C
cmg2011
Guest
Hi I have 2 questions that im hoping someone with a bit more finacial knowledge will be able to answer my first is.
Myself and my husband own a house Kildare, our mortgage is €323,000 but probably worth about €220,000 at the most. We are four and a half years into a 30 year mortgage with Halifax. We would like to move to Tipperary where would build a house. We will get the land for free and its is an good part of Tipperary we would be moving too so the land would be worth a good bit. We have looked at buliding houses an we reckon we could do it for €150000. So my question is if we sold our house with a shortfall of €100000 would a bank give us a mortgage of €250000, to build our house (150000) and clear the shortfall (100000), taking into account that when the house in complete both the house and the land would be worth €250000 if not a bit more.???
My second question is, taking into account that if the above was to happen it would take a couple of years, Our fixed rate is coming to an end in june 2012 (yippee) and we will be paying around 300 or 400 less a month, shoule be apy this off the capital or save it ourselves.
Thanks in advance
Myself and my husband own a house Kildare, our mortgage is €323,000 but probably worth about €220,000 at the most. We are four and a half years into a 30 year mortgage with Halifax. We would like to move to Tipperary where would build a house. We will get the land for free and its is an good part of Tipperary we would be moving too so the land would be worth a good bit. We have looked at buliding houses an we reckon we could do it for €150000. So my question is if we sold our house with a shortfall of €100000 would a bank give us a mortgage of €250000, to build our house (150000) and clear the shortfall (100000), taking into account that when the house in complete both the house and the land would be worth €250000 if not a bit more.???
My second question is, taking into account that if the above was to happen it would take a couple of years, Our fixed rate is coming to an end in june 2012 (yippee) and we will be paying around 300 or 400 less a month, shoule be apy this off the capital or save it ourselves.
Thanks in advance