Hi all, my Fiancee and I have just received planning permission to build our home on a 1.2 acre site that I own. However, I am currently publishing a book which won't be out until Nov so I don't think mortgage lenders will look at me for a long time until I have some sales figures ( does anyone know how many months figures they would require?). My Fiancee owns an apartment in Dublin. The market value of the apartment would easily cover the cost of building the house. If we were to sell (which it seems we might have to, in order to have our house built before the wedding next August) and get close to the market value, would we have to use the proceeds to pay off the current mortgage and re-apply for a new one, or could we just use the proceeds of the sale to build our new house? We are afraid that the mortgage lender would not give as much this time due to the increase in interest rates, stress calculations etc. and would like to avoid delays. My Fiancee is in full time employment at the moment and is on about 5k PA more now than 2 years ago when the original mortgage was processed. Your help and opinions would be very much appreciated.
Using proceeds of sale to buy new house
- Thread starter Nobrain
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Brendan Burgess
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Yes. If you sell your apartment, you will have to pay off the mortgage which is secured on it and apply again.
No lender will base the amount they lend on potential or actual book sales. They want to see regular income.
Brendan
No lender will base the amount they lend on potential or actual book sales. They want to see regular income.
Brendan