Owning a property with significant land can be a dream purchase for many in the UK. Yet financing it might not always be easy. Regardless of whether you are planning to buy a property with extensive gardens, equestrian facilities, or simply more space for your family, finding the right mortgage is a key step in securing a property with land. This is where specialist UK mortgages come in. At Magni Finance, we are dedicated to finding the best mortgage rates on the market for our clients, including mortgages for properties with land and more.
Can You Get A Mortgage On A Property With Significant Acreage?
Yes, it is possible to get a specific mortgage for properties with land in the UK, but it is worth noting that the application process may differ slightly from traditional residential mortgages. With specialised mortgages, lenders are likely to assess applications on a case by case basis, considering factors such as the size of the land, its intended use, the property’s overall value and more. It can therefore, be useful to consult with a mortgage broker prior to submitting your application to ensure you have all the necessary information to hand.
What Mortgage Types Are Available For Those With Land?
The type of mortgage you are able to secure for a property with acreage will depend largely on the size of the land. In the UK, lenders are likely to categorise land size into different brackets with the mortgage options varying accordingly. Common categorise to expect are outlined here:
Up To 2 Acres: If you are trying to secure a property that has up to 2 acres of land, you will likely have access to a range of standard mortgage products. These mortgages will be similar to those for properties without significant land and should be more accessible to a wider range of borrowers.
More Than 10 Acres: For properties with more than 10 acres of land, standard mortgages might not be a suitable option. In this case, you will likely need to explore specialised mortgages which are designed specifically for properties with more acreage. Lenders like Magni Finance who offer specialised products such as high net worth mortgages should be open to discussing similar options for properties with land.
It might be helpful to consult a mortgage calculator which will be able to offer an indication as to how much you’ll be able to secure at this point in the mortgage process.
Eligibility Criteria For Mortgages With Large Acreage
To be eligible for a mortgage on a property with land, you will need to meet certain criteria. The exact criteria will vary from lender to lender, but there are common factors such as affordability and property value that most lenders will rely on.
Affordability: Lenders will assess your income, expenses and other financial responsibilities to determine whether you will be able to afford mortgage repayments.
Intended Use: How you plan to use the land will be considered. For example, for agricultural or commercial use, as this may impact your mortgage terms.
Property Value: The overall value of the property, including the land will also be a key factor. Lenders will want to be sure that the property is worth the requested mortgage amount.
Legal Concerns: The property’s legal status, planning permissions and adherence to local regulations will be assessed to ensure compliance.
How To Get A Mortgage For Properties With Land
In order to secure a mortgage for a property with land, you will first need to choose your mortgage provider. At Magni Finance, we have years of experience in the finance industry with a dedicated team who are experts at what they do. We are also more than capable of handling specialist mortgages including those for properties with a large acreage.
Once a lender has been chosen, you can begin sorting through the necessary documentation and information required for your application. This will usually include property details, financial information, and legal considerations. By having this information ready, you can streamline the whole application process.
You should then be able to submit your mortgage application to your chosen lender. If successful, you will receive a mortgage offer outlining the terms and conditions of the agreement. Be sure to carefully review the terms before proceeding.
Apply For A Specialist Mortgage Today
Get started on your mortgage application and secure a property with significant land today with Magni Finance. Our team of highly skilled mortgage brokers are committed to finding the most competitive rates on the market, regardless of your financial situation. We can also offer specialist services including solicitors, tax advisors, and even FX specialists to provide assistance wherever needed.
For more information about mortgages for properties with land, feel free to contact the Magni Finance team today where we are more than happy to discuss your options and guide you through the mortgage application process. Get in touch today.