Mortgage for a Plot?

Moulsfordrunner

We've got approx 70k and need a further 60k to buy a plot of land with outline planning permission granted. In years to come we hope to build a holiday home on the plot. On our main house we have a 186k mortgage on a property worth approx 300k. Our lenders (Bristol and West) won't re-mortgage as we are already above their new maximum loan to value amount. Any ideas where we can get the money? It should only be 9 months before a probate brings in the funds to repay the 60k. We would wait but plots in the area don't come up at all often.

TEDDYRUKSPIN

You are looking for a development loan and not a mortgage. Unless you can free up money from equity of your existing property!

Moulsfordrunner

Thanks Teddyrukspin!
Who offers development loans, and what are my chances if we don't intend to "develop" the plot immediately? (The market isn't good for buy to let property and we simply don't have the money.)

struanhellier

There are mortgage lenders who will consider you.

For example, the Ecology Building Society (Google it, I am not able to post the hyperlink) will lend for this purpose if your house is 'eco' enough for their criteria. They will release money in stages as and when you need it.