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Mortgage for land?
juliecwuk
Posts: 5 Forumite
Hi,
we are looking to purchase some grazing land for our horses. We already have an existing mortgage for our house (but not enough equity to re-mortgage to purchase the land).
The land we are interested in purchasing is £50,000.
we are wondering if there are mortgage lenders out there that offer mortgages for land (not to build a house)?
Any suggestions/information much appreciated.
Julie
we are looking to purchase some grazing land for our horses. We already have an existing mortgage for our house (but not enough equity to re-mortgage to purchase the land).
The land we are interested in purchasing is £50,000.
we are wondering if there are mortgage lenders out there that offer mortgages for land (not to build a house)?
Any suggestions/information much appreciated.
Julie
0
Comments
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the only way you'd raise finance for this is on a commercial loan basis, and if it's just a pony paddock for your own use it's unlikely you could do that.
We did once manage it for someone who was going to set up a livery yard.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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 -
I know of one lender but the rates are around 12%.0
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possibly be better off looking at a secured loan on the house?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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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