Hi,
Can anyone help me out please with the following scenario.
Option to buy a site adjacent to my PPR. with full planning.
Is it possible to get a mortgage for purchase of same or do I have to wait until house building is actually started - which in this instance could be at least a year.
Would it be better to get a loan to cover costs and not complicate the project with a mortgage at this early stage? This option could prove dearer as term loan rates are higher but savings could be used to partially fund the purchase.
A mortgage will not be needed to actually build the house as my parents are downsizing and the new house will be theirs and site costs paid off. They do need to sell their house first though.
I have no mortgage on my existing PPR and want it to stay that way.
Will legal fees be lower if no mortgage on the site is involved?
Sorry for the long winded post but replies would be appreciated.
Can anyone help me out please with the following scenario.
Option to buy a site adjacent to my PPR. with full planning.
Is it possible to get a mortgage for purchase of same or do I have to wait until house building is actually started - which in this instance could be at least a year.
Would it be better to get a loan to cover costs and not complicate the project with a mortgage at this early stage? This option could prove dearer as term loan rates are higher but savings could be used to partially fund the purchase.
A mortgage will not be needed to actually build the house as my parents are downsizing and the new house will be theirs and site costs paid off. They do need to sell their house first though.
I have no mortgage on my existing PPR and want it to stay that way.
Will legal fees be lower if no mortgage on the site is involved?
Sorry for the long winded post but replies would be appreciated.