Mortage to buy land only?

[sulvanie]

Does anyone know if it is possible to obtain a mortgage to buy land only...with the view to building in the next couple of years? A really good deal has come up, so we think we would be crazy not to go for it, but getting a mortage is probably not on the cards at present, as we currently do not have enough saved for the downpayment. We are both professionals in well paying jobs...its just a matter of timing. Therefore we are considering just buying the land now, and getting a full mortgage in a year to build...but is that possible?
Thanks

 

[Vanilla]

You will only be given a mortgage to buy a site and build. If you tell the bank you won't build for a few years they will only offer a commercial loan to buy the land ( if they even offer that). BTW I presume you will buy subject to planning?

 

[dazza21ie]

You could also apply for a personal loan to buy the site but this would have a higher interest rate than a mortgage and repyaments could be very high depending on the cost of the site.