Hello,
We're looking at buying a site in the Fingal area. It has planning permission for a house but we would like to build a smaller house than the permission is for. I've talked to Fingal and I gather this wouldn't be a problem, so long as all conditions of the previous permission are complied with, design isn't radically different etc.
I want to buy the site, apply for new permission and build a smaller house.
My issue is with the banks... I am approved in principle for a mortgage that exceeds what I need to buy the site and build the house etc. The vendor won't sell me the site subject to new pp. The bank (I imagine - waiting for a couple of calls back) won't give me a mortgage based on theoretical new pp.
Any suggestions on ways around this issue? If I was to get mortgage approval based on the current pp and draw down the first part of the loan to purchase the site, could I then reapply for permission and amend the approved design with the bank?
Other option is to buy the site outright, with no mortgage. However this will leave me in a position of having no funds remaining. If I was to do this, apply for new pp and then go to the bank, would they give me a mortgage including an element of equity release? I would need funds to pay the contribution to the council and to furnish the house.
Thanks for taking the time to read / answer.
We're looking at buying a site in the Fingal area. It has planning permission for a house but we would like to build a smaller house than the permission is for. I've talked to Fingal and I gather this wouldn't be a problem, so long as all conditions of the previous permission are complied with, design isn't radically different etc.
I want to buy the site, apply for new permission and build a smaller house.
My issue is with the banks... I am approved in principle for a mortgage that exceeds what I need to buy the site and build the house etc. The vendor won't sell me the site subject to new pp. The bank (I imagine - waiting for a couple of calls back) won't give me a mortgage based on theoretical new pp.
Any suggestions on ways around this issue? If I was to get mortgage approval based on the current pp and draw down the first part of the loan to purchase the site, could I then reapply for permission and amend the approved design with the bank?
Other option is to buy the site outright, with no mortgage. However this will leave me in a position of having no funds remaining. If I was to do this, apply for new pp and then go to the bank, would they give me a mortgage including an element of equity release? I would need funds to pay the contribution to the council and to furnish the house.
Thanks for taking the time to read / answer.