My brother in law is a PAYE worker and wishes to buy land for his horses. The land cost is approximately 250k. He has 180k on deposit and wishes to borrow 70k.
He contacted his bank and they said that he must submit a 5 year business with his application. Writing business plans is not his area of expertise and he has the means from his PAYE job to service the loan.
Since the amount he is borrowing is less than 30% of the land value is this a necessary requirement? Would a broker help with the application?
He contacted his bank and they said that he must submit a 5 year business with his application. Writing business plans is not his area of expertise and he has the means from his PAYE job to service the loan.
Since the amount he is borrowing is less than 30% of the land value is this a necessary requirement? Would a broker help with the application?