Lenders willing to offer a mortgage against an Agricultural Tied Property?

Charlie131_99

I am looking to purchase a property with an agricultural tie against it.  Does anyone have any knowledge and or experience of lenders willing to provide a mortgage for a property with an agricultural tie?

K_S

@charlie131_99 Afaik, this rules out most lenders. A handful of lenders may consider it depending on the actual wording of the restrictions and a sufficiently low LTV. Does it already have a mortgage against it?

[Deleted User]

It really depends on what the wording states as K_S says.  There are high street lenders who will consider them but it is such a picky case that you would need the actual wording in the deed and to go door to door to each lender prior to application.     One for a broker.  

For example on how awkward they are,  this is Halifax criteria on them:

Halifax can potentially lend on properties with agricultural restrictions.

• Intended to regulate development or proposed use of property
• The range is varied but may include:
• Limiting occupation to a certain category of the occupant - local residents, first-time buyers, specified age requirement, specified employment types
• Restricting use of the property - tied to agricultural use, restricting residential occupation to certain time limits, for example, 10 months of the year.
• The impact on acceptability depends upon the impact of the restriction. There may be a strong local demand for the property from qualifying purchasers.
• Broadly restrictions that mean a property must be used for agricultural use will be unacceptable.
• The valuer will determine the impact on the suitability of the property for lending and the conveyancer will determine whether the purchaser/owner complies with the obligation, advising the bank if any issues that may impact the lending.
• Where the restriction limits the time a property can be occupied this will only be accepted for holiday homes / second home loans and subject to the valuer confirming the property is suitable for lending.
• Farms or property with land that is subject to commercial agricultural use, Commercial property and Timeshare are not acceptable.

Natwest: 
The only acceptable agricultural tie is where the applicant must be employed in an agriculture related job and the primary source of income must not be related to the secured property. This is subject to a maximum LTV of 50%.