# Short term loan



## jjlovesd (May 12, 2014)

Hi everyone

I am new to the a Forum and this is my first post! 
My husband and I moved to the Algarve in May last year, leaving our English house for sale with the agents.( we are both retired) Long story short, it has been to the point of exchange twice over a time period of eight months, then the buyers pulled out. Very stressful, but worse than that, we now find ourselves needing some short term capital until it finally does sell as we have repairs that need doing on our house here. Neither house has a mortgage on it, so we are ironically asset rich but cash poor.
I would be grateful for any information with where to go for help with this
Thank you


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## xabiaxica (Jun 23, 2009)

jjlovesd said:


> Hi everyone
> 
> I am new to the a Forum and this is my first post!
> My husband and I moved to the Algarve in May last year, leaving our English house for sale with the agents.( we are both retired) Long story short, it has been to the point of exchange twice over a time period of eight months, then the buyers pulled out. Very stressful, but worse than that, we now find ourselves needing some short term capital until it finally does sell as we have repairs that need doing on our house here. Neither house has a mortgage on it, so we are ironically asset rich but cash poor.
> ...


can you not take out a small mortagage on the UK house?


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## jjlovesd (May 12, 2014)

Unfortunately not as we are retired and only have pension income. Thanks for the suggestion though


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## canoeman (Mar 3, 2011)

Think I'd first look at your UK agents, are they acting in your best interest and is property price correct, seems odd that two buyers pull out at point of exchange

Afraid any loan will depend on your total income pension or otherwise, and ability to repay, equity release on UK home a possibility [B be very wary none are as cheap to repay[/B] as they appear, equally the we'll buy your home type agents.

You can try for a loan here but you generally have to supply IRS returns


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## jjlovesd (May 12, 2014)

Hi
Thanks for your message. Equity release in England is not an option as you have to be a resident there to get it
I agree about the estate agents, we have sacked them and appointed another one.
We have an appointment with our bank here to see what options there are, but they are going to be expensive


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## canoeman (Mar 3, 2011)

Longer term cheaper if you can get it but a few extra costs here with mortgages, good luck


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