New mortgage for diversifying farmers

The Agricultural Mortgage Corporation has launched a new type of loan to support the increasing number of farmers who are diversifying.

AMC’s Rural Business Loan is available to anyone who can offer a house and land as security.

The minimum loan is £25,001 with no maximum and the loan is repayable over five to 30 years without annual reviews. 

Neil Gladwin, of AMC agent Humberts, said: “It provides a scope for farm businesses to obtain lending when their principle business isn’t agriculture.”

The loan has several advantages over a residential mortgage with AMC accepting houses, buildings and land as security, and Mr Gladwin said the rates on offer were more competitive than a commercial business loan.

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