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I'd like to buy land but don't know about financing this?
lounewcastle
Posts: 1 Newbie
I'm very interested in buying some land for grazing use for horses, and I've looked into local prices. To get the three acres I require, I'd be looking at spending around £20k, £25k maximum.
I'm a first time buyer, my partner owns our house (or should I say 'his' house!) and I've discussed it all with him.
I can afford to take out a mortgage for up to £25k, but I need advice on this. Are 'normal' mortgages for residential dwellings only? Would I need a 'special' type of mortgage (i.e. a land mortgage) to buy a plot of land? The likelihood is that I wouldn't buy somewhere with planning permission, as they'd be more expensive and I wouldn't need to build anything anyway.
As this is a little more unusual, I don't know who would be able to give me advice i.e. banks, financial advisers, brokers etc.
Any advice would be much appreciated.
Kind regards
Lou
I'm a first time buyer, my partner owns our house (or should I say 'his' house!) and I've discussed it all with him.
I can afford to take out a mortgage for up to £25k, but I need advice on this. Are 'normal' mortgages for residential dwellings only? Would I need a 'special' type of mortgage (i.e. a land mortgage) to buy a plot of land? The likelihood is that I wouldn't buy somewhere with planning permission, as they'd be more expensive and I wouldn't need to build anything anyway.
As this is a little more unusual, I don't know who would be able to give me advice i.e. banks, financial advisers, brokers etc.
Any advice would be much appreciated.
Kind regards
Lou
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