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    • Catherine R
    • By Catherine R 20th Oct 19, 10:58 PM
    • 1Posts
    • 0Thanks
    Catherine R
    Woodland mortgages /loans
    • #1
    • 20th Oct 19, 10:58 PM
    Woodland mortgages /loans 20th Oct 19 at 10:58 PM
    Hi we have put in an offer of the fixed price of 37,000 for some woodland. We have 15,000 savings so need to borrow 23000 to make up the rest plus fees. So far the only mortgage I've found for buying woodland is with Ecology Building Society, rate of 6.5 % Anyone know of any other lenders who would lend to purchase a woodland... ive found unsecured loans for that amount for home improvements etc that have half the rate of that. We are renting at the moment as wanted to be able to move easily when the time came after it took us so long to sell our last home (we need to be in our current area at the time being but not forever). Any ideas please?
Page 1
    • Brock_and_Roll
    • By Brock_and_Roll 21st Oct 19, 9:47 AM
    • 1,007 Posts
    • 1,007 Thanks
    Brock_and_Roll
    • #2
    • 21st Oct 19, 9:47 AM
    • #2
    • 21st Oct 19, 9:47 AM
    If you have found unsecured lenders at half the rate of the Ecology BS secured rate, what is the problem with that?

    Whether you have a secured or unsecured deal, taking on this debt will have an effect on your borrowing ability when your decide to purchase a house again.

    How does the business plan numbers add up for the woodland? What is the gross yield? Is it currently being worked?

    I have almost fancied buying a small woodland but I find that the small parcels touted by certain wood sales agents are grossly overpriced from a commercial perspective.
    • ACG
    • By ACG 21st Oct 19, 10:16 AM
    • 19,628 Posts
    • 11,179 Thanks
    ACG
    • #3
    • 21st Oct 19, 10:16 AM
    • #3
    • 21st Oct 19, 10:16 AM
    I think the problem is that to get that rate, they have to lie and say it will be for home improvements.

    Is there any plan for the woodland as a business or to build a home there?
    Does it have planning permission/building(s) on there?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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