buy to let land

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buy to let land

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wellington womble

Joined: 08 Nov 2004
Posts: 15051
Location: East Midlands

Posted: Mon Oct 15, 07 6:49 pm Post subject: buy to let land

Has anyone heard of land on a buy to let mortgage on land? As I am already the spawn of the devil, and have a buy to let house, and there is a lovely plot for sale just down the road, I wondered about buy to let. Don't have any spare cash at the moment, (although I could sort out a deposit with some creative accounting) so it would need to be self funding. Obviously, I need to do a bit of adding up, but just wondered if anyone had ever come across the concept?

Treacodactyl
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 25795
Location: Jumping on the bandwagon of opportunism

Posted: Mon Oct 15, 07 6:55 pm Post subject:
I've not heard of such a mortgage and in the current credit crunch climate I would expect lenders to be a bit more cautious. Any chance of increasing the mortgage on one of your current properties in order to buy the land? Also can you afford it if no one rents out the land, after all with F&M, Bluetongue, Bird Flu etc there could be plenty of spare land to rent.

Treacodactyl
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 25795
Location: Jumping on the bandwagon of opportunism

Posted: Fri Oct 19, 07 10:16 am Post subject:
Bugs has just noticed the Ecology Building society provide mortgages for small woods, it might be worth talking to them depending on what the lands like. www.ecology.co.uk

RichardW

Joined: 24 Aug 2006
Posts: 8443
Location: Llyn Peninsular North Wales

Posted: Fri Oct 19, 07 1:44 pm Post subject:
Dont think the rental would cover the payments. We are about to sell some land for �60k & the rental value is �1600 per year (ok so plus claim but that wont be loads). Justme

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