RoseFa
Registered User
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We've found a site with FPP that's perfect for us. For now we'd just like to buy the site and then go back to saving for a year to two years as we are currently in a good situation living rent free. What I'm wondering is this: The site is €160k and we'd need to borrow about €110k - is a bank likely to give us a loan for the site only?
We don't want to look for any money for building the house just yet, firstly because we want to save more and secondly because I've been off work sick and while based on a mortgage calculator on my husband's wages alone we can borrow €300k with our deposit, I know that in practice we stand a much better chance once I'm back in work next month. But anyhow, regardless we don't want to actually build on the site for at least a year so I'm wondering would a bank just loan us money for the site only?
I've asked the credit union but our local has a €50k lending cap.
Any advice greatly appreciated - the site is based in Dublin if that makes any difference.
We don't want to look for any money for building the house just yet, firstly because we want to save more and secondly because I've been off work sick and while based on a mortgage calculator on my husband's wages alone we can borrow €300k with our deposit, I know that in practice we stand a much better chance once I'm back in work next month. But anyhow, regardless we don't want to actually build on the site for at least a year so I'm wondering would a bank just loan us money for the site only?
I've asked the credit union but our local has a €50k lending cap.
Any advice greatly appreciated - the site is based in Dublin if that makes any difference.