and get the house releasing cash this month - which is when you need the money, not tied up in bricks and heading for a default/forced sale.