Overdraft requirements for coming growing season.

[Hilly]

Look at the interest only mortgage as rent of land?

At £100acre rent how much could you pay for land at current interest rates?

Apart from rent is dead money, by paying interest only its allowing you to own a appreciating asset.

The borrowed money will become less every year due to inflation at 2.8%?

You won’t own it the bank will, and they will own you.

 

[Hilly]

Whats the problem with that?

I don't own anything at the moment, so no different to renting like we do at present. Except the banks my landlord

You can hand your notice to land lord walk away , interest only you would have to sell it and if you can’t and can’t pay interest , the difference is large very large.

 

[fgc325j]

Getting to the time of year for the chat with bank manager.
Not expecting any major surprises in terms of arrangement fees or rates.
Think we could reduce our requirements but not so sure it will be wise to with the political stuff going on.
Threats and opportunities and all that.
So what are your overdraft plans?

Saw an item, on the BBC this morning, stating that credit card companies are tightening down on card holders
who just pay off the minimum every month. They will be required to actually reduce the debt by paying off
more than this basic figure. Thin edge of the wedge ??????? .

 

[sheep&cows&stuff]

Where do people find the 30% - 50% deposit needed to buy land? Borrow seperate or use security in place of a cash deposit?

 

[Flat 10]

Where do people find the 30% - 50% deposit needed to buy land? Borrow seperate or use security in place of a cash deposit?

Growing houses in the main I reckon.....

 

[Bossfarmer]

Where do people find the 30% - 50% deposit needed to buy land? Borrow seperate or use security in place of a cash deposit?

using existing acres surely?

 

[Highland Mule]

using existing acres surely?

So long as they haven’t “bought” the existing acres with an interest only mortgage, I suppose..

 

[sheep&cows&stuff]

Am i right in saying that 'outright owned' land an be used as a deposit, up to 70% of its value?

 

[glasshouse]

Where do people find the 30% - 50% deposit needed to buy land? Borrow seperate or use security in place of a cash deposit?

Win the lottery

 

[glasshouse]

Saw an item, on the BBC this morning, stating that credit card companies are tightening down on card holders
who just pay off the minimum every month. They will be required to actually reduce the debt by paying off
more than this basic figure. Thin edge of the wedge ??????? .

Yes, so monthly payments will triple for those caught

 

[glasshouse]

Am i right in saying that 'outright owned' land an be used as a deposit, up to 70% of its value?

50%

 

[le bon paysan]

Yes, well when you dont have 50% deposit, renting is your only option.

Emigrate.
Worked for me.

 

[SRRC]

I remember it well as a mixed farmer no enterprise did well. Luckily we had a bit of outside income in those days.

Pig prices were at a record high of just over 160p/kg, curiously, just about the same as today's pig price.

 

[Renaultman]

Pig prices were at a record high of just over 160p/kg, curiously, just about the same as today's pig price.

We didn't have pigs

 

[nelly55]

A friend just had a letter from lloyds bank,saying interest rate on her very small o/d will be doubling as from April.Anyone else with lloyds had this letter.

 

[Gordy1]

A friend just had a letter from lloyds bank,saying interest rate on her very small o/d will be doubling as from April.Anyone else with lloyds had this letter.

It seems most other banks are going to do the same

 

[Wombat]

A friend just had a letter from lloyds bank,saying interest rate on her very small o/d will be doubling as from April.Anyone else with lloyds had this letter.

I had one from natwest stating as we didn’t use it very much they were dropping the rate to 2% (secured overdraft though)

 

[Tim Howard]

I have a small private overdraft with Lloyds. As of April 06 they will be charging me 55p per day on a £500 overdraft
That is 49.9%. The good news is that they have been charging me 83p per day so I will be saving 28p.
Robbing sods.

 

[Jon 3085]

Had a letter from Lloyds today say the arrangement fee was going from 1.75% to 1.99%. Unsecured o/d rate is 10.5% over base.

 

[Martin Holden]

Just got a big payout on ppi
More pending
No wonder they need money

Precisely! PPI has cost the banks dearly. Personal banking has got tight too and now they are all over the account holders with texts and e mails warning about forthcoming overdrafts and so on. Even business banking isn’t free anymore and any balances in credit don’t earn the same amount of interest too, so they are “skimming off the top and bottom”. Ever heard of a poor banker?