Questions for people who have bought their own land?

gentle_giant

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Im considering buying some land, up to around the £30k-40k value, for this price I can get a good 5 acres of grazing here.

What Im wondering, being totally new to owning land is, what is the best way to pay for it?

A loan?
A remortgage on your house?
A specific mortgage for land?
Cash - no chance LOL.

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suestowford

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When we bought our 5 acre field we added the debt to our existing mortgage on the house. It was too much £ for an ordinary loan, and the bank wouldn't mortgage on land alone so it had to be done on the house.
 

clipclop

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[ QUOTE ]
When we bought our 5 acre field we added the debt to our existing mortgage on the house. It was too much £ for an ordinary loan, and the bank wouldn't mortgage on land alone so it had to be done on the house.

[/ QUOTE ]

Ditto
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airedale

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cheapest way is remortgage on house

even if you could get an agricultural loan it would be 2% above interest rate so much more expensive
 

sanda

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You cant get any grazing land up here it all goes for house plots or potential house plots. The 3 acre field next to me went for 145k with no pp, it seems everyone from down south wants to move up here just to admire the view. How I wish I could get 5 acres grazing land for 40k, good luck to you ! The banks wont lend on land so I would just remortgage
 

jumpthemoon

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I think you've all got too much cash! Recently purchased 2 acre meadow (extension to my current paddock) for a bargain £5k! I'd remortgage if I didn't have 'Dad's bank'..
 

gentle_giant

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[ QUOTE ]
I think you've all got too much cash! Recently purchased 2 acre meadow (extension to my current paddock) for a bargain £5k! I'd remortgage if I didn't have 'Dad's bank'..

[/ QUOTE ]

Wow that is a bargain!
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*hic*

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We paid 2.5K per acre some 3 years ago. Price is now 4K per acre.

IF you have a pension fund and can convert it to a SIPP (self invested personal pension) then the pension fund can invest in land. Pensions funds can also borrow to make improvements. It's a bit of a gamble and you need a sympathetic financial adviser but it MIGht work out as a reasonable option for some people.
 

Forget_Me_Not

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Here cost is 7.5k for woodland 12k+ for pasture. We brougth five woodland, five pasture for £100k Wouldn't do it again. We have visted a few times but water is proving to be hell of alot of work. Electirc easy. Yet to apply for PP for stables and menage.
 

Chex

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Its all so expensive! I was looking at £1800 an acre for grazing land, but we didn't get it because someone bought the whole estate (7000 acres for £3 million!).
 

Christmas_Kate

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We're currently looking for land to buy.
We've seen land nearby, 1.8 acres, running water but no shelter etc. has PP for a stable on it.... 35k.

We're looking at 2 or 3 acres (maybe more) and PP for stables, and menage, and hope to pay about 50k.

We're not borrowing the money, it's being brought for the kids as an investment for the future. But if we did have to borrow we'd remortgage.
 

Enfys

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I am in total shock at the price of land now in England
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I had to sit down last year when we were told our diddy field on the side of a Welsh Mountain was valued at 5K an acre.
 

custard

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Round here a 4 acre paddock could go for anything from £10-20K per acre! Have been searching since I sold my house last year and no luck. Every auction we go to seems to be full of prospective builders who've always got a bit more money than we have.

Im quite prepared to buy an arable plot that needs re seeding if I have to. If anyone kjnows of some in the Henley/Ullenhall/Wotton Wawen area please tell me!
 
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