Personal Loan to Buy Land?

Richard123abc

Hi, Im a first time user to the website but need some advice.

Im looking to buy about 2 acres of land to put my daughters horse on.

Can I use a personal loan to purchase the land?

[Deleted User]

It depends on the lender. Not all will lend for land.

bargainbetty

You would need to talk to the lender - their criteria will give you an answer. 

Ebe_Scrooge

Some lenders will, some won't.

There is such a thing as a "land mortgage" if you struggle to get a personal loan.  It works in a similar way to an ordinary mortgage, in that the loan is secured against the land.  Rates tend to be higher than a conventional mortgage since the value of land is harder to define, and is influenced by many factors (including its intended use).  It may or may not be suitable for your situation, but you might want to have a look and see what's available.