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Remortgage to buy a site

  • 16-06-2020 4:16pm
    #1
    paulod123
    Registered Users, Registered Users 2 Posts: 41 ✭


    Hi,

    We have significant equity built up in our home such that we were looking to remortgage to buy a small site. The remortgage would initially be for about 70% of the property value which we value at the low end of what similar properties are selling for in the area. If approved we would then look to sell the property to fund a modest self build and then pay back around 50% of the remortgage. Yes there are unknowns but what would our options be in looking for the remortgage or are banks even doing these kind of loans anymore. Thanks.


Comments

  • #2
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,881 ✭✭✭✭Calahonda52


    the mula should be there but you need to make sure you can get PP for the build.

    With the written consent of the owner of the site explore the PP before you do anything.
    Then what will the repayment schedule look like on the 50% against your age/life cover costs etc

    “I can’t pay my staff or mortgage with instagram likes”.



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