Loan for land purchase

Gill_B_2

My husband and I live in a caravan on a smallholding; we've paid a hefty deposit on the smallholding and want to borrow £50,000 to complete the purchase. I am employed full-time, my husband is self-employed on the smallholding. As we don't own a property (we sold up to take up the 'good life'!), and don't own the land yet, we've nothing to secure the loan against. Any advice welcome......

rsykes2000

I think my advice would have been to sort the loan *before* paying any hefty deposit. I can't help you with the question but others mght be able to if you can post more details about your salaries etc.

Robert_Sterling

When you sold up how much did you get?
How much did you pay as a deposit?
How much did you spend on the good life and how good was it?
Give the figures. Do not be shy. Nobody knows who you are.

jonesMUFCforever

I can only speak about LTSB but they have changed their lending policy not to lend unsecured on any kind of property purchase including land.

Gill_B_2

I attempted to submit a reply yesterday but it disappeared into the ether, so here goes again........

We have paid £60,000 so far (proceeds from selling up). When we agreed the purchase there was a seed contract on the land; the income from this was to pay the balance owing, but the contract was not renewed, which is why we need to borrow the money. In retrospect this is definitely not the way we should have gone about it!

My salary is £18,300 per annum. My husband works full-time on the smallholding. We are now concentrating on growing delicious, chemical-free strawberries and tomatoes, for which we are gaining an excellent reputation. Starting from scratch, though, it's a slow process and so far profits are negligible, and it's likely to be a couple of years until we've built up plant stock before we turn a decent profit.

The good life is great, I can highly recommend it - unfortunately, though, I'm still a wage slave and likely to remain so for some time yet!