buying a field opposite my house

SilverSaloon

Hi

I am looking at buying a field which is opposite my house, pretty much only to prevent any future development on the land, as it will ruin my privacy (house is pretty much on its own, and i already own the surrounding land.

Does anyone know my options to finance buying it? would I have to get some sort of 2nd mortage or could it be added to my current mortgage or raise money on the current mortgage or something?

thanks!

stator

Pressumably you have enough equity in your house to pay for it? Using your current lender you could ask for additional borrowing and effectively you'd have two mortgages. Otherwise shop around and remortgage your main borrowing at a higher amount. Otherwise a secured loan might be sufficient but more expensive.
The other option is to pay the current land owner money to have a restrictive covenant added. If the owner doesn't plan on building then they will probably welcome the free money. If they have plans though it's likely to be expensive.

Hoploz

Have you discussed the value with the current owner? Your value and his could be vastly different, especially if he is holding on to it with a view to logging it to Barratt Homes in a few years time as his retirement fund!