How can I finance a land purchase (small scale) (UK)?
I’m looking to buy 3-4 acres of grazing land for around £20,000.
I’m unsure about finance (will take proper advice if I find somewhere suitable).
Can you tell me whether I need a land mortgage? Or will an ordinary residential mortgage or a loan suffice?
Tags: advice, Finance, grazing, grazing land, land, land mortgage, mortgage, proper advice, purchase, residential mortgage, scale, small
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June 2nd, 2010 at 10:53 pm
you’ll need a loan for this, look in Farmers Weekly for businesses that lend for this sort of purchase
June 2nd, 2010 at 11:23 pm
The best way is to pay with your own money, this saves a lot of hassle. Otherwise any loan which works is fine. The lowest interest charged is on land-mortgages where you bring in at least 30% own capital. The highest interest would be charged if you use your credit card for financing.
An alternative way would be to get a mortgage on your house and use the money for the purchase of the land.
June 3rd, 2010 at 12:21 am
You could get a mortgage, however in the current economic climate it might be difficult