Hi,
I'm selling up from Dublin and moving west, with bills paid off, existing mortgage etc...should have about 180K left over.
We will building a new house, we have a site, which is worth approx €250k quite near a major town.
Building costs of our new house is approx €250k
Whilst building, we will be living in a property we have (value €220k, equity €80k) which we have rented out for several years
So between the equity we have in our rental house, and the proceeds from out house sale, we should have the approximate cost of building our new home. (80k+180k=260k)
On top of this cost of new house, is the value of completed house which would be approx €400-€450k, as the site is so valuable.
Now the dilemna .... we are moving West without any confirmed jobs... in fact for a few months we have no intention of working, we intend to take some time off, work on our house etc....although I do have the option of staying with my existing employer, but would prefer not to work for the summer at least.
What is the best approach to take .... should we approach the mortgage lender of our rental property, and combine the two properties onto the one mortgage .... and will they give us a mortgage considering 'we don't have a job' as such at the moment?
Advice welcome.
I'm selling up from Dublin and moving west, with bills paid off, existing mortgage etc...should have about 180K left over.
We will building a new house, we have a site, which is worth approx €250k quite near a major town.
Building costs of our new house is approx €250k
Whilst building, we will be living in a property we have (value €220k, equity €80k) which we have rented out for several years
So between the equity we have in our rental house, and the proceeds from out house sale, we should have the approximate cost of building our new home. (80k+180k=260k)
On top of this cost of new house, is the value of completed house which would be approx €400-€450k, as the site is so valuable.
Now the dilemna .... we are moving West without any confirmed jobs... in fact for a few months we have no intention of working, we intend to take some time off, work on our house etc....although I do have the option of staying with my existing employer, but would prefer not to work for the summer at least.
What is the best approach to take .... should we approach the mortgage lender of our rental property, and combine the two properties onto the one mortgage .... and will they give us a mortgage considering 'we don't have a job' as such at the moment?
Advice welcome.