release equity on property

G

Gbean

Guest
HI,
I have small amount of agricultural land valued at €180,000. I want to apply for a mortgage to buy a house (first time buyer), but on my income, wont qualify for large enough mortgage to get decent house. Is it possible to release equity on this land & get money to add to the mortgage in order to buy the house I want? If so, how do I go about this? I intend to sell the land, but have been advised that this will probably take some time, and I would like to get on the property ladder sooner rather than later.
Hope someone can help, apologies if I'm repeating a question thats already been asked, but I've viewed previous threads on releasing equity and none answer my question!
Thanks
 
Unfortunately if your income doesn't qualify you for a sufficiently large mortgage to buy the house you want, borrowing elsewhere won't help you as such a loan will be taken into account when a lender assesses your mortgage application.
 
I figured as much. Guess I'm resigned to renting until I can sell the land! Thanks for the info anyway, much appreciated
 
I've been renting for quite a while now, & feel it would be better to be paying off my own mortgage than paying someone elses for them!
 
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