My fiancé and I wish to build a new house. It will be a self build project. However it is not clear cut financially.
I own my own house. Built in 2008 . Remaining mortgage €90k. House value €180- €200k. I pay €220 every 2 weeks . I have a very good tracker rate but have set my figure at €220 every 2 weeks so essentially I am paying off more than required.
I earn €35k a year net plus another €5k in bonus. I have no loans . I have one child.
My fiancé owns a house with his brother which is currently being rented out. There is a total of €160k owed on the mortgage and the house has been valued at €115k. So €45k negative equity. He has a car loan of €380 per month. Remaining to be paid €13000. And pays maintenance weekly of €95 for a child.
His net income is €28k working for a builder
We want to move closer to his farm which he will eventually take over from his father. The site will be provided by his parents.
We have savings of €22k.
We are saving €650 per month.
Would it be possible to sell his house and absorb some of the loss into my house by refinancing it. Maybe I'm completely wrong and that is just on heard off.
What is the hope for us with the banks..
PS . I want to keep my own property in the short term maybe 5 years.
I own my own house. Built in 2008 . Remaining mortgage €90k. House value €180- €200k. I pay €220 every 2 weeks . I have a very good tracker rate but have set my figure at €220 every 2 weeks so essentially I am paying off more than required.
I earn €35k a year net plus another €5k in bonus. I have no loans . I have one child.
My fiancé owns a house with his brother which is currently being rented out. There is a total of €160k owed on the mortgage and the house has been valued at €115k. So €45k negative equity. He has a car loan of €380 per month. Remaining to be paid €13000. And pays maintenance weekly of €95 for a child.
His net income is €28k working for a builder
We want to move closer to his farm which he will eventually take over from his father. The site will be provided by his parents.
We have savings of €22k.
We are saving €650 per month.
Would it be possible to sell his house and absorb some of the loss into my house by refinancing it. Maybe I'm completely wrong and that is just on heard off.
What is the hope for us with the banks..
PS . I want to keep my own property in the short term maybe 5 years.