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A 15 acre parcel has come available surrounding my home. Whilst we don't have any particular need for the land it would be good to have sites available for our children in the future and it also would prevent others from building around us or the potential of a development in the future. I'd be looking long term lease with a local farmer if we are successful.
Current property value - ~460 to 520k (will need to get it valued)
Mortgage ~ 245k, 25 years remaining @3.0% KBC
Combined salaries ~ 200k
Can I remortgage my property to secure the funds for this? If so am I right in saying the max I could remortgage is for 80% of the property value? (E.g 123k -> 171k of a top up)
Is the fact that we are with KBC an issue here? My current account is also with Ulster bank so I set up a current account with BOI and have switched my salary to that for the last 4 months
Our combined income makes this affordable but the value of our home may be the limiting factor, Is there any other way to secure funds for this?
I'd imagine the parcel will sell for 150-200k.
Current property value - ~460 to 520k (will need to get it valued)
Mortgage ~ 245k, 25 years remaining @3.0% KBC
Combined salaries ~ 200k
Can I remortgage my property to secure the funds for this? If so am I right in saying the max I could remortgage is for 80% of the property value? (E.g 123k -> 171k of a top up)
Is the fact that we are with KBC an issue here? My current account is also with Ulster bank so I set up a current account with BOI and have switched my salary to that for the last 4 months
Our combined income makes this affordable but the value of our home may be the limiting factor, Is there any other way to secure funds for this?
I'd imagine the parcel will sell for 150-200k.