Can i get a mortgage for a plot of land?

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I already am a home owner and am looking to buy a plot of land to build my dream home.

I have around £13,000 in savings and have just found a plot for £45,000.

Question is: Can you get a mortgage just to buy the plot of land? Ie 45k – 13k i need 32k loan.

The plan is to buy land just now and sit on it for a while, then the idea is to sell my house, then the money from the house goes into the buld, this being around £140k. When im ready maybe in around a years time.

Is there any loan companies or building societys that offer loans for this?
Or a loan company that will lend more than 25K on a personal loan?

Uk people to answer only please.

Thanks for help, any links or leads much appreciated.

I live in the UK. I own a home with about 60,000 pounds equity (120,000 dollars). I own some land in the states outright (worth 32,000 pounds). I will be selling my home here and paying off my mortgage and living with a friend. I want to build a home in the states on my land for a future investment. How can I borrow about 35,000 pounds to do this? I don’t want to borrow money against my house because I would have to pay it off when I sell it in 4 months. And, all personal loans I have found only go to 25,000 pounds.

  1. Reply
    February 14, 2011 at 4:46 am

    Most lenders will offer mortgages for land. You are proposing about 28% down. That should be enough of a down payment. Without more information about your income and other debts, I can’t say if YOU con get the loan.

  2. Reply
    February 14, 2011 at 5:14 am

    Why would you want to invest in a broad? Broads are never a good investment, unless you’re pimping!

  3. Reply
    mister ed
    February 14, 2011 at 6:08 am

    take out two loans!!!

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