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Mortgage Query

Kintarō Hattori · 2014-10-26 15:31:16

Folks, Currently the missus and myself have a modest mortgage for our house with a bank. We were curious, is it possible to get a mortgage for a piece of land? We're looking at the idea of buying a piece of land, keeping our existing house and in a few years time, subject to planning permission of course, building on the…

26-10-2014 3:31pm

#1

Kintarō Hattori

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Folks,

Currently the missus and myself have a modest mortgage for our house with a bank. We were curious, is it possible to get a mortgage for a piece of land? We're looking at the idea of buying a piece of land, keeping our existing house and in a few years time, subject to planning permission of course, building on the land and renting the house out.

Many thanks.

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Comments

#2 26-10-2014 6:39pm

coylemj

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It sounds like you are in positive equity with your house so there's nothing to stop you borrowing money to buy that land using the house as security. As it's your family home, your wife would be required to sign a document giving her consent to using the home as security for a loan, even if the house in your name alone.

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