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Long term unsecured loan to buy residential park home?

Tara100
Tara100 Posts: 258 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
Hi

I want to sell my house and move into a residential park home. After my house is sold, I will still need £40,000 to fund the purchase.
Finding a lender that can loan this amount over 20-25 years is proving impossible; there doesn't seem to be any out there. (The company 'Roy Scot Larch' was the only lender, but they no longer offer these loans)

My credit history is very good, with no issues, so I very much doubt that I would be turned down if I could find a lender. I could have a guarantor if necessary too.

I looked at Zopa (private lenders) but they only loan up to £25,000 for 5 years.

Does anyone have suggestions please?

Thanks in advance.
All you need is love (and chocolate)
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Comments

  • JJG
    JJG Posts: 335 Forumite
    Part of the Furniture 100 Posts Name Dropper
    A quick google of "residential park loan" brings up numerous lenders which may be of help. I can't help with any personal recommendations unfortunately.
  • WellKnownSid
    WellKnownSid Posts: 1,667 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Tara100 wrote: »
    After my house is sold, I will still need £40,000 to fund the purchase...
    ...My credit history is very good, with no issues, so I very much doubt that I would be turned down if I could find a lender.
    Unsecured loans are normally limited to 50% of income - so I take it you're on at least £80,000?
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    I think you can get park home loans that are secured on the park home which is probably a better option that finding an unsecured loan of £40k (because lenders only go up to £25k).

    Have you looked into the ongoing costs of living in a park home? I'm sure there was a thread a while ago where someone was looking into doing the same things as you and then discovered that with the costs associated of buying and living in a park home it wasn't worth it in the end.
  • Tara100
    Tara100 Posts: 258 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    JJG wrote: »
    A quick google of "residential park loan" brings up numerous lenders which may be of help. I can't help with any personal recommendations unfortunately.

    Hi

    Unfortunately, 99% that offer loans for park homes, add links to the company I mentioned above who no longer offer a loan service. I'm pretty much googled out ;-)
    All you need is love (and chocolate)
  • Tara100
    Tara100 Posts: 258 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Unsecured loans are normally limited to 50% of income - so I take it you're on at least £80,000?


    That may be the case with SOME lenders, but I know from experience that it isn't an absolute rule.
    All you need is love (and chocolate)
  • Tara100
    Tara100 Posts: 258 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Pixie5740 wrote: »
    I think you can get park home loans that are secured on the park home which is probably a better option that finding an unsecured loan of £40k (because lenders only go up to £25k).

    Have you looked into the ongoing costs of living in a park home? I'm sure there was a thread a while ago where someone was looking into doing the same things as you and then discovered that with the costs associated of buying and living in a park home it wasn't worth it in the end.

    Hi

    There are non residential sites out there that offer finance, but I've not found one that does for 12 months a year residence.

    I've looked into costs (I've decided on two sites if I do go ahead)
    As far as I'm aware, ground rent is really the only additional cost I would need to find at £35-£40 a week, and I'm ok with that :-)
    My only other future query is if you can have a water meter or not.

    Thanks
    Tara
    All you need is love (and chocolate)
  • JJG
    JJG Posts: 335 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Tara100 wrote: »
    Hi

    Unfortunately, 99% that offer loans for park homes, add links to the company I mentioned above who no longer offer a loan service. I'm pretty much googled out ;-)

    Thats unfortunate, I should've looked into this sites more. Have you looked at http://www.bestparkhomefinance.com ? They only finance up to a maximum of 15years, but that might be an option for you?
  • WellKnownSid
    WellKnownSid Posts: 1,667 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Tara100 wrote: »
    That may be the case with SOME lenders, but I know from experience that it isn't an absolute rule.

    Well, in that case it sounds like you'll have no difficulty arranging something then!
  • Tara100
    Tara100 Posts: 258 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Well, in that case it sounds like you'll have no difficulty arranging something then!

    Thank you to the keyboard warrior. :D
    All you need is love (and chocolate)
  • Tara100 wrote: »
    Hi

    There are non residential sites out there that offer finance, but I've not found one that does for 12 months a year residence.

    I've looked into costs (I've decided on two sites if I do go ahead)
    As far as I'm aware, ground rent is really the only additional cost I would need to find at £35-£40 a week, and I'm ok with that :-)
    My only other future query is if you can have a water meter or not.

    Thanks
    Tara

    our park home ground rent includes water rates (£30 a week totalling £2.50 for water)then we pay £100 a year for sewage and drainage whatever you don DONT buy on a non residential park as you are not protected by the 1983 mobile park home act as amended in 2013
    can you not fund the purchase from your house sale?units are widely available from 40k, a good place to find info on finance would be the monthly park home and holiday caravan magazine avaliable form larger wh smith monthly
    just a thought i assume you are over 50?one of the main rules for 99% of sites
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