Hi all
Just looking for some advice. We live in Dublin and have a 240k mortgage on our house. We are moving down the country in March 2008 and building our own house.
However we would prefer to start the new house as soon as possible and at least have the foundations in before March. It will cost approx 40k to do this.
We intend to put our house in Dublin on the market the first week in January and hopefully it will be sold by March for c.330K. So should we look for an extra 40k on our present mortgage to put the foundations in or should we get a new mortgage out on the strength of our site and pay interest only until we sell our dublin house? Once we have our own house sold we will apply for a new mortgage to build the house with.
Any views greatly appreciated!
K.
Just looking for some advice. We live in Dublin and have a 240k mortgage on our house. We are moving down the country in March 2008 and building our own house.
However we would prefer to start the new house as soon as possible and at least have the foundations in before March. It will cost approx 40k to do this.
We intend to put our house in Dublin on the market the first week in January and hopefully it will be sold by March for c.330K. So should we look for an extra 40k on our present mortgage to put the foundations in or should we get a new mortgage out on the strength of our site and pay interest only until we sell our dublin house? Once we have our own house sold we will apply for a new mortgage to build the house with.
Any views greatly appreciated!
K.