Finance to purchase land

[everichred]

has anyone done this recently.

Am interested in some land locally and have enough for deposit but will need a loan/mortgage to fund the rest.

..not paying livery fees will make a big contribution to the loan payback so not much worse off in day to day terms, but struggling to find a bank willing to lend.

Unless its brick and mortar they are not interested.

 

[FairyLights]

Sorry cant help but am in the same position as you. Do you have a house you could remortgage perhaps?

 

[lachlanandmarcus]

or bank personal loan or credit card with a lowish rate? (wouldnt normally suggest that but if it will actually reduce current outgoings or be the same....

bear in mind tho you will have to pay for fencing (v expensive) if needed, field shelter if needed, water supply if you need one etc, so make sure any budget includes real cost not only purchase price (Im sure you have anyway).

 

[Skyebald]

I took out a home improvement loan I found a lot of personal loans were only for 5 years and I wouldn't have been able to afford the repayments.

The cheapest way is usually to remortgage if you are able. I couldn't find anywhere to take out a mortgage just for the land as the purchase was too small

 

[Miss L Toe]

You could ask your local agricultural auctioneers to arrange it for you, but "home improvements" tend to be easier.
just eliminate the "hobby costs" from your income and expenditure.

 

[indie999]

Stick on mortgage as home improvement. As you say you will save the money from Livery and also have the asset of land at the end! Good luck I didnt regret it.

 

[ofcourseyoucan]

Try Farming and Finance.. a subsiduary of Natwest. or AMC. they fund land purchases

 

[FairyLights]

We tried AMC a couple of years ago about a 4 acre field immediately adjacent to our house. They didnt want to know ,basically the amount of sheep we could keep on it wouldnt generate enough income to pay the mortgage. We said its nothing to do with sheep we are working full time with a mortgage free home we were willing to use as collateral if need be. They still wernt interested , wouldnt even give us a quote and told us to go to our own bank.