Ag/Commercial mortgages

Formatted

Member
Livestock Farmer
Location
SE
Does anyone have any experience in low deposit mortgages where there is a high amount of business income but the property is also residental? For example poultry unit with a house. We've found somewhere we could potentially buy but high street banks are struggling a bit as the income to pay the mortgage is coming from a mixture of business and salary.
 

Steevo

Member
Location
Gloucestershire
I can’t recommend them and have no experience at all but @Oxbury Bank might be worth approaching too. And perhaps AMC too.

They would understand agriculture better than most I would expect.

Don’t discount a decent broker as per my post above though. They are there to help you achieve what you need.
 

Formatted

Member
Livestock Farmer
Location
SE
Don’t discount a decent broker as per my post above though. They are there to help you achieve what you need.

Do you have any recommendations? AMC want a larger deposit, think they are great if you're an established player looking to expand and aren't setup for new entrants. Oxbury when we spoke to them were only offering 25 years and wanted full repayment, whereas we are wanting 40 years or a 20/25 year mortgage with a balloon, which in that case we would remortgage with a different lender. Aware they are fairly new to the market so might have changed their lending criteria
 

Formatted

Member
Livestock Farmer
Location
SE
Struggling slightly to find an agricultural/commercial mortgage broker, does anyone have any recommendations?
 

Exfarmer

Member
Location
Bury St Edmunds
Do you have any recommendations? AMC want a larger deposit, think they are great if you're an established player looking to expand and aren't setup for new entrants. Oxbury when we spoke to them were only offering 25 years and wanted full repayment, whereas we are wanting 40 years or a 20/25 year mortgage with a balloon, which in that case we would remortgage with a different lender. Aware they are fairly new to the market so might have changed their lending criteria
I dont mean to be rude , but if you cannot pay it back in 20 years , do you really want to be paying a mortgage in 40 years time? You will be fine if inflation kicks back in full time as it was 30 years ago , but if not , that looks like a very big rod for your back.
 

Formatted

Member
Livestock Farmer
Location
SE
I dont mean to be rude , but if you cannot pay it back in 20 years , do you really want to be paying a mortgage in 40 years time? You will be fine if inflation kicks back in full time as it was 30 years ago , but if not , that looks like a very big rod for your back.
Shouldn't you pay for things over their lifetime? Tractor 5 years, shed over 20 etc. Land/property is an asset that lasts generations
 

Exfarmer

Member
Location
Bury St Edmunds
Shouldn't you pay for things over their lifetime? Tractor 5 years, shed over 20 etc. Land/property is an asset that lasts generations
I would agree totally that it is right for young people to borrow to invest in the future and I did exactly that myself. However if you cant build a case for paying it back in 20 yuears, what hope is for investing in things like pensions, or other forms of capital building. I wish anybody the best of luck in such a project and know that purchasing land today is a crazy prospect, but if you are cl;ose to retiring and still paying off a mortgage it can be soul destroying
 

midlandslad

Member
Location
Midlands
One you start getting over 25 years on a mortgage the repayments don’t actually go down much, you just end up spending a fortune on interest over the term.

Is interest only an option?
 

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Man fined £300 for bonfire-related waste offences

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Written by William Kellett from Agriland

court-640x360.jpg
A man has pleaded guilty at Newtownards Magistrates’ Court to waste offences relating to a bonfire next to the electrical sub-station on the Circular Road in Newtownards, Co. Down.

Gareth Gill (51) of Abbot’s Walk, Newtownards pleaded guilty to two charges under the Waste and Contaminated Land (Northern Ireland) Order 1997, for which he was fined £150 each and ordered to pay a £15 offender’s levy

On June 25, 2018, PSNI officers went to Gill’s yard, where they found a large amount of waste consisting of scrap wood, pallets, carpet and underlay.

Discussion with Northern Ireland Environment Agency (NIEA) officers confirmed the site...
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