Buying plot of land? Is it possible?!?

anthonini

Hello everyone, this is my first post, please be gentle :-)

Myself and GF have been keeping our eye out for a plot of land for a little while, as we plan to self build in a couple of years or so, and hopefully expedite our route to mortgage freedom. Although we've been browsing for land every now and then, an ideal plot has just been marketed really close to where we currently live.

Our quandry is whether to get involved and go after the plot, or let it slide by and keep waiting for our circumstances to improve before embarking on this project i.e are we financially able to do it yet? The land is £120K with planning.

We currently live in my house which is valued at £220000, mortgage outstanding is £130000, so ~ £90k equity. My GF has just sold her house and has £50k sat in the bank. We both have quite good jobs, i'm self-employed around £45k pa, and GF is £26k pa.

I was intending to pay down my mortgage and use future sale of my house to fund majority of house build as i overpay a lot and mortgage will be done in 4-5 years.

Therefore, does anybody know whether it would be possible to buy the land with a loan/self builder mortgage using GF's £50k deposit, or am i dreaming and would we need to sell my house and move forward from there? I'm not sure anyone would lend us the £75k needed to purchase the land in the first instance whilst i still have a mortgage?!

This is a bit of a rambling post, but any advice would be greatfully received,


Many Thanks anthonini

Doozergirl

I think there's definitely a possibility that you can do something. Even if it's your gf buying it in her own name to stat with, with the self build mortgage.

I'd really consider it because if it's anything like where I live, you could be waiting for a very long time for a perfect plot in the right area. If it really is a good level plot with the right sort of orientation then it's worth looking into at least.