How much will the bank lend me?

[elefantfresh]

I've just been given a small site down the west. Large enough to build a home for myself. about 1/3 acre. Its valued around about 100k subject to planning being granted. I've been told that i can use the site as a deposit so to speak when applying for a mortgage.
I'm a single man earning around 35k - what sort of number would a bank lend me. speaking to a local builder and looking at plans that he has, for 150k or thereabouts i could build the sort of house i'd be very happy with.
will the bank give me that sort of money considering the site alone is worth 100k? i really have no idea how these numbers work. i'd be the guy with the wheelbarrow to be honest )
thanks for your help.

 

[Sarah W]

Will you be working in the same area or is it commutable to your current job? On an income of €35,000 and with no loans you'd qualify for €200,000 on a 35 year term or €190,000 on a 30 year term. The site would need to have a mininmum of outline planning permission to be able to borrow any mortgage finance against it although presumably if it's being gifted to you you won't need funds until you actually start building? Have you looked at the gift tax implications? And yes, with the site in your name you won't need to have a deposit.

Sarah

www.rea.ie