While it’s not common, it is possible to get a mortgage on land.
Land mortgages can be anything from self-build, through to agricultural and commercial development. It’s a very niche market, so it’s important to know which lenders to approach to increase your chances of being accepted. You’ll also want to make sure you’re applying for the correct type of mortgage, depending on what you’re going to be doing with the land once you own it.
Getting a mortgage on land involves many of the same checks as a traditional mortgage and will include proving to the lender this isn’t high risk for them. As a result of this, you will typically need to put down a higher deposit than you would for a standard residential purchase. For more information on land mortgages and how we can help, take a look at our blog or contact us and one of our expert advisers will be able to assist you.