no mortgage for me - although money's not the issue

gilliepops

Me and this bloke have found a house we would like to buy. The house will come on to the market within the next fortnight, so we are keen to be ready to move if its viable to buy it.


The house will be on the market for £295000. We know the house and have seen inside it already, so would probably offer £285000 subject to survey.


This is all standard stuff, but the house comes with a ten acre field, so we want to buy the house, and to sell the field after we have bought the house to reduce the mortgage amount as we know there are a number of people who are interested in the field only.

The seller will not seperate the house and field. The issue is, we are told that no normal domestic mortgage lender will lend on a property with ten acres of arable land.

Anyone got any ideas?

Thanks

Gillie.

Ivana_Tinkle

We finally heard today that Santander have approved our mortgage application for a property with 11 acres of land. (It took them 2 and a half months!) I wouldn't recommend Santander in a million years, but it's certainly not true that you can't get a mortgage - you just have to answer extra questions about what the land is used for now and what you plan to use it for (ie to prove it's nothing commercial).

Senior_Paper_Monitor

You (and 'that bloke') are told wrong - however it will need placing with a carefully selected lender. Nowhere near enough information to begin to suggest an appropriate lender (or if you and 'that bloke') will meet the relevant criteria of whatever lender might be possible.

ACG

Does the property come with an agricultural tie?

gilliepops

hi, thanks for excellent advices....Santander is off the list. Re questions, the housr was owned by a family who had lived there for many years, the field will never get planning permission to build, but has no ties on it. I'm not sure what this forums parameters are but is there anyone following this who might like or business? I think we need a better mortgage advisor.

GMS

If the house and land are on one title then the property would be valued as a single entity and secured upon on this basis by the lender. You could not hten decide to sell on the land without the permission of the lender.

Selling the land would diminish their security so it would not be a straight forward matter