Mobile Home

Balto100

Hi on here trying to help a friend. Has had messy divorce and come out with no money. Would like to purchase a mobile home but cannot get a mortgage on one with the £10,000 deposit she has as needs to be 30% value and minimum of £65,000 purchase price. Can anyone suggest another way of raising the cash without paying exorbitant loan charges. Thanks

holly_hobby

Purchase a static caravan for 10k or less, and find a site that is open all year round, which doesn't have a max age restriction on the vans on site.

He'll have service charges (water, gas, elec), community charge, site fees, and any other ancillary charges of the particular site to pay.

Other than that, if he can't get a mortgage on the figs he wants to play with, and doesn't want a personal loan (or friends can't help) .... other than rob a bank, I've no idea how he'll otherwise obtain monies to proceed with his plan.

Of course stating the obvious, he does have options regarding shared ownership or even straight rental.

Hope this helps

Holly

ACG

Have you spoken to a broker?
I will be completely honest in that i have never looked into this. But quite often we can find lenders who have less stringent criteria than you would find on the high street.

witchy1066

not sure if this will help OP but when we bought our mobile home many years ago, you could not get mortgagees on them, and from what I have been told its still almost impossible, even for the park home type which in many cases cost more than houses, and you will need much more than 10% deposit, 40% to 50% is the norm and only a few lenders will touch them,

the sites holly is talking about are not residential but basically all year holiday sites and again you will find it hard to find one that will take older vans and or allow you to live in it as your permanent home,
in fact some councils are now clamping down on this practice ,

sorry its not good news but as someone who has lived on a residential mobile home site very happily for over 16 years , and now can not wait to sell up and move to my own space/land were I can erect a shed if I so wish without the hassle of getting not only landowners permission but fuddy duddy neighbours who think having a shed larger than 6x4 is going to spoil their right to a quiet life (I kid you not)
most residential mobile home sites have an age limit of over 55 and in some cases 60
we were lucky when we bought ours as the site owner needed a care taker and my partner was in fire brigade, so he let us buy ,
would I do it again , yes, but not until I am in my late 80s

unless your friend is in his late 70s I would tell him to look for a nice little 2 bed house