My sheep have lost me my mortgage!

som farmer

Member
Livestock Farmer
Location
somerset
no, thank goodness, though l wouldn't have minded the business, it was a real earner, and basically got closed because of faceless people, in front of a computer screen.
With a rapidly changing world, all insurers/banks/finance businesses, will become increasingly risk aversion, and raise interest rates, citing 'BOE has doubled interest base rates, so unfortunately we have no option but to raise ours'. Inflation is a double edged sword, while it reduces the value of our borrowings, it also reduces the money they receive back.
 

Treg

Member
Livestock Farmer
Location
Cornwall
When I tried to get a mortgage on the farm I tried to get it through Nationwide building society who I already had a mortgage with , explained to them I was selling my property to buy a farm...No way we can't do that, went to AMC no problems , sold my property paid off original mortgage with Nationwide...why are you paying it off? Explained to them what I'd done, why didn't you remortgage through us? Because you don't lend on farms ! Yes we do it's just a different department!!!!?
 

Robin2020

Member
Livestock Farmer
Is a mortgage better than a bank loan or just easier to get? I survived on a bank loan for years before I became rich.
It's very difficult to borrow money to buy fields or do self builds. I do recall speaking to the agricultural side of my bank barclays, but there was some kind of issue...
 

Robin2020

Member
Livestock Farmer
Well the AMC have been very helpful so far. They just about recognize my 40 ewes as a business so I can put in an application (My full time job is essential). I have a meeting with their local rep soon. Sounds like a 1.5% setup fee which includes the valuation. Hopefully I wont be tied to stage release as you do with self build mortgages. Rates look like 4.5% which is a bit painful long-term....but it will be exactly what my self build rate was anyway. Has anyone else secured better rates through AMC??? It would be nice to stay with them in the future but its a big difference to residential types hey!!
 

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Written by Charlotte Cunningham from CPM Magazine

JCB has launched new Fastrac 4000 and 8000 Series tractors with an all-new electronics infrastructure which is claimed to deliver higher levels of performance. According to JCB, the new Fastrac iCon operator environment has three key features: iConfigure – creating a bespoke control experience for every operator iConnect – integrating advanced precision agriculture technology iControl – redefining operation through new driveline software The 175hp to 348hp (133kW to 260kW) Fastracs feature the new iCon armrest console and touch-screen display to provide flexibility in operator allocation and operator information, as well as a new transmission control strategy to enhance operator comfort and powertrain efficiency, says the manufacturer...
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