Mortgage top-up for buying land

markdrogheda

Hi All,

Hopefully I can get some advice....

I have been looking to buy a site with a cottage included that I plan to renovate or rebuild. There is planning permission on the site already but no need to open that can of worms. The site is close to me but I am not sure how best to finance it. The asking price is 65k and I have 30k savings (including a little help from my mother !).

I currently own a home, bought it in 2008 and I am in negative equity but luckily it is a tracker mortgage and is easily manageable. The choices as I see it are either looking for a top-up from the bank or a personal loan.

Any suggestions would be welcome, Thanks, Mark

yoloc

markdrogheda wrote: »

Hi All,

Hopefully I can get some advice....

I have been looking to buy a site with a cottage included that I plan to renovate or rebuild. There is planning permission on the site already but no need to open that can of worms. The site is close to me but I am not sure how best to finance it. The asking price is 65k and I have 30k savings (including a little help from my mother !).

I currently own a home, bought it in 2008 and I am in negative equity but luckily it is a tracker mortgage and is easily manageable. The choices as I see it are either looking for a top-up from the bank or a personal loan.

Any suggestions would be welcome, Thanks, Mark

Offer 30k for it, i bet they take your hand of when you tell them its a cash offer

markdrogheda

Ha - they have dropped the price by 50% over the last 18 months, negotiations will be key. DaftDrop is a great thing !

phormium

You won't get a top up if you are in negative equity, personal loan maybe.

What about a credit union, do you have an account with one?