House with land

becky2011 · 16 October 2011 at 7:26PM

Hi mortgage experts:)

Do any of you know if Natwest let you have land in your residential mortgage?
I'm looking at buying a property with 39 acres of grassland and I need to know if that can be included in the mortgage. I know that there are lenders that will only lend on the first acre so wanted to check.

Thanks in advance guys

opinions4u · 16 October 2011 at 7:34PM

A common exclusion would be land set aside for agricultural purposes.

pauletruth · 16 October 2011 at 7:38PM

speak to natwests faf department. its who we are with they lend on agri things but you will need a bigger deposit than normal for houses.

becky2011 · 16 October 2011 at 7:50PM

Right I see, I will have a chat with them. So basically it would be a seperate agricultural loan for the land, or the land could be valued and I could pay for that seperately?
The land would not be for business use though, just grazing, does that matter?

Thanks you have been most helpful:-)

Meeper · 17 October 2011 at 12:46AM

Depends on what the land is currently used for, and intended to be used for.

becky2011 · 18 October 2011 at 9:19AM

I'm back! I've got a broker working on this but to be honest I would like someone elses opinion too.
Some of he land is currently used as grazing for the vendors horses and the rest is not used for anything.
Being completely honest with me, how likely is it that I will be able to find a loan for the land seperaste to the house purchase? I'm not even going to view the house until I know it is possible.
Thanks again guys:)

Meeper · 18 October 2011 at 1:22PM

You may be ok finding a lender to lend on the whole thing, rather than separating them.

This type of thing will take some research, however, I'm afraid. Multiple calls to lenders to discuss the property and their policy on land. Not the kind of thing that I'd be able to offer any firm guidance on for someone who wasn't paying me anything for my time! Sorry.

pauletruth · 18 October 2011 at 8:53PM

i am not advertising them. really no commision but they faf lent on the house and land its just handled slightly diffrent. it may be best to have a plan for the land as it would be best to use it and have it produce an income. ours is an old croft house with 25 acres we had a very poor credit score this will be a lot tougher now but they are very friendly.