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Buying land with an ongoing mortgage?
tomwrc205
Posts: 2 Newbie
Hello. I have searched the forums till I'm blue in the face! I'm sorry if I've posted in the wrong category.
Basically I know of a plot of land coming up for sale in the next few months with it possibly being sold with planning permission for a log cabin.
My question is.....I currently own a house with a mortgage through Santander and I am confused as to how or if I can sell my house to buy the land. I have read all about self build mortgages which seem like that would be what I require to go ahead with this. But how can I transfer my current mortgage to fund this venture?
It is possible that the owner of the land will not be able to get planning permission. But as I am a farm worker and tied in the the agricultural community it have been told it might be easier for me to obtain?
As it stands at the moment there is a static caravan on the plot which has been there for ten years or more. Also there are several farm buildings/sheds on the plot but are in a bit of a sorry state. There is also stables there which the current owner has been renting out.
I've yet to go to my mortgage provider for advice as I was hoping I would get as much information that I could first.
If there is anybody that can offer advice that would be much appreciated!
Basically I know of a plot of land coming up for sale in the next few months with it possibly being sold with planning permission for a log cabin.
My question is.....I currently own a house with a mortgage through Santander and I am confused as to how or if I can sell my house to buy the land. I have read all about self build mortgages which seem like that would be what I require to go ahead with this. But how can I transfer my current mortgage to fund this venture?
It is possible that the owner of the land will not be able to get planning permission. But as I am a farm worker and tied in the the agricultural community it have been told it might be easier for me to obtain?
As it stands at the moment there is a static caravan on the plot which has been there for ten years or more. Also there are several farm buildings/sheds on the plot but are in a bit of a sorry state. There is also stables there which the current owner has been renting out.
I've yet to go to my mortgage provider for advice as I was hoping I would get as much information that I could first.
If there is anybody that can offer advice that would be much appreciated!
0
Comments
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No sure why you need to ask here first if you have a broker you are going to?
Easiest way would appear to be to buy the land using extra lending on your home if possible.
Your wont transfer your current mortgage.
Nor will you easily mortgage a plot of agricultural land without planning permission.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you for the reply. I was just curious as I didn't want to go taking time off work to go in to the bank and for them just to turn around and say no!
Regarding planning. Will outline planning be good enough for a self build mortgage company?
I'm sorry for all the questions. Just want to get a few things clear in my head before I start wasting time.
Thanks in advance0 -
No, outline planning is not good enough for a self build mortgageI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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