G
glwb
Guest
A nice plot of land has become available in my native parish which I am very interested in buying with a view to building a home on. It's being sold as land i.e. not "subject to planning" and the price reflects this. I currently have a house with enough "positive equity" added to savings to cover the cost. The mortgage on the current house is on a tracker ECB +1.1 with BOI. So I have a number of questions: Will the bank allow me to top up the existing mortgage to the current house value to pay for this? Or do they really care what the money is spent on as long as the house value covers it? If they won't allow a top-up what other options do I have? I've heard they won't give mortgages for land without PP. So does that mean it would have to be a personal loan @ approx 10%APR? Or are there other loan types. It's not like I'll be spending the money on a car or holidays etc. so surely a better rate would be available?