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Mortgage top-up for buying land

  • 08-07-2013 12:39pm
    #1
    markdrogheda
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi All,

    Hopefully I can get some advice....

    I have been looking to buy a site with a cottage included that I plan to renovate or rebuild. There is planning permission on the site already but no need to open that can of worms. The site is close to me but I am not sure how best to finance it. The asking price is 65k and I have 30k savings (including a little help from my mother !).

    I currently own a home, bought it in 2008 and I am in negative equity but luckily it is a tracker mortgage and is easily manageable. The choices as I see it are either looking for a top-up from the bank or a personal loan.

    Any suggestions would be welcome, Thanks, Mark


Comments

  • #2
    yoloc
    Registered Users, Registered Users 2 Posts: 375 ✭✭yoloc


    markdrogheda wrote: »
    Hi All,

    Hopefully I can get some advice....

    I have been looking to buy a site with a cottage included that I plan to renovate or rebuild. There is planning permission on the site already but no need to open that can of worms. The site is close to me but I am not sure how best to finance it. The asking price is 65k and I have 30k savings (including a little help from my mother !).

    I currently own a home, bought it in 2008 and I am in negative equity but luckily it is a tracker mortgage and is easily manageable. The choices as I see it are either looking for a top-up from the bank or a personal loan.

    Any suggestions would be welcome, Thanks, Mark

    Offer 30k for it, i bet they take your hand of when you tell them its a cash offer


  • #3
    markdrogheda
    Registered Users, Registered Users 2 Posts: 4 ✭markdrogheda


    Ha - they have dropped the price by 50% over the last 18 months, negotiations will be key. DaftDrop is a great thing !


  • #4
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    You won't get a top up if you are in negative equity, personal loan maybe.

    What about a credit union, do you have an account with one?


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