We want to move from Dublin to the country.
Our home in Dublin is mortgage free and probably worth about €900,000
We have a site and it will cost about €400,000 to build - allow another €100,000 for overspend in an extreme case.
Ideally we would like to borrow the €400,000 and build the house.
Then move into it from our Dublin home.
Then sell the Dublin home. (We will put the Dublin home on the market within about 3 months of the selfbuild being finished.)
Will a lender lend us stage payments up to €500k on the security of our home?
Or do we have to sell first to get the money and then rent while the house is being built?
L.
Our home in Dublin is mortgage free and probably worth about €900,000
We have a site and it will cost about €400,000 to build - allow another €100,000 for overspend in an extreme case.
Ideally we would like to borrow the €400,000 and build the house.
Then move into it from our Dublin home.
Then sell the Dublin home. (We will put the Dublin home on the market within about 3 months of the selfbuild being finished.)
Will a lender lend us stage payments up to €500k on the security of our home?
Or do we have to sell first to get the money and then rent while the house is being built?
L.