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01Sadie
Guest
I hope to build a house on a site that we can be sale agreed on subject to planning – however, here is my questions:
The site cost is €70,000
We would like to spend no more than €220,000 on the finished completed build (or as much as possible finished – no more than 2,500sq ft)
We have a mortgage currently for €100,000 I have being advised to go ahead & release equity of €70,000 on this house & combine that with the profit from the sale of the house (approx €105,000) & savings of €30,000.
Does anybody know if this is a way of doing things? To then get a new mortgage for an existing €100,000 (like what we currently have) with the addition of the €70,000(equity release) for the build, or will a bank entertain this?
(If before we get to start building the new house, if either myself or my partner became redundant but were managing the payments normally(mortgage & equity release), would the bank refuse the new mortgage? even though we were paying without problem?
Also,in addition to bulid costs - what should I budget for legal costs/hidden extras?
The site cost is €70,000
We would like to spend no more than €220,000 on the finished completed build (or as much as possible finished – no more than 2,500sq ft)
We have a mortgage currently for €100,000 I have being advised to go ahead & release equity of €70,000 on this house & combine that with the profit from the sale of the house (approx €105,000) & savings of €30,000.
Does anybody know if this is a way of doing things? To then get a new mortgage for an existing €100,000 (like what we currently have) with the addition of the €70,000(equity release) for the build, or will a bank entertain this?
(If before we get to start building the new house, if either myself or my partner became redundant but were managing the payments normally(mortgage & equity release), would the bank refuse the new mortgage? even though we were paying without problem?
Also,in addition to bulid costs - what should I budget for legal costs/hidden extras?