Short term mortgage

frankjake13

Can anyone help? I am 66 mortgage free, I have no income except my pensions which total: £1,090.00 per month. My house is on the market for;£300,000. I am in contact with a builder, solicitor, architect etc in; Corfu, Greece re: building me a nice little house that I could move into, guaranteed, within 12 months. So I have been asking various B.S's for a short term loan of; £210,000 which I would pay off when my house is sold. No joy at all. I can't see the problem, the money's there for God's sake. Any ideas?

R_P_W

You can't see a problem with asking for a 210k loan to build a house in Greece when your only income in your pension? You really cant see there might be an issue with that?

Let_Us_See

You would be better off setting a competitive sale price and aiming for a quick exchange and completion to fund Greek build.

frankjake13

R_P_W wrote: »

You can't see a problem with asking for a 210k loan to build a house in Greece when your only income in your pension? You really cant see there might be an issue with that?

No, not really, as I stated I have a house on the market for: £3000,000!

WellKnownSid

You can't see a problem with handing over £210,000 up front to a Greek builder/solicitor/architect (no doubt, all three from the same family or even the same person) for a 'guarrantee' that they will build you a house within 12 months??

kingstreet

The days of equity being king and income not being that important, or "self-certification" as it was known, are long over.

You cannot afford a mortgage that size. On interest-only at 3%, you'd be paying £525 per month and that is half your income and nowhere near possible with the current affordability models, let alone the lack of appetite for short-term and interest-only lending.

You might find a bridging finance house who will take this on, but then you'll be paying 2% a month, or about £4k for the privelege.

Sell the property. It's the only realistic solution.