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Mortgage application

Qweeny · 2018-07-30 22:58:41

Hi guys! Starting to look into getting a mortgage,with only 8k saved as of now and getting impatient can you use land as collatoral? Or is that a no go? Its worth about 20k i think? Perfect for a build but not in the location we want and dont want to sell. Thanks

30-07-2018 10:58pm

#1

Qweeny

Registered Users, Registered Users 2 Posts: 5 ✭

Join Date: February 2018

Posts: 3

Hi guys! Starting to look into getting a mortgage,with only 8k saved as of now and getting impatient can you use land as collatoral? Or is that a no go? Its worth about 20k i think? Perfect for a build but not in the location we want and dont want to sell. Thanks

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Comments

#2 31-07-2018 7:21am

Metric Tensor

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Join Date: October 2015

Posts: 3673

I think you are mixing up deposit and collateral.

The house you will build and its site will be the collateral for your mortgage.

The bank requires you to have X amount of your own money to put into the build cost. This is the up front deposit. Unless you sell the other land you can't use its value to finance the construction of your house.

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