House loan

[rog]

My home here in the Gers has been on the market now for nearly two years with some close calls but no final sale, to say money is tight now is an understatement.We own the house outright; value c£300,000.Is there any way I can borrow money using the house as collateral and paying back what is owing only when the house sells.We have a very limited monthly income from a gite let semi-permanenlty to the french so monthly payments would be impossible.The sad thing is in UK everybody and his brother would be throwing money at you with this value of asset, but with interest rates in France as they are it does not appear to work that way here.My first call was my bank (Caisse D'Epargne) and they could not have been less interested because we are moving back to UK. 

[Nick Trollope]

Loans in France are based on your ability to repay them - if you have no regular income, then you won't get a loan. Loans with deferred repayments do exist (I've had one). but they are still based on your ability to pay.

There is/was a French financial consultant on the Forum ("makeiteasy" or someone?) haven't heard much of her (?) recently, but they seemed to be in the know.

 

[Anton Redman]

The only deals I have ever heard of in France are for a small percentage of value ( 40% when you have a signed compromis )  Get at job sorted in the UK then talk to a UK mortgage brooker.

[rog]

Thanks both for your input and Anton , I had not thought of going back and doing it that way.....not sure that Madam would like to be here on her own though..We have 3 dogs 5 cats and a cockatoo and whilst we have numerous offers of accomodation from friends and relatives  it cannot, with the best will in the world, include Noahs Arc!! And thats the catch, no sale here, no cash to purchase there and I think no landlord would accept the menagerie if I tried to rent.You can probably start to understand my nightmare.

Rog

[BJSLIV]

Rather than running up costs for interest and legal fees with a mortgage, have you considered lowering the selling price. Two years is perhaps a bit long to find a sale even for France.

It may be a hard choice to make, but if you have had a few "almosts" the reduction might be relatively small.

You will then be able to start earning, and  be able tecover whatever theoretical loss,  ie a gain that was never really there in the first place, you might have had to swallow.

[Rob Roy]

[quote user="rog"]

Thanks both for your input and Anton , I had not thought of going back and doing it that way.....not sure that Madam would like to be here on her own though..We have 3 dogs 5 cats and a cockatoo and whilst we have numerous offers of accomodation from friends and relatives  it cannot, with the best will in the world, include Noahs Arc!! And thats the catch, no sale here, no cash to purchase there and I think no landlord would accept the menagerie if I tried to rent.You can probably start to understand my nightmare.

Rog

[/quote]

"When needs must" as they say - would it be so awful for your wife to be here without you for a while? You sound as though you have friends here, so she won't be entirely alone, and with all those animals she will have plenty to keep her busy! I had to return to the UK to work for 2 years (renting a flat) while my husband stayed here and it wasn't easy, but necessary for our situation at the time. I flew back for a long weekend every month to see him - if you book your tickets at the right time in advance you can get some good deals. I also arranged with my employer to work late every evening in order to accumulate the time off each month to come back.