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  • FIRST POST
    • ncj15
    • By ncj15 29th Jun 16, 12:57 PM
    • 3Posts
    • 0Thanks
    ncj15
    Land Loan
    • #1
    • 29th Jun 16, 12:57 PM
    Land Loan 29th Jun 16 at 12:57 PM
    My partner and I want to borrow £15,000 to purchase a piece of land which will eventually be used to build on. However, this will be in several years and we are not in a position to get a self-build mortgage at this point as we will both be changing jobs come September/October which makes getting a mortgage impossible. We are therefore happy to purchase the land knowing it is perfect and wait to apply for the mortgage in the coming years. Does anyone know of anywhere that could help us with this? Most loans won't allow you to borrow for land so we are really stuck!
Page 1
    • DCFC79
    • By DCFC79 29th Jun 16, 1:11 PM
    • 29,507 Posts
    • 18,656 Thanks
    DCFC79
    • #2
    • 29th Jun 16, 1:11 PM
    • #2
    • 29th Jun 16, 1:11 PM
    My partner and I want to borrow £15,000 to purchase a piece of land which will eventually be used to build on. However, this will be in several years and we are not in a position to get a self-build mortgage at this point as we will both be changing jobs come September/October which makes getting a mortgage impossible. We are therefore happy to purchase the land knowing it is perfect and wait to apply for the mortgage in the coming years. Does anyone know of anywhere that could help us with this? Most loans won't allow you to borrow for land so we are really stuck!
    Originally posted by ncj15
    Why not wait nearer the time when you actually start the self build ?

    This thread might help

    http://www.thisismoney.co.uk/money/mortgageshome/article

    Lenders don't tend to lend the whole amount in 1 hit but in stages so imo just until you buy the land.

    I'm not saying don't do it.
    Last edited by DCFC79; 29-06-2016 at 1:20 PM.
    Je Suis Charlie
    • spadoosh
    • By spadoosh 29th Jun 16, 1:16 PM
    • 4,213 Posts
    • 5,480 Thanks
    spadoosh
    • #3
    • 29th Jun 16, 1:16 PM
    • #3
    • 29th Jun 16, 1:16 PM
    I know this isnt the questions but how confident are you of getting planning permission?

    £15,000 seems extremely cheap for a piece of land that is likely to get planning permission.

    I live in the NW and land with planning for a small 3 bed detached sits anywhere between £125,000 and £200,000.

    I ask because this is something that has always interested me but there seems to be a consensus that this route is a difficult one.
    Don't be angry!
    • bris
    • By bris 29th Jun 16, 4:36 PM
    • 6,646 Posts
    • 5,691 Thanks
    bris
    • #4
    • 29th Jun 16, 4:36 PM
    • #4
    • 29th Jun 16, 4:36 PM
    There is little to no chance of getting permission to build on this land, land owners simply don't sell land until the know it's a dead end.


    There are companies who make a fortune selling to the public with false promises, it's not one of these you are buying from is it?
    • 27col
    • By 27col 29th Jun 16, 4:46 PM
    • 6,452 Posts
    • 4,215 Thanks
    27col
    • #5
    • 29th Jun 16, 4:46 PM
    • #5
    • 29th Jun 16, 4:46 PM
    There must be many thousands of us self builders who would love to know where we could buy enough land to build a house for £15,000.
    Sounds like a dream to me. Though I did once buy a plot for my first house, for £1,600. But that was in 1967.
    I can afford anything that I want.
    Just so long as I don't want much.
    • foxy-stoat
    • By foxy-stoat 1st Jul 16, 10:05 AM
    • 1,561 Posts
    • 861 Thanks
    foxy-stoat
    • #6
    • 1st Jul 16, 10:05 AM
    • #6
    • 1st Jul 16, 10:05 AM
    Your options are:

    Save
    Stooze with interest free credit cards or super balance transfers
    Personal loan, but lie on the application
    • DCFC79
    • By DCFC79 1st Jul 16, 4:35 PM
    • 29,507 Posts
    • 18,656 Thanks
    DCFC79
    • #7
    • 1st Jul 16, 4:35 PM
    • #7
    • 1st Jul 16, 4:35 PM
    There must be many thousands of us self builders who would love to know where we could buy enough land to build a house for £15,000.
    Sounds like a dream to me. Though I did once buy a plot for my first house, for £1,600. But that was in 1967.
    Originally posted by 27col
    If only the OP had a time machine.
    Je Suis Charlie
    • ncj15
    • By ncj15 13th Mar 17, 7:04 PM
    • 3 Posts
    • 0 Thanks
    ncj15
    • #8
    • 13th Mar 17, 7:04 PM
    • #8
    • 13th Mar 17, 7:04 PM
    Hi all,

    Apologies for the delay on this - none of the notifications came through and I have only just seen this.
    The land was farmland which was inherited and sold off - this particular piece went for £29k and was suitable for planning.

    We just got beat to it!
    • jonesMUFCforever
    • By jonesMUFCforever 13th Mar 17, 7:28 PM
    • 23,820 Posts
    • 11,027 Thanks
    jonesMUFCforever
    • #9
    • 13th Mar 17, 7:28 PM
    • #9
    • 13th Mar 17, 7:28 PM
    Hi all,

    Apologies for the delay on this - none of the notifications came through and I have only just seen this.
    The land was farmland which was inherited and sold off - this particular piece went for £29k and was suitable for planning.

    We just got beat to it!
    Originally posted by ncj15
    I think you have had a narrow escape.
    There is a reason the land was (relatively) cheap - you may well have been able to build on it but your problem would have been selling it on in the future.
    I think its called S52 or something look it up.
    What goes around - comes around
    give lots and you will always receive lots
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