loans to buy land

[Moon]

Just out of interest, has anyone ever got a loan to buy grazing land? like a mortgage i suppose, and what did it entail? Would you have to use your house as a safe guard?

 

[*hic*]

I suspect the "standard" method is to mortgage or remortgage your house, certainly that's what the person trying to buy some of my land is doing. High Street lenders seem reluctant to lend money on land itself.

 

[Suelin]

I took out a mortgage on my house to buy mine. Not sure how easy that would be through in the current climate.

 

[frozzy]

My daughter got a loan to buy land and stables from the Clydesdale bank. We had the use of them when we bought our house then the builders ran out of money and demanded money for them asap,

 

[Skyebald]

I got a personal home improvement loan when I bought mine as couldn't raise it via re mortgaging

 

[gill84]

My parents added our land onto the house mortgage

 

[MrsMozart]

Used to be quite easy. We used a broker bod to get the funds (just over £.5m) when we were after a yard and land a few years ago.

Sadly now though it's a bit harder. The loan to value rate has dropped. At least this was the case when we went after different land a couple of years ago (the Coal Authority having beaten us with the first lot!), and that was for a lot less money.

Worth doing some searches on Google, see what the trend is at the moment.

 

[Moon]

Thanks chaps this has been helpful, ive been doing a bit of research and just wanted to see what peoples experiences are!

 

[ofcourseyoucan]

try FAF Ltd they are linked to natwest and fund land purchases. or AMC.

 

[Surreydeb]

We had to add to our mortgage for our land and the bank had a legal charge over the land. It's all ours now though

 

[meesha]

I borrowed extra on mortgage for "home improvements" both times, relies on having enough equity in house though !

 

[Honey08]

I borrowed extra on mortgage for "home improvements" both times, relies on having enough equity in house though !

out of interest, when you do that do they come and inspect the house again, like valuing, or do they not bother if enough equity?