Need mortage for 20 acres to build on

[paddywest]

Hi,

I'm thinking of buying 20 acres fof farmland to build a house on.

Do I need 2 separate loans ie mortgage for house and then commercial loan for the land or can I lump it all in 1...??

Which is the cheapest option

Thaks for your help

[kboc]

you have obviously got planning permission for a dwelling. if not, a commercial/agricultural loan from the main banks, good luck! If you have planning you could go to the banks and get a mortgage, they will probably want the deeds to both the agri land and site (if they have different deeds that is), or like i did, went to a building society, Leeds Building Society in Belfast, very nice peolpe. But they only interested in site, not agri land. Give me a nice 5 year fix mortgage to build my house and leaving my agri land deeds mortgage free.
If you need the agri land as equity for mortgage stuck with banks, e.g First Trust, BoI, Northern, etc and they will probably screw you in current climate.

Hope didn't confuse you too much

[alex2213]

Hi,

I'm thinking of buying 20 acres fof farmland to build a house on.

Do I need 2 separate loans ie mortgage for house and then commercial loan for the land or can I lump it all in 1...??

Which is the cheapest option

Thaks for your help

Don't know if cheaper (depends on what you can negotiate) but probably simpler to keep dealings with one entity if push comes to shove.