hello
Just wondering, does inheriting a site change the 3.5 times your wage at all? I've heard of exemptions but I'm fairly clueless. The site would be worth 200-250k going on recent sales (it's a house that could be lived in but I want to knock and rebuild). On my current wage I wouldn't get the 250k needed to build the house I want, but from my past savings I know I can afford it. I used rent rooms in the house I'm in now and will do so after this house has been knocked and rebuilt. But I'm guessing I can't use that projected income against my mortgage. I figure if I do go belly up (in permanent job with scope for advancement), the bank can always sell the land and get the equal value of the mortgage back.
Does this make sense?? Thanks for reading
Just wondering, does inheriting a site change the 3.5 times your wage at all? I've heard of exemptions but I'm fairly clueless. The site would be worth 200-250k going on recent sales (it's a house that could be lived in but I want to knock and rebuild). On my current wage I wouldn't get the 250k needed to build the house I want, but from my past savings I know I can afford it. I used rent rooms in the house I'm in now and will do so after this house has been knocked and rebuilt. But I'm guessing I can't use that projected income against my mortgage. I figure if I do go belly up (in permanent job with scope for advancement), the bank can always sell the land and get the equal value of the mortgage back.
Does this make sense?? Thanks for reading