Buying a Site

S

SMAEL17

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We have 20 years left on current mortgage - House Value approx. €275k, Outstanding Mortgage approx. €225k.

Due to growing family, we would like to upsize. It was a more medium term plan with nothing much in place yet, but a site in perfect location has just come on the market. (It's advertised subject to planning permission for €55k)

Ideally, I would like to buy this site and only start to build in 3 - 5 years. (Selling current House). Is it very risky to purchase a site without gaining planning permission. I don't want to incur too much cost now if possible.

We have €12k savings and approx. €6,500 net income per month. Are there any banks that do a Site only Mortgage or are we looking at a Personal Loan? Are there any other options? - For 'Subject to Planning Permission' do we only pay a deposit up front? - This would allow more time for saving.

Of course we may have to let this site pass and look again when we have more savings, but I would ideally like to have the site bought and a significant portion of it paid off, before we start building in a few years time.
 
Focusing on the site. If this site for whatever reason is you dream site and you can afford to finance it go for it.
3 to 5 years is no time. Buying a site STPP means you do not purchase the site unless you obtain planning permission. Any deposit will be refundable should planning be refused.
A pre planning meeting which costs nothing with your local council will give a fair indication whether your planning application should succeed.
Before handing out any money book a planning meeting and test the waters. If you feel that there will be big interest in your chosen site. Slap a deposit on it STPP.
 
Applying for outline planning permission rather than full planning permission may save you some money too if you do decide to go for it (post a pre planning meeting), and don't intend to build for a couple of years.
 
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