E
econdev
Guest
Hi,
I have a house in a housing estate in Co. Wexford worth about 130k with a Bank of Scotland mortgage - 240k outstanding.
I'd like to buy a few acres in the country with a small cottage that needs refurbishment. There are some available for less than 130k.
Would the bank allow me to sell, keep my current loan/mortgage in place to enable me to buy a rural property with the sale proceeds, and accept a mortgage on the rural property? I would still pay the full amount outstanding - 240k.
Thanks for any advice/experience that you can offer.
I have a house in a housing estate in Co. Wexford worth about 130k with a Bank of Scotland mortgage - 240k outstanding.
I'd like to buy a few acres in the country with a small cottage that needs refurbishment. There are some available for less than 130k.
Would the bank allow me to sell, keep my current loan/mortgage in place to enable me to buy a rural property with the sale proceeds, and accept a mortgage on the rural property? I would still pay the full amount outstanding - 240k.
Thanks for any advice/experience that you can offer.
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