We are buying an off-plan property, which will be completed by the end of 2009.
We have used our life savings to make the stage payments and were relying on the equity in our UK house to pay the balance on our Spanish property.
In view of the grave problems UK house sellers face, we have to be realistic and assume that it's unlikely that our UK house will sell.
This means NO funding for the Spanish property. Being semi-retired i.e. over 60 and on a part-time very small wage, our income is too small for a mortgage, even if we could get one.
This means we have to think of something else, may be to negotiate a 'Rent to Buy' with our builders. i.e. rent your new build for a few years until the crunch improves and buy when you can sell your UK property in a few years time.
Something along the lines of this
Has anybody tried to do this with their purchase?
Any advice or comments as to how we approach the builder with this proposal appreciated.
I can't help thinking that this could be a way forward for so many off-planners facing a similar dilema to us.