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Using a site (Without PP) as collateral/deposit for a mortgage

  • 28-01-2011 4:30pm
    #1
    DrBass
    Registered Users, Registered Users 2 Posts: 92 ✭✭


    Using a site (Without PP) as collateral/deposit for a mortgage

    Hi All,

    Sorry for yey another ''Site'' Question :)

    But just a quick one,

    My broker has told me that I am short 10k for a house that I really really like. Would hope to buy house for Max 218k

    I have the deposit at LTV of 92%

    Extra 10k is for - Fee's/Samp Duty/Home Furnishings (Floors/Tiling/Beds/Sofas/Fridge/Etc ie. New Build

    I have a Site 0.75Acre on my parents farm signed in my name, yet has no PP (do not want to go down that route either)

    Could this work in my favor with the bank to secure the extra 10k? or am I wasting my time with this


Comments

  • #2
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    You can try they will probably laugh at you. Firstly 3/4 of an acre of agri land wont be worth 10 grand.

    Secondly the deposit isnt just as colateral it is also an indicator of somebody who is financialy prudent to the point they have been able to save up this money.

    The last thing a bank wants if you default is 2 depreciating assets (agri land has fallen in value aswell)

    like I said try but I dont think you have a hope,


  • #3
    DrBass
    Registered Users, Registered Users 2 Posts: 92 ✭✭DrBass


    TBH its what I am thinking too, It's basically my last throw of the dice to get the mortgage

    I have the required deposit already saved for the house, its just I never factored in that banks would not allow for furnishings to be included in that

    Oh well, Ive emailed by advisor, so i'll see next week what the outcome is, not holding my breath tho

    ps anyone got a short term loan of 10k ?? :D


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