Launch of new lifestyle loan

A new "lifestyle" mortgage has been launched by the Agricultural Mortgage Corporation to cater for the growing number of non-farmers buying land and property in the countryside.

AMC's Rural Business Loan is available to any individual, partnership or company buying a country house with land and can be secured against land as well as the house, giving more capacity to raise capital.

"The rural landscape is changing and increasingly land and rural-based property is being purchased by non-farmers," said Matthew Anwyl, a partner with AMC agents, Berrys, at Shrewsbury.

"Many of these 'non-farmers' choose to operate their businesses from the land and they now have the opportunity to benefit from an AMC loan."

"This loan will be ideal for anyone wanting to rent out some, or all, of the land or wishing to expand their rural-based business or perhaps wanting to run an equestrian business," he explained.

"Unlike a residential mortgage, AMC can take the house, buildings and land as security - they don't need to be split - and AMC will take into account all income, be it a salary, pension or rental income," he explained.

AMC offers a choice of a variable or fixed rate of interest or a combination and the loan can be repaid for any period from five to 30 years. The interest on an AMC Rural Business Loan can normally be offset against business income.

"For decades AMC has been a leading specialist in the provision of finance for the rural sector, lending to all types and sizes of farming businesses, and now non-farmers will be able to benefit from this rural business expertise," he added.