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How Do People Finance Holiday Chalets?
pennypincher3562
Posts: 2,229 Forumite
Hi There
I've felt for a long time, I could do with a small holiday home (if I could afford it.) In general brick properties are expensive, even the unpleasant ones.
Caravans are a bad investment. I was thinking about wooden holiday chalets, how do people raise the finance to buy them? I phoned my mortgage provider, and they said they would not lend money for a wooden chalet. I believe most high street lenders are same.
With the cost of a chalet being about 60k to 100k, do you have to be one of the super rich with a lot of spare cash, in order to buy one?
Cheers
PennyPincher3562
I've felt for a long time, I could do with a small holiday home (if I could afford it.) In general brick properties are expensive, even the unpleasant ones.
Caravans are a bad investment. I was thinking about wooden holiday chalets, how do people raise the finance to buy them? I phoned my mortgage provider, and they said they would not lend money for a wooden chalet. I believe most high street lenders are same.
With the cost of a chalet being about 60k to 100k, do you have to be one of the super rich with a lot of spare cash, in order to buy one?
Cheers
PennyPincher3562
0
Comments
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Save and invest over a period of time.0
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Some people will be borrowing against their first home to fund a second one.0
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There is the odd holiday home lender out there - 2-3 maybe that i know of.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Do you know their names ACG?
Cheers
PennyPincher35620 -
I do but im not allowed to disclose them on here as it could be seen as leading. You will need to speak to a broker, the 3 i know of are small lenders not on the high street.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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A quick Google reveals a couple of options.
One site is suggesting up to 60% LTV over 20 years, but only for properties with traditional freehold tenure. ie. not for Park Homes.0 -
I do but im not allowed to disclose them on here as it could be seen as leading. You will need to speak to a broker, the 3 i know of are small lenders not on the high street.
if he told you he'd have to kill you!I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks, I will some more searching on Google...0
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Make sure you have a large lump of cash to start withI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
When we were looking at buying in the US the normal way was to re-finance our house here to raise the capital.
You are putting your main home at risk if you cant repay though. Why are you excluding static caravans if you are only looking for a holiday home ? My son has one and they are great for short holidays. Costs can be as low as £8k for a decent one on a good site (plus ground rent) 10 years lifespan is normal for these sort of caravansTotally Debt Free & Mortgage Free Semi retired and happy0
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