mortgage - how much can i borrow

C

cindy

Guest
i currently have a house valued at aroung €250k with a €33 mortgage on it. A chance has come about to purchase land off a family member for €110k (worth at least that even just as agriculural land) and i hope to build on it shortly. However, i dont have time to wait for the planning to come through as it needs a quick sale.

Would a bank give me an equity release of €110k on top of my existing €33k loan. I earn €27.5k per annum and about 4-5k bonuses per annum. Any help would be appreciated. thanks
 
Yes. Assuming you have no other debts and can take a 30 year term you easily qualify for €143,000. Bank of Scotland, Ulster Bank, First Active, the EBS and IIB Homeloans all offer 'fees free' remortgage packages which should go through quickly enough to secure the site. You could also try NIB but I believe they are pretty snowed under at the moment and they *may* have an issue with the purpose of the loan. You could also check with your existing lender about a top up loan.....

Loads of options!

Sarah

www.rea.ie
 
thanks a million sarah......that will reduce the stress levels a bit.
 
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