Finance for Land/Stables Purchase

k9lover_2

Hi,

I am sooooooo excited!!! :j:j:j

For 9 years I've been looking for land to come up in a certain area for equine use and it never has. There have been the odd yard come up further afield but it's not been near enough. Land has come up!!! Purchase price is £80k

I currently have £20k in savings with another £20k due when house sale goes through in next 3 weeks (although until it's in the bank it's obviously not guaranteed - but everything definitely moving in right position with buyer and completion iminent).

So how do I secure the other £40k??? I'm self employed and accounts for 15/16 tax year aren't in yet. Although when they do, should reflect a profit of approx £22k. My credit rating is excellent ... can I get a personal mortgage on a stable block and 4 acres??

Any advice / experience greatly appreciated.

Thank you x

Ozzuk

You won't be able to get a standard 'off the shelf' mortage, and you also likely can't get a commercial mortgage. You may be able to get a land mortgage from a specialist lender. You likely need to borrow too much to come under a personal loan.

Google should point you in the right direction. Maybe call the NFU.

theGrinch

I second looking at the NFU for finance