Mortgage for Agricultural Tied Property

[Charlie131]

I have found a property with 20 acres which I wish to buy but it has an agricultural tie. Not an issue as we meet the criteria. However, finding a mortgage lender is proving very difficult. Any recommendations??

 

[Muddyroads]

AMC?

 

[Charlie131]

Thank you. Our commercial income at the moment is not enough so I need to cover mortgage with my main income from other means which I can but I think AMC only provide the mortgage against your commercial income which would give me tuppence

 

[Donkey Oaty]

There are lenders who will consider this. If depends what loan to value percentage you are looking for.

 

[Charlie131]

Thank you. I do have a good deposit but the ones I chat to base the mortgage against my commercial income and wont even consider my main income which, annoyingly would cover the mortgage had it not had the tie against it. I have spent tonight emailing the world to try and generate interest in someone providing me with the mortgage using my income as its surety. Thank you again.

 

[betweenthelines]

Use a mortgage broker and make him earn his fees

The tie should be largely irrelevant as it should be reflected in the price you pay. If you have, and will continue to have disposable income to meet the repayments, their will be a lender willing to do a deal.

In fact it's quite a nice deal for a lender as they are financing you to buy a property that could see it's value shoot up overnight if you get the restriction lifted or planning rules are eased.

 

[biggles]

I feel your pain, I wanted to buy some land, could buy half outright, I had minimal business income like yourself but had wages that would easily cover repayments from my day job, no interest from anyone accept the amc but they wanted silly percentages. Gave up and moved on

 

[Donkey Oaty]

Is the house on a separate title?

 

[Muddyroads]

Whereabouts are you Charlie?

 

[ARW]

Thank you. I do have a good deposit but the ones I chat to base the mortgage against my commercial income and wont even consider my main income which, annoyingly would cover the mortgage had it not had the tie against it. I have spent tonight emailing the world to try and generate interest in someone providing me with the mortgage using my income as its surety. Thank you again.

We had a similar issue, luckily we got sorted with the AMC
The other companies looked at my books and what machinery was owed finance on, they looked at the profit for the year and how much finance I had going out and a few other monthly out goings and took that off the profit, in effect doubling all monthly costs. Idiots
Even the accountant could not get them to understand

 

[Charlie131]

Use a mortgage broker and make him earn his fees

The tie should be largely irrelevant as it should be reflected in the price you pay. If you have, and will continue to have disposable income to meet the repayments, their will be a lender willing to do a deal.

In fact it's quite a nice deal for a lender as they are financing you to buy a property that could see it's value shoot up overnight if you get the restriction lifted or planning rules are eased.

Thank you. I have sent off 6 emails to various brokers tonight

 

[Charlie131]

Whereabouts are you Charlie?

Midlands

 

[Charlie131]

Is the house on a separate title?

I have sent that question to the Estate agent tonight

 

[Full of bull(s)]

Only 4 lenders in the country will give a personal mortgage on a tied property as I found out. Don’t know them all, but got one with Earl Stilton Building Society. Brokers will have your eyes out fee wise as they know so few lenders, wanted 5% of the mortgage value! Earl will deal direct hope this helps

 

[Charlie131]

Only 4 lenders in the country will give a personal mortgage on a tied property as I found out. Don’t know them all, but got one with Earl Stilton Building Society. Brokers will have your eyes out fee wise as they know so few lenders, wanted 5% of the mortgage value! Earl will deal direct hope this helps

Brilliant. Thank you for the recommendation

 

[borderterribles]

We have a mortgage on a similar property with an Ag Tie on it. Try Stafford Railway Building Society.

 

[Charlie131]

We have a mortgage on a similar property with an Ag Tie on it. Try Stafford Railway Building Society.

Brilliant thank you. I will get in touch with them.

 

[Full of bull(s)]

Brilliant. Thank you for the recommendation

Earl Shilton not Stilton! Blooming predictive text

 

[d williams]

I have found a property with 20 acres which I wish to buy but it has an agricultural tie. Not an issue as we meet the criteria. However, finding a mortgage lender is proving very difficult. Any recommendations??

Is it the Value of the property that's concern to the bank or your ability to repay lots country property going through the roof during covid

 

[onesiedale]

I have found a property with 20 acres which I wish to buy but it has an agricultural tie. Not an issue as we meet the criteria. However, finding a mortgage lender is proving very difficult. Any recommendations??

Staffordshire Railway Building Society