Hi all
my husband and I would love to build our own home. A great site with full planning permission has been on the market for over a year now and we'd love it. ( I don't know if there's an expiry on the PP)
However, we don't have the asking price for the land saved up - 70k
First question, is it possible to get a mortgage on just land with planning permission?
Our situation at the moment -
Bought current home right before crash at peak price, we're now around 100k negative equity.
We're on a tracker mortgage, which I assume we would lose if we want to sell or move mortgages etc.
Would it be better to try and get a 2nd mortgage and rent out the current house? (3 bed semi in a commuter town)
We are both in good stable jobs and combined earning before tax is 95k
Any advice much appreciated
my husband and I would love to build our own home. A great site with full planning permission has been on the market for over a year now and we'd love it. ( I don't know if there's an expiry on the PP)
However, we don't have the asking price for the land saved up - 70k
First question, is it possible to get a mortgage on just land with planning permission?
Our situation at the moment -
Bought current home right before crash at peak price, we're now around 100k negative equity.
We're on a tracker mortgage, which I assume we would lose if we want to sell or move mortgages etc.
Would it be better to try and get a 2nd mortgage and rent out the current house? (3 bed semi in a commuter town)
We are both in good stable jobs and combined earning before tax is 95k
Any advice much appreciated