Financing buying a site

[ritab]

We are currently trying to finance buying a site. Our Bank tell us our only option is a bridging loan. Does anybody know any other options? Out house is worth around €220,000 & our mortgage is only for around €100,000. Would re-mortgaging be an option? Any ideas greatly appreciated.

 

[Sarah W]

You could either remortgage your house to a maximum of 90% (assuming you qualify on criteria) or you can get a mortgage of up to 80% on the site it's self as long as it has full planning permisssion or outline planning (First Active are the only lenders for sites with outline planning).

Sarah

www.rea.ie

 

[ritab]

Thanks for your reply, Sarah.
I think we'll have to shop around. The site will have Full Planning Permission by the time we need the money. If it doesn't we won't be buying it as that's in the contract.

Many thanks,

Rita