Own house bought in 2002. Current mortgage has around 90k left on it and around 14 years. The house is possibly worth around 120 to 140k at the moment.
Its getting a bit cramped with growing kids and we would like to buy a site and build a new house. Approx build costs at the moment where we are would be around 180 to 200k maximum for what we would like.
Our own mortgage is currently 550/month, BoI tracker of 2.25%.
Our total income at present is around 80k gross. Secure jobs etc
Would we be mad to look for another mortgage to build a new house and sell our own if possible? Also, what are the chances of getting such a mortgage? Would the fact that we have a small bit of equity (and a tracker!) work in our favour?
Its getting a bit cramped with growing kids and we would like to buy a site and build a new house. Approx build costs at the moment where we are would be around 180 to 200k maximum for what we would like.
Our own mortgage is currently 550/month, BoI tracker of 2.25%.
Our total income at present is around 80k gross. Secure jobs etc
Would we be mad to look for another mortgage to build a new house and sell our own if possible? Also, what are the chances of getting such a mortgage? Would the fact that we have a small bit of equity (and a tracker!) work in our favour?