Mortgage with an overage contract

gottabedone

Afternoon all

I'm looking for a lender who will offer a mortgage where there is overage on the land surrounding the property .. the mortgage is relatively small compared to the value of the house, but the land around the house is ripe for development and the owners have an overage requirement in case there is development proposed (in addition to the house, not for any works to the house).

However, it's proving challenging to find a lender who will entertain this relatively straightforward need - does anyone have a lender whose T&Cs allow for this or who can vet the security so that the mortgage on the house can be offered?

many thanks

Hoenir

gottabedone said:

However, it's proving challenging to find a lender who will entertain this relatively straightforward need 

All depends on how the overage clause is worded. You might to approach a small lender where the underwriting is more flexible. Mainstream lender may simply regard the issue as more trouble than it's worth.