Standard mortgage for land

andy0121

I've a relative who's wanting to buy a piece of land for a business opportunity, the land won't be built on. He has a business plan and the plan does produce profits.
I've tried to find the answer to his question on the internet but I've failed to find it.

He already knows he can get a mortgage to buy a house, but he doesn't want to buy it. Can he get a mortgage to buy the land?

Any help would be greatly appreciated.

thanks
andy

ACG

Yes but it wont be a residential mortgage.
It will be higher interest rates depending on the loan to value and the type of land etc.
Might be worth speaking to a mortgage or commercial mortgage broker.

andy0121

Hi,

thanks for that. I'll pass the news on to them, I'll tell them what you've said.