Financing Land Purchase
Discussion
Hi,
Looking to purchase a plot of land, is there anyway to finance this in the same fashion as a mortgage. The land is not going to be used to build on, well, not initially anyway.
Obviously the land itself has value but my understanding is that you cannot finance land as an asset in the same fashion as a mortgage.
Thanks
Looking to purchase a plot of land, is there anyway to finance this in the same fashion as a mortgage. The land is not going to be used to build on, well, not initially anyway.
Obviously the land itself has value but my understanding is that you cannot finance land as an asset in the same fashion as a mortgage.
Thanks
Yes its quite simply an acre of grass land. Not extremely expensive but house purchase at the moment is taking up free cash. I don't intend to get planning permission for anything at this stage. Thinking of getting a couple of Shetland ponies....not for me.
Don't want to take out a 10-15 percent loan over 4 years to cover it if I am honest. Wondering if there is a similar option to a mortgage for it.
Don't want to take out a 10-15 percent loan over 4 years to cover it if I am honest. Wondering if there is a similar option to a mortgage for it.
z4RRSchris99 said:
yes he's suggesting pension release
you won't get finance secured on a non income producing bit of land.
remortgage your house?
Ok - not really an option for me as my pension scheme does not allow such releases.you won't get finance secured on a non income producing bit of land.
remortgage your house?
I will have to wait a few months to accumulate the funds.
Ta
Ginge R said:
Yammy,
Apologies, I missed your question.
I was just suggesting a possible option, that's all. In terms of income production, as mentioned, I heard of one trustee who suggested that the new land owner collect firewood and sell it, bingo - income stream! Just an example of.. 'creative thinking' - not suggesting I'd be too happy with it mind.
It isn't pension 'release' as such - far from it. From a suitable pension (SIPP etc), it's simply another authorised investment.. just as you might also invest in XYZ fund. It still has to pass muster from the trustees though, to determine suitability and not all SIPPs would engage with the idea.
Thanks for that. I will speak to one of the consultants at work about it and see what they say..Apologies, I missed your question.
I was just suggesting a possible option, that's all. In terms of income production, as mentioned, I heard of one trustee who suggested that the new land owner collect firewood and sell it, bingo - income stream! Just an example of.. 'creative thinking' - not suggesting I'd be too happy with it mind.
It isn't pension 'release' as such - far from it. From a suitable pension (SIPP etc), it's simply another authorised investment.. just as you might also invest in XYZ fund. It still has to pass muster from the trustees though, to determine suitability and not all SIPPs would engage with the idea.
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