Mortgage On a Motor Home???

crabbman2004_2

Is this possible at all?

Im a private tenant in rented accomodation at the moment, and am looking to purchase a motor home, is there such a thing as a motor home mortgage?? Or would I need to get an unsecured loan?

Thanks in advance

homer_j_3

you would probable need to finance it through HP or a loan. Depending on how much it is of course, a loan may not be possible

JoeK_3

Try Barclays plc

JoeK

annaorv

Hi
I just saw this; I'd like to buy a motorhome too, we're in similar situation, renting, no money to buy a house!
I thought self-hire might be a good way to recoup the outlay and still get a holiday!
Would you be willing to keep me posted on your progress? It's a big scary step to take on my own!
Thanks!
anna

Conrad

Yes I use one lender for mobile homes (not motor homes). The maximum secured loan available is 70% although is often restricted to 60%, a lot depends of the condition and age.

The rates are high at over 7.5%.
The home must have it's own allocated site within a park home site as the value of the homes is far less where there is no land plot.

The arrangment fees on such loans tend to be high at over 4%.

PasturesNew

Two issues here. Motor homes and mobile homes (big caravans, sited). You need a personal loan for either of these - limited number of lenders, especially for mobile homes - and you do need a good sized deposit (as the previous poster said, 30% or more):
1) Motor home. This is a vehicle. It is a vehicle with an electrical system and a water system, possibly gas too (gas bottles/cooking). They take a lot of proper maintenance to keep these safe. As a vehicle it breaks down, deteriorates and depreciates. While it looks like a good idea, it's not. I was going to buy one when I sold my house - so I didn't have to actually rent somewhere to live, I could be mobile to seek work wherever it was. Even without having to think about the cost/running cost of it, I was finding sites were quite pricey at the popular times of the year, it is illegal to park at the roadside to live in one. And sites seemed to not be near places where I'd find work, so not practical for job hunting.
2) Mobile home. Once you've got the loan, you've still got to pay site rent each week. Mine was £25/week 17 years ago. And sites can close down - the one I was on has now been cleared and is full of posh new mobile homes.

In either case, if you are not working, your loan on your "home" is not paid as it is a personal loan. This happened to me when I was in my mobile home - they would pay the site rent, but not the personal loan. Not a problem for me as I don't sign on, I always go temping between jobs, but for others it may be a problem.

Also - mobile homes MUST be on a proper site. You can't buy a 2nd hand mobile home for £2k then try to find somewhere to put it. The land it is on needs full planning permission.