My sheep have lost me my mortgage!

Robin2020

Member
Livestock Farmer
So I bought 3 fields with a mill to convert into a dwelling. Got planning and a self build mortgage.
Recently the lenders asked for photos and info on progress. I thought it relevant to tell them about my Stewardship grant and works creating a small farm, as this obviously adds value.
You can read below how they now want out. Ridiculous. If all the other self build lenders (of which there are few) feel the same, I am screwed.

Maybe if I take the sheep off the land until I finish (prob 2 yrs) they will reconsider.

Nightmare.


Unfortunately, as the applicant has now confirmed that he has secured a Countryside Stewardship from Defra to enable him to hold livestock we are no longer able to assist with continuation of the self-build as the security now falls outside the Standard Society Policy.
 

serf

Member
Location
warwickshire
So I bought 3 fields with a mill to convert into a dwelling. Got planning and a self build mortgage.
Recently the lenders asked for photos and info on progress. I thought it relevant to tell them about my Stewardship grant and works creating a small farm, as this obviously adds value.
You can read below how they now want out. Ridiculous. If all the other self build lenders (of which there are few) feel the same, I am screwed.

Maybe if I take the sheep off the land until I finish (prob 2 yrs) they will reconsider.

Nightmare.


Unfortunately, as the applicant has now confirmed that he has secured a Countryside Stewardship from Defra to enable him to hold livestock we are no longer able to assist with continuation of the self-build as the security now falls outside the Standard Society Policy.
Seems you have told them more than they needed to know !
Are these lenders backed by high Street banks or classed as specialist lenders for self builds ?
 

Anymulewilldo

Member
Livestock Farmer
Location
Cheshire
So I bought 3 fields with a mill to convert into a dwelling. Got planning and a self build mortgage.
Recently the lenders asked for photos and info on progress. I thought it relevant to tell them about my Stewardship grant and works creating a small farm, as this obviously adds value.
You can read below how they now want out. Ridiculous. If all the other self build lenders (of which there are few) feel the same, I am screwed.

Maybe if I take the sheep off the land until I finish (prob 2 yrs) they will reconsider.

Nightmare.


Unfortunately, as the applicant has now confirmed that he has secured a Countryside Stewardship from Defra to enable him to hold livestock we are no longer able to assist with continuation of the self-build as the security now falls outside the Standard Society Policy.
Their theory being that it’s not just them you have to answer too?! 🤔 strange!
 

onesiedale

Member
Livestock Farmer
Location
Derbyshire
So I bought 3 fields with a mill to convert into a dwelling. Got planning and a self build mortgage.
Recently the lenders asked for photos and info on progress. I thought it relevant to tell them about my Stewardship grant and works creating a small farm, as this obviously adds value.
You can read below how they now want out. Ridiculous. If all the other self build lenders (of which there are few) feel the same, I am screwed.

Maybe if I take the sheep off the land until I finish (prob 2 yrs) they will reconsider.

Nightmare.


Unfortunately, as the applicant has now confirmed that he has secured a Countryside Stewardship from Defra to enable him to hold livestock we are no longer able to assist with continuation of the self-build as the security now falls outside the Standard Society Policy.

don't know where you are Robin, but The Staffordshire Railway Building Society may be worth talking to. Specialise in individual cases and, for us, worked out massively cheaper than our longstanding farm bank (HSBC)
 

Dry Rot

Member
Livestock Farmer
They clearly have a rule that they won't cover agricultural properties. Same as trying to insure a landrover with the AA, they just don't do it.

Find another company or make some arrangement to sell the land to an accommodating third party with a buy back agreement, if that can be done.
 

Ysgythan

Member
Livestock Farmer
Location
Ammanford
So I bought 3 fields with a mill to convert into a dwelling. Got planning and a self build mortgage.
Recently the lenders asked for photos and info on progress. I thought it relevant to tell them about my Stewardship grant and works creating a small farm, as this obviously adds value.
You can read below how they now want out. Ridiculous. If all the other self build lenders (of which there are few) feel the same, I am screwed.

Maybe if I take the sheep off the land until I finish (prob 2 yrs) they will reconsider.

Nightmare.


Unfortunately, as the applicant has now confirmed that he has secured a Countryside Stewardship from Defra to enable him to hold livestock we are no longer able to assist with continuation of the self-build as the security now falls outside the Standard Society Policy.
Get in touch with Swansea Building Society. They’ll lend on this criteria.
 
They clearly have a rule that they won't cover agricultural properties. Same as trying to insure a landrover with the AA, they just don't do it.

Find another company or make some arrangement to sell the land to an accommodating third party with a buy back agreement, if that can be done.

To be fair I wouldn't insure a landrover if I was the AA either.
 

Robin2020

Member
Livestock Farmer
The mortgage is through an intermediate (buildloan) but with Westbrom.
I will get more details from Buildloan tmrw but contacting the suggestions above sounds a good start....
If it comes to it I will have to cancel the Stewardship, pay them back and sell the sheep. FFS
 

Anymulewilldo

Member
Livestock Farmer
Location
Cheshire
The mortgage is through an intermediate (buildloan) but with Westbrom.
I will get more details from Buildloan tmrw but contacting the suggestions above sounds a good start....
If it comes to it I will have to cancel the Stewardship, pay them back and sell the sheep. FFS
We always use the AMC. It’s good when they actually know what you are talking about when it’s something Agricultural
 

neilo

Member
Mixed Farmer
Location
Montgomeryshire
The mortgage is through an intermediate (buildloan) but with Westbrom.
I will get more details from Buildloan tmrw but contacting the suggestions above sounds a good start....
If it comes to it I will have to cancel the Stewardship, pay them back and sell the sheep. FFS

I would suggest that you investigate the lending criteria of those other companies BEFORE you volunteer any details about sheep or CS agreements. You will at least then be able to adjust your circumstances accordingly, even if that means selling the sheep to your other half and/or dropping out of CS.
 

som farmer

Member
Livestock Farmer
Location
somerset
a thriving little business, beautiful gardens, tearoom etc, closed overnight, the insurers would not continue, as soon as they found out about the 'business'. We all thought 'fishy', but, having your insurance withdrawn, causes all sorts of aggro, even effected the mortgage, another business closed down, a pity, and all because they didn't read the small print, and were honest.
 

glasshouse

Member
Location
lothians
a thriving little business, beautiful gardens, tearoom etc, closed overnight, the insurers would not continue, as soon as they found out about the 'business'. We all thought 'fishy', but, having your insurance withdrawn, causes all sorts of aggro, even effected the mortgage, another business closed down, a pity, and all because they didn't read the small print, and were honest.
Yours?
 

noagain

Member
So I bought 3 fields with a mill to convert into a dwelling. Got planning and a self build mortgage.
Recently the lenders asked for photos and info on progress. I thought it relevant to tell them about my Stewardship grant and works creating a small farm, as this obviously adds value.
You can read below how they now want out. Ridiculous. If all the other self build lenders (of which there are few) feel the same, I am screwed.

Maybe if I take the sheep off the land until I finish (prob 2 yrs) they will reconsider.

Nightmare.


Unfortunately, as the applicant has now confirmed that he has secured a Countryside Stewardship from Defra to enable him to hold livestock we are no longer able to assist with continuation of the self-build as the security now falls outside the Standard Society Policy.
As far as my son is being told, basically canny get a self build mortgage in Scotland.
 

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