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Lenders for houses with land
pinklady21
Posts: 870 Forumite
Hello
I have heard that some lenders will not consider houses which have quite a bit of land attached to them. I currently have a small amount of land - around 2/3 acre, and would like to buy a house with more land - say 5 acres plus. My current lender is Natwest. I am tied in to a fixed rate deal until 2017. However, I am able to ask to port the mortgage to my next home.
Am I likely to encounter a problem with Natwest agreeing to port the mortgage to a house with more land?
If they are unlikely to agree, then I will probably just have to stay put and then look for another lender next year - which lenders are most likely to allow a residential mortgage for a house with acreage?
I have heard that some lenders will not consider houses which have quite a bit of land attached to them. I currently have a small amount of land - around 2/3 acre, and would like to buy a house with more land - say 5 acres plus. My current lender is Natwest. I am tied in to a fixed rate deal until 2017. However, I am able to ask to port the mortgage to my next home.
Am I likely to encounter a problem with Natwest agreeing to port the mortgage to a house with more land?
If they are unlikely to agree, then I will probably just have to stay put and then look for another lender next year - which lenders are most likely to allow a residential mortgage for a house with acreage?
0
Comments
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More than 2 acres can cause an issue but each case is considered on its own merits. Residential Lenders do not like residential products leaking into the realms of agricultural, or semi commercial.
Ask Nat West as their opinion of the property will be the key one.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
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