We have 12 years left on Mortgage, tracker with BoI. Currently pay 700/month approx 70k left.
House is worth approx 130k.
We have plans done for a small extension but are now considering upgrading and perhaps building our own house. Extension cost would be 40k, using equity release to fund it.
We are questioning whether we should invest in this house or upgrade or build. No significant savings as wife was in university 4 years whcih used up savings but are currently saving again 1500/month with 4 k this year so far.
Salary 80k, wife 28k. Long term employment with same company.
No credit cards, car loan 450/month, 18 months left, 2 kids. Saving 350/month for college fund.
Ages 36/32.
Estimate a house build to be around 220k +site purchase estimate 30-40k.
We have no idea of the process. Looking online we would need a deposit of 20%?
Can we get principal approval for a mortgage before we sell up? We wouldn't like to sell and then be left in limbo or looking around for years trying to buy again.
Any advice appreciated
House is worth approx 130k.
We have plans done for a small extension but are now considering upgrading and perhaps building our own house. Extension cost would be 40k, using equity release to fund it.
We are questioning whether we should invest in this house or upgrade or build. No significant savings as wife was in university 4 years whcih used up savings but are currently saving again 1500/month with 4 k this year so far.
Salary 80k, wife 28k. Long term employment with same company.
No credit cards, car loan 450/month, 18 months left, 2 kids. Saving 350/month for college fund.
Ages 36/32.
Estimate a house build to be around 220k +site purchase estimate 30-40k.
We have no idea of the process. Looking online we would need a deposit of 20%?
Can we get principal approval for a mortgage before we sell up? We wouldn't like to sell and then be left in limbo or looking around for years trying to buy again.
Any advice appreciated