Mortgage for Site/Self Build

[Tia123]

We are considering buying a site that has come up in our area. My questions are:
(1) Will a bank provide a mortgage for a site only?
At the moment we do not wish to sell our current property (it is an investment property and rented out and we are not planning on building on the site for a year or two at which point we may consider selling our current property if necessary)

(2) What are the chances of getting a mortgage based on the following -

Joint Monthly Income after tax = 5538
Savings = 8000
Monthly Expenditure = 4200

The cost of the site we are looking at is 120k and negotiable. Site is being sold subject to planning.

This is totally new to us so any advice/comments appreciated.

 

[NorfBank]

1) A mortgage will be provided for a site with full planning permission where you have the intention to build immediately, you cannot sit on a site for 2 years.

2) Your net disposable income is €1338 per month (€5538 - €4200). This is 25% of your total income. You would need your net disposable income to be at least 40% before a lender would look at a mortgage application.

At the moment you have only 25% of your income to live on after paying bills, this is far too low to contemplate taking out another mortgage.


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[galway.]

hey i just got a mortgage 0f 250.000 i have a current loan of 33.000 which i pay 900 a month back on. i then have 2,100 left to pay this mortgage and there was no problem getting it