Agricultural Mortgages - New House

[Lazy-Farmer]

Hi. Wondering if anyone has any suggestions or recommendations about agricultural mortgages and who is best to deal with, pitfalls, hoops to jump through etc.

I got planning permission a few years back and am now in a position to continue with the project. It’s for a second house on the farm for me(son) to be able to move on the the farm and take it over.

I’m in central Scotland.

 

[Bill the Bass]

Hi. Wondering if anyone has any suggestions or recommendations about agricultural mortgages and who is best to deal with, pitfalls, goops to jump through etc.

I got planning permission a few years back and am now in a position to continue with the project. It’s for a second house on the farm for me(son) to be able to move on the the farm and take it over.

I’m in central Scotland.

We did something similar about ten years ago. We did the build on an interest only loan with the bank and then mortgaged the amount on completion with AMC. AMC aren’t the cheapest but I like the way they operate, lend and leave, proper valuations. Our rate is variable so if you have a good year or auntie Mary leaves you some money you can pay some off without penalty. They have also passed on all the current rate rates drops which I gather not all banks have done.

 

[S J H]

As above AMC did ours, the bank wanted to give us a loan, then mortgage on completion, it all seemed very unsafe to me. AMC have left us alone since completion and the agent was brilliant to deal with.

 

[Lazy-Farmer]

Ideal. I’ll give them a call. Thanks.