Loan for buying small site

[bish123]

Hi all, I am planning to buy a small site for self built in future. I can afford 30-40% and looking to get loan for the rest. The site will not be generating any income for next few years. What is the options for securing loan ?

 

[Bronte]

Have you tried a bank, a credit union? How can you afford to pay it back? What is your ultimate aim?

 

[Monbretia]

Is there planning permission on it? When you say small site I assume its big enough to meet regs size wise if you need treatment system etc, or maybe it's within an urban area as opposed to rural. Family member has .4 acre site but too small to build on rurally unless he can buy more from neighbour which is unlikely!

 

[Brendan Burgess]

It doesn't sound as if it's suitable for a secured mortgage.

So a bank or a credit union would give you an unsecured loan at big rates.

Of maybe ask a family member?

Brendan

 

[Leo]

Is there planning permission on it?

Good point, and if there is planning permission in place, the clock will already be ticking in terms of commencing work before the permission lapses.

If there is no permission, tread very carefully as it is increasingly difficult to get permission for one-off houses. Have a careful read of the local development plan and understand the implications of the current zoning. If your plans don't allow for the build to start within the lifetime of the current development plan keep in mind that future versions may get more restrictive.