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Mortgage advise-Clueless

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  • 11-03-2008 6:30pm
    #1
    pooch90
    Registered Users Posts: 2,380 ✭✭✭


    Try to keep it short, my boyfriend and I have found a site we love and would hate to lose.It is for sale subject to planning permission. leading to first question (a) what exactly does this mean? If it means that if we get refused planning we don't have to pay for the site, do we need to lay into getting drawings done ASAP? because we weren't planning on building anything for a while, just getting the site for future.

    (b) Don't have a clue about mortgages, (Typical; I don't know what a tracker mortgage is type person).
    We would only be looking for a mortgage for the site €110,000 and would like to find a mortgage that would allow our repayments to be reasonable but with no penalty for paying it off early-being too naive?

    Any advise would be fantastic as I'm really desperate and don't want to make drastic mistakes.
    Thanks!!


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    #2
    bobk
    Registered Users Posts: 370 ✭✭bobk


    a) you will need to seek legal advice, but I imagine it means, as you stated, that no permission granted , no sale.
    Depends on the term of the permission as to when the property will have to be built. These things only have a limited time period and then you would need to reapply. No guarantees that permission wil be granted again though.

    b) You should sit down and talk with an independent mortgage broker to go through the options with you. There are thousands of products available in the marketplace and professional advise is generally the best place to start.

    In response to your query though, you might like to just pay off the interest only until the property is built, and then repay the capital (the amount you borrowed) and interest when you don't need all your money tied up in the actual build.


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