10th January 2019
Applying for a mortgage on a property with an agricultural tie may appear like a complicated affair, but here at esbs, we are delighted to say that we have acres of knowledge in the field.
We’re proud of the individual quality of the products and services that we provide to our members, and as such we are able to review each situation that is put to us on a similarly individual basis.
This means that we are more than happy to talk the case through with you to understand the nature of the restriction in order to identify if we can assist.
To help guide people through the ins and outs of agricultural tie-mortgages, we’ve put together a few important things for them to consider.
What is an agricultural tie?
An agricultural tie is a planning condition that a local authority places upon the planning permission for a property built in an area of countryside where development would typically not be allowed.
The tie normally stipulates that only those who are, or have recently been, employed or self-employed in agriculture or forestry may take up occupancy of the building. Sometimes they will need to demonstrate a need to live close to their place of work in order for planning permission to be granted.
How much am I able to borrow?
If you meet the requirements set out by the agricultural tie, we can consider lending to you on the condition that you are looking to borrow no more than 75% of the property’s valuation (subject to meeting affordability requirements and full underwriting).
The property must be for residential use only however, and not be a working farm, or have any other commercial activity on the premises or the land.
For any properties subject to an agricultural tie the maximum loan available is £450,000. However, some of the individual products that we offer may have a lower maximum loan amount.
Full details of our agricultural-tie mortgage products are available on our website.
Why choose us over other lenders?
If you have been searching for an agricultural-tie mortgage for some time, you may have experienced difficulty in getting your application approved.
As one of the few lenders who consider lending an agricultural tie mortgage, we are experts in agricultural tie restrictions and will do whatever we can to help.
Our specialist advisers are on hand to go through all the finer details of the application, providing you with a personal service from the very first conversation, right through the duration of the mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE