Happy new year to you all. I am looking for advice on the following scenario. We bought a 3 bedroom mid terrace house in 2005 for 365,000 on a 100% mortgage. Thankfully we have met every repayment and put in a lump sum and the mortgage is currently at 275,000. I have 70,000 in savings. I am in the process of receiving a site from my parents and would like to build my own home. My question is what is my first step? Explain to the bank my situation? Get my house valued? Is this a runner at all?
At a guess I think my house would be sold for 180-200K. Our combined incomes are approx 90,000.
At a guess I think my house would be sold for 180-200K. Our combined incomes are approx 90,000.