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Mortgages & Site Ownership

rqc1i3ovl5uxt6 · 2020-01-26 20:45:30

Hi all; Are there any benefits to owning a half acre site when applying for a mortgage? Max mortgage is 3.5 times your annual income; do banks take the value of the site into consideration and include it when calculating mortgage amounts? Thanks

26-01-2020 8:45pm

#1

rqc1i3ovl5uxt6

Closed Accounts Posts: 14 ✭

Join Date: December 2019

Posts: 8

Hi all;

Are there any benefits to owning a half acre site when applying for a mortgage?

Max mortgage is 3.5 times your annual income; do banks take the value of the site into consideration and include it when calculating mortgage amounts?

Thanks

0

Comments

#2 27-01-2020 12:38am

[Deleted User]
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If you are applying for a mortgage to build on the site they will count the site value towards the deposit.

0
#3 29-01-2020 12:22am

Trish56

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Posts: 1244

Owning your own site will not affect your loan to income which will still be 3.5 times gross income however it will affect your loan to value and it is possible to borrow up to 100% of construction costs.

Marco Whispering Explorer wrote: »

Hi all;

Are there any benefits to owning a half acre site when applying for a mortgage?

Max mortgage is 3.5 times your annual income; do banks take the value of the site into consideration and include it when calculating mortgage amounts?

Thanks

0