The next factor will be your personal income(s) for a residential mortgage, or the income from business activities generated from the land or property for a commercial mortgage. Your available deposit will be a key factor determining if you can get a mortgage.įor residential houses with land the loan to value will be at most 80-85%, so you need to pay at least 15-20% of the purchase price as a deposit.įor commercial properties with land the loan to value will be at most 70%, so you will need at least 30% deposit. Here we look at the deposit you’ll need, how a bank or lender would assess your ability to repay the mortgage, and how the type of land/property and what you intend on doing on the land can affect the mortgage you could get. Most buyers will need a mortgage to fund the purchase of a house and/or buildings with land or land with no buildings (often called bare land).
Many people are looking to buy houses with land and buildings, agricultural or farmland, or plots of land in rural areas. Whether you are a farmer expanding your holding, a person looking to develop a land-based rural business, or someone looking to buy or build your dream home with space in the countryside, buying rural land is different to buying a house.
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