Equity release

SylviaJenny

I own one house in Portugal. No mortgage. Because of Covid, times are now very hard and i am looking for a uk company that would consider equity release on my property here in Portugal. I don't know whether this is possible? I have looked at products over here, but they do not do an equity release mortgage whereby the loan is paid back upon death. I have no income, so other 'loans' are not possible, as my new business is defunct due to covid. Advice would be greatly appreciated as i am caught between a rock and a hard place and struggling. 

MWT

To the best of my knowledge there are no UK lenders who would accept property in Portugal for equity release.

The criteria they apply to the property restrict location, type and construction so not even all property actually in the UK would be considered suitable.

I'm not even sure that the mandatory advice that goes along with applying for an equity release product would find that it was a suitable solution for the sort of problems you are describing either.

Sorry I've got nothing positive to add and I imagine it is not easy to find suitable local advice either as I expect UK based IFAs cannot provide regulated advice to you in Portugal either...

Do you perhaps have friends or family who might be willing to invest in the future of your business?

SylviaJenny

Thank you, but i have no family who can invest. Thank you for your advice. 

Thrugelmir

Sell the property?  Difficult times often require challenging personal decisions. There's no easy answers. 

MWT

SylviaJenny said:

Thank you, but i have no family who can invest. Thank you for your advice. 

Sorry to hear that, but do please understand that nothing said here can be considered as 'advice', just comments that may sometimes be helpful.

You mention that your new business is 'defunct', presumably it is related to the property, so if the original planned business cannot work then try to think what else might be possible...

If it was travel related try to think local instead perhaps?