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Building a house when we just bought one...help needed!!

  • 02-11-2017 9:21pm
    #1
    Yahoomrs
    Registered Users, Registered Users 2 Posts: 5 ✭


    Myself and partner bought a house 1 year ago. We are in a much better position now than last year and have looked into buying a ready to go site with full planning permission until 2019 and plans for a house already made. I have a few questions,

    1- What happens with regards to our current mortgage, does this get knocked off the new mortgage if/when we sell?

    2- Planning permission is until 2019, does this mean we have to have the house finished by then or started?

    3- Is it possible to buy the site with planning and build over time bit by bit out of our own pocket, with the idea to be mortgage free by the end of it, understanding this could take us years? Or would there be deadline on the build?

    The whole bank scenario and having a current mortgage is confusing me with how it will affect is going in for the site. We don't have money for the site so would have to go to the bank for it.

    Any help on this would be greatly appreciated


Comments

  • #2
    BryanF
    Moderators, Home & Garden Moderators Posts: 10,146 Mod ✭✭✭✭BryanF


    1. Seems like the first step is to do your sums and go talk to your bank
    2. IMO The shell complete with waste water treatment unit commissioned, ideally any planning conditions complete
    3. As per item 2


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