Mobile Home loan

flyingfox

Hello, does anyone know if you can borrow £ to buy a mobile home to live in as your full time residence? I know you can't get a traditional mortgage, so was wondering if there was anyway of getting a loan from somewhere, instead of getting a mortgage for a bricks and mortar. Just considering different living options.
Thanks!

27col

I can't imagine that many people pay cash for the considerable amount that a mobile home costs. So therefore, it must be possible to get a loan to buy one. I'm afraid that I cannot say where you might get one, though.
Have you asked your bank?

MABLE

The following sites are very helpful.

http://www.manufacturedhomeloan.org/
https://www.parkhome-living.co.uk

[Deleted User]

27col wrote: »

I can't imagine that many people pay cash for the considerable amount that a mobile home costs. So therefore, it must be possible to get a loan to buy one. I'm afraid that I cannot say where you might get one, though.
Have you asked your bank?

many people buying mobile park homes are down trading and often pay cash,a MPH can start from as little as 30k upto 250k
there are 2 main loan providers the name of one escapes me the other is....royscotlarch

http://www.royscotlarch.co.uk

robatwork

woodbine wrote: »

Counting down the most important general election of the last 100 years

Isn't that true of every general election?

paddyrg

Problem is that brick houses appreciate, caravans depreciate (broadly speaking), so mortgages (secured against the property) are a bigger risk.

[Deleted User]

robatwork wrote: »

Isn't that true of every general election?

non more so than this one

[Deleted User]

paddyrg wrote: »

Problem is that brick houses appreciate, caravans depreciate (broadly speaking), so mortgages (secured against the property) are a bigger risk.

mobile park homes ARE NOT caravans

nicholaswitchell

What are they then?

PasturesNew

You get a personal loan. There are a few lenders who will lend money as a personal loan for a residential mobile home. As a rule of thumb you need to probably think in terms of having a huge deposit and tracking down the short list of potential lenders.....

As it's a personal loan, it's likely to be a loan over about 5 years and be careful if you're laid off as the repayments aren't covered with benefits (like rent or a mortgage are).

iolanthe07

nicholaswitchell wrote: »

What are they then?

They are mobile homes. They are a good deal more substantial than caravans. They are 'mobile' only in the fact that they can be dismantled in sections and moved. They are not mobile in the sense that a caravan is mobile (on wheels). Some of the modern mobile homes are surprisingly large and luxurious, especially the 'triple wides' in the USA.