Mortgage while still renting

dav3yb0y23

Hi. My wife and I are currently renting and quite happy to continue doing so for the foreseeable future. 

We have recently paid off all our debts and now have a substantial amount of spare money left over each month and we were wanting to buy some land. 

We have enough savings for 10% deposit and the mortgage cost (via online calculator) would be 25% of our spare money (after all bills, food childcare etc). 

My question is would a lender give us a mortgage to buy land whilst we rented? To me it seems we can afford it but it also seems rather unconventional. 

If we ever did want to purchase a house a few years down the line we could then sell the land to free up the capital. 

Thanks in advance. 

MWT

You are probably not going to find a land mortgage at 90% LTV, 70% is more typical I believe...

If you have no intention to build on the land and are simply using it as an investment vehicle then that also raises some questions as it is not necessarily easy or quick to liquidate the asset and there may be many better investments out there so well worth taking some advice before heading down that path...