Long term unsecured loan to buy residential park home?

Tara100

woodbine wrote: »

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

Hi Woody and thanks! There's some helpful info for me there.
I am approaching 50 (sadly) so I'm fine there :-)

I've reassessed finances and I'll need to raise a lot less now; £19,000 - £30,000 max, depending on the park home purchase price. That's the amount I'll need once the house is sold, as I have a mortgage etc to pay off.
The park homes for sale sat on the best sites in South Devon sell for £85,000 - £165,000 for larger brand new types with big gardens etc.

I'm looking to pay no more than £115,000 on one of two chosen sites, which are beautifully maintained and set in fabulous countryside :-)


Many thanks
Tara

[Deleted User]

Tara100 wrote: »

Hi Woody and thanks! There's some helpful info for me there.
I am approaching 50 (sadly) so I'm fine there :-)

I've reassessed finances and I'll need to raise a lot less now; £19,000 - £30,000 max, depending on the park home purchase price. That's the amount I'll need once the house is sold, as I have a mortgage etc to pay off.
The park homes for sale sat on the best sites in South Devon sell for £85,000 - £165,000 for larger brand new types with big gardens etc.

I'm looking to pay no more than £115,000 on one of two chosen sites, which are beautifully maintained and set in fabulous countryside :-)


Many thanks
Tara

Have you checked on right move?you can search for park homes by area and I've seen decent ones for around 60-70k in devon and cornwall,another scource is a company called "seekers"they specialise in the sale of park homes and will also offer advice on finance i assume,they also have a website

Tara100

woodbine wrote: »

Have you checked on right move?you can search for park homes by area and I've seen decent ones for around 60-70k in devon and cornwall,another scource is a company called "seekers"they specialise in the sale of park homes and will also offer advice on finance i assume,they also have a website

Hi

Yes I check on Rightmove all the time :-)

I have been to some sites where cheaper homes are, but oh dear, the surrounding surroundings weren't pleasant. The sites were unkempt and run down and you know the saying 'location, location'
As in all things, you get what you pay for ;-)

The sites I'm looking are at absolutely beautifully kept and are idyllic. I plan for this to be my last move so I'm happy to pay more to get the home in a site that's cared for.

I work part time in central Exeter, and the two sites I have in mind are situated 3-5 miles from the city centre, in peaceful countryside which I crave for. Beaches are a 20 min drive away too.
I have hope that I'll get there eventually :-)

Thanks
Tara

Mollymolly

Hi Tara100
I found your post from last year and find myself in the same situation now as you were back then... I hope you found a solution to your lending quandary! If you have, I would welcome any advice or feedback you could pass on to me as I enter this particular minefield. I'm 50, and need £30k over 15 years, which is 25% the value of the property.
Many thanks for any help you can offer!
Molly

Tara100

Mollymolly wrote: »

Hi Tara100
I found your post from last year and find myself in the same situation now as you were back then... I hope you found a solution to your lending quandary! If you have, I would welcome any advice or feedback you could pass on to me as I enter this particular minefield. I'm 50, and need £30k over 15 years, which is 25% the value of the property.
Many thanks for any help you can offer!
Molly

Hi Mollymolly

I'm sorry, but I'm afraid I can't help very much.
My situation has changed, in that I won't need to borrow any money now.
I am going to buy a cheaper park home than originally planned, and the house that I'm in now, is worth more than I'd estimated. It'll be tight, but I'm pretty certain I can do the move without having a loan.

Have you checked online to see if anymore specialist lending companies are out there?

Sorry to be a chocolate teapot :-(

Suarez

WellKnownSid wrote: »

Unsecured loans are normally limited to 50% of income - so I take it you're on at least £80,000?

Not sure where you got that but it's way off the mark and simply not true.

DevCoder

The reason you'll struggle to get more than 25K is because that is the limit of the Consumer Credit Act 1974, anything over that amount is unregulated. With the current climate and the noise around unregulated loans Id be surprised if there are many out there.

KJSmith

krisdorey wrote: »

The reason you'll struggle to get more than 25K is because that is the limit of the Consumer Credit Act 1974, anything over that amount is unregulated. With the current climate and the noise around unregulated loans Id be surprised if there are many out there.

That £25k limit was removed as of 2008.

AdrianRS

Black Horse finance provide unsecured loans for park homes over 10 years up to 4 x gross income minus current debts @ Apr 7.9% with min 25% deposit required subject to status.:j

[Deleted User]

BH offer finance on motorhomes and caravans NOT park homes