Probems getting a mortgage on property with land

pipsqueek

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We are looking to buy a small cottage which has land & stables. The asking price would not increase our current mortgage re-payments substantially but our lenders have refused to give us a mortgage on it as the cottage itself is worth less than the land. Any ideas?? It is perfect but i'm worried now that it will be impossible to get a mortgage for it :( Thank you in advance!!
 

honetpot

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We bought a normally unmorgagable property, at one point we were not sure if we would have to have some sort of loan. If you can not get a normal morgage through a broker sometimes getiing it as a buisness morgage may be better but they will ask lots of questions and the rate will be higher.
The funny thing is I have had 4 people stop me and ask if I want to sell which is funny as the morgage companies are so reluctant to lend on country investmants.
 

case895

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I bought my property last autumn and some mortgage companies refused to lend against land or an equestrian property. In the end, I had to buy the land for cash and have a larger mortgage just on the house title.
 

amandap

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A good broker is worth their weight in gold. Takes all the hassle out of traipsing round lenders with a non straight forward purchase. Good luck. It can be difficult if the house value is low though.
 

Skipadeedooda

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When we were looking we were told anything with 10 acres or more would not qualify for a residential mortgage and would be classed as agricultural.

We got ours ok which was advertised as 10acres but on checking the deeds it's actually 12 acre site but obviously got house, garden etc. it's a bit of a grey area I think. You could ask vendor to sell property with the max amount of land allowed for mortgage purposes and purchase the rest separate.

Definitely get some expert advise. Good luck
 
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