Mortgage for a field

jon0108

Anyone got any experience of getting a mortgage to buy a field.
My wife has horses and I have the chance to buy a field to put them in, but not sure where to go to borrow the money.

We are looking to move house to near the field and ideally I would put them on the same mortgage but they are on seperate deeds and not sure how to proceed.
Any advice gratefully accepted.

thanks,
Jon

DCFC79

jon0108 wrote: »

Anyone got any experience of getting a mortgage to buy a field.
My wife has horses and I have the chance to buy a field to put them in, but not sure where to go to borrow the money.

We are looking to move house to near the field and ideally I would put them on the same mortgage but they are on seperate deeds and not sure how to proceed.
Any advice gratefully accepted.

thanks,
Jon

By any chance have you used google ?


Maybe a land mortgage is what you need.

Retired_Mortgage_Adviser

Assuming the plot of land is separate from the residential plot, a land mortgage is completely different to a residential one.

Realistically you will need 30-35% deposit and the rates available will be higher than residential.

Securing a land mortgage can be complicated, simply due to the lack of lenders in this area. Your purpose would be classed as for "leisure", which means even fewer lenders and high rates.

You are best off speaking to a whole of market broker who advises on land mortgages. Good luck!

jon0108 wrote: »

Anyone got any experience of getting a mortgage to buy a field.
My wife has horses and I have the chance to buy a field to put them in, but not sure where to go to borrow the money.

We are looking to move house to near the field and ideally I would put them on the same mortgage but they are on seperate deeds and not sure how to proceed.
Any advice gratefully accepted.

thanks,
Jon