A maximum of 80% of the value of the mobile home will be offered by the lender, meaning a 20% deposit payable on the part of the borrower. Some offer loans specifically for the purchase of mobile homes, which for the most part work in exactly the same way as a traditional mortgage. Particularly for existing homeowners looking to relocate park homes, there are various accessible and affordable options to explore.Īway from the UK High Street, there’s an established and growing alternative lending section that specialises in flexible secured loans. Some of which involve no credit checks and no requirement to submit proof of income.
MOBILE HOMES FINANCE CALCULATOR PLUS
On the plus side, there are various alternative options to explore for financing a park home. Hence, you are never truly the owner of the land beneath or around your park home. After purchasing a park home, you continue to pay ground rent to the individual or organisation that owns the plot. The same also applies to second mortgages, which fall under exactly the same rules as standard mortgages.
MOBILE HOMES FINANCE CALCULATOR FULL
With a park home or mobile home, you may be the full rightful owner of the property, but you don’t own the land upon which it resides.Īs a result, standard residential mortgages are out of the equation. The reason is that traditional mortgages are provided exclusively for the purchase of properties that also include ownership of the land the property is built on. Unfortunately, the answer is no – it isn’t possible to take out a traditional mortgage on a park home. Whatever the motivation, park home purchase volumes in the UK are at an all-time high.īut what about park home finance? What are the most popular and accessible static caravan finance options available? More importantly, is it possible to get a traditional mortgage on a park home? Mobile Home Financing Perfectly possible to pick up a beautiful two-bedroom park home for less than £50,000 – around 75% less than you’d pay for a comparable house or flat in the same area.
For many, it’s the appeal of downsizing to a luxurious and affordable property of a higher standard, perhaps in a far more desirable location. As average property prices continue to swell across the United Kingdom, more people than ever before are considering relocating to a park home.
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