any ideas to get a loan for a residential park home

Jikkie

We would like to move to a residential park home. The problem is that we don't have quite sufficient equity in our house, plus my credit history is shot and I am 63 and retired.

Paying for a loan wouldn't be a problem, as money currently paying the mortgage would be directed to it, plus some savings in bills.

There is a company that specialises in this type of finance, but it's a no-go because of my credit history.

The situation is that I am paying all living expenses etc ok, but paying credit card creditors very small amounts by agreement. (Long story, but nothing to do with buying shoes and handbags!)

Any suggestions on what could be done welcome.

BrassicWoman

how short are you and have you factored in management fees and that your park home will need replaced every 10 or 20 years?

Me, I'd rent somewhere with good insulation if I were in the UK.... also rent gets housing benefit, loan repayments doesn't.

dealer_wins

If you are on repayment plans chance of finance is zero really. Change of plan needed.

Xbigman

I looked at doing this back in 2010. The high fee's, hidden fee's and the 15% of the mobile homes value payable to the site owner if I sold all put me off. I can only advise you to think very carefully before taking this step.


Darren

Jikkie

BrassicWoman wrote: »

how short are you and have you factored in management fees and that your park home will need replaced every 10 or 20 years?

Me, I'd rent somewhere with good insulation if I were in the UK.... also rent gets housing benefit, loan repayments doesn't.

I cannot know exactly unless we actually sell, but probably 10-20k. Yes, site fees factored in, no, it won't need to be replaced in 20yrs.

We will not be eligible for any benefits. Chances of finding something that I would want, to rent, are virtually zero.

The other option is that we stay in the house which is becoming increasingly unsuitable and burdensome.

I was just hoping I could find a lender who would be sympathetic to the idea of me "swopping" my mortgage to a much much smaller loan to enable us to live somewhere suitable... but it sounds as if it will be impossible.

BrassicWoman

honestly, stay in one in feb... you will be glad you can't make the move!!