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Question re: Mortgage for build

Penn · 2024-10-01 13:34:18

Hi all, Have a quick query regarding mortgages. I currently have a mortgage on a house which I've been in for approx. 8 years. I could potentially get a vacant derelict property (owned by family). My questions are, could I use my existing house as equity/deposit for a mortgage to do up the derelict property, and more…

01-10-2024 1:34pm

#1

Penn

Registered Users, Registered Users 2 Posts: 34,914 ✭✭✭✭

Join Date: October 2008

Posts: 33780

Hi all,
Have a quick query regarding mortgages. I currently have a mortgage on a house which I've been in for approx. 8 years. I could potentially get a vacant derelict property (owned by family). My questions are, could I use my existing house as equity/deposit for a mortgage to do up the derelict property, and more importantly could I continue to live in the existing house while the works were going on (subject to being able to pay off both the existing mortgage and new mortgage I guess until the existing house was then sold)?
The value of my existing house has obviously increased a lot, and nearby houses are going for approx €150k more than I currently have left to pay off. I know I'd have to pay capital gains tax, estate agent fees etc so I know I wouldn't get €150k, but even if I got €75k, could I then use that to pay it off the new mortgage and decrease the payments on it then?
Any advice or pointing in the right direction would be appreciated. Could just be pie in the sky stuff, but interested to see what the options are. Thanks.

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