Can you get a mortgage on an allotment?

[tifftifco2 10]

seen a bit of land I would like but don't have the cash. I rent my home so cant free any money up from equity etc. Does anyone know if its possible to get a mortgage for an allotment?

[Onthetyne 10]

Next stupid question. ....

[tlangdon12 13]

I've never heard of a mortgage being taken on an allotment, but if the freehold to the land is being sold, it may be possible. A mortgage broker would be able to advise you better.

 

Most mortgage companies have a minimum loan of £25,000.

 

Given that interest rates are so low, getting an unsecured loan might be simpler and not cost much more.

[tifftifco2 10]

Next stupid question. ....

 

Why is it a stupid question? If people didn't ask then how would we learn? sounds to me like your the stupid one with an attitude like that.

 

---------- Post added 14-07-2015 at 12:53 ----------

 

I've never heard of a mortgage being taken on an allotment, but if the freehold to the land is being sold, it may be possible. A mortgage broker would be able to advise you better.

 

Most mortgage companies have a minimum loan of £25,000.

 

Given that interest rates are so low, getting an unsecured loan might be simpler and not cost much more.

 

Thankyou, never thought of the unsecured loan part. The land is £12000 then another plot of £7000 so still doesn't add up to enough then. I will call a few places. Thanks for the advice.

[Onthetyne 10]

Why is it a stupid question? If people didn't ask then how would we learn? sounds to me like your the stupid one with an attitude like that.

 

---------- Post added 14-07-2015 at 12:53 ----------

 

 

Thankyou, never thought of the unsecured loan part. The land is £12000 then another plot of £7000 so still doesn't add up to enough then. I will call a few places. Thanks for the advice.

 

The fact you rent your own place means you have a cats chance in hell

[Cyclone 10]

How do you imagine that anyone ever goes from rented accommodation to owning?

[chem1st 10]

You should be able to buy a plot with a loan, but you don't want to pay more than £6k for an acre.

[tifftifco2 10]

The fact you rent your own place means you have a cats chance in hell

 

and why Mr know it all is that? I am a Nurse with a good income and my partner also has a good income. The fact we do not own a house yet is nothing to do with money but our own choice for other reasons. I really do feel sorry for anyone that has to associate with you on a regular basis.

 

---------- Post added 14-07-2015 at 16:19 ----------

 

You should be able to buy a plot with a loan, but you don't want to pay more than £6k for an acre.

 

Thankyou, I will give them a call to see what approximate land size it as it just says 2 plots. Thanks

[Spacebadger 10]

I don't know about land, but you can get a 'marine mortgage' on a boat, so it's not just a house based concept...maybe there is a specialist out there, or maybe an ethical loan place that gives good loan deals for 'green' uses....?

[Jeffrey Shaw 90]

Sort-of. Boats/aircraft/hovercraft are the only things that can be:

a. mortgaged (a bit like land and estates in land); AND

b. arrested (a bit like individuals).

 

Anyway, yes- an allotment could be mortgaged (if its owner has the freehold or a long-leasehold).

The question is more whether any mortgagee would lend on its security!