Mortgages for land info!

[Tiddlepiddle]

A question to anyone who has needed a mortgage when buying a house with land

We are looking at mortgage options atm and some companies aren't happy to make an offer on large acreages. We are looking at 30 + acres with a house.

We have been offered in principal two 'domestic' deals plus another 'commercial' deal from the agri arm of Lloyds. This incidenatally has the best rates!?!

Has anyone else had this dilema and what did you do?

 

[Tiddlepiddle]

bump

 

[EventingMum]

We had this problem, had a mortgage with Nationwide for over 20 years with no late/missed payments then built a house on 30 acres and decided to take a small mortgage to finish it to the standard we required so approached Nationwide to be met with a flat refusal due to acreage. We tried several others and were turned down either due to the acreage, ag tie or because we were told it was too small an amount we wanted to borrow. In the end we went to the Clydesdale bank and had no problems - just wished we'd gone to them first.

 

[Tiddlepiddle]

Thanks EM. Can I ask if your Clydesdale mortgage is a 'domestic' type or an commercial/agri policy?

 

[Polos Mum]

We have a domestic mortgage on ours which is 12 acres, from a high street bank - can't see much difference between 12 and 30 from a banks perspective!
Strange they are being difficult as land must be more secure than property (it's certainly been going up in value through the whole of the recession where as property as we all know has not!) and it's not like you can burn it down, or fail to repair it or paint is such a horrible colour nobody else will buy it

 

[EventingMum]

Thanks EM. Can I ask if your Clydesdale mortgage is a 'domestic' type or an commercial/agri policy?

It's a domestic one although the stables which were already there are my business but we already owned them outright. For a valuation the bank only valued the house although the ag tie says the house and land can't be sold seperately!