Life Time ISA Question - Can I buy a static trailer home?

Hawley_Gryphon

TL/DR: Can I use my LISA to buy a static trailer home as it's the only thing I can afford after a decade of saving?

Hi folks, I've tried looking online but can't find an answer to my question and I'm hoping someone knowledgeable on here might be able to advise me.
I've been saving up in my LISA with a view to hopefully one day becoming a first time buyer. I've been saving for over ten years now, first in a help to buy and now in a LISA. Now and again I go onto sites like Zoopla and I look for properties under £30,000 in or near my daughter's school area. The only things that seem to crop up are over 55's accommodation or caravan sites. I've still got another twenty years until I'm over 55 so that's out, but the trailer park might not be the worst idea ever, I mean - at least I can afford it! 
I've been trying to find information about the lifetime ISA and whether a caravan/mobile home is something they'll let me buy, or whether they're going to insist it needs to be a bricks and mortar type of property. If so, more saving is required as I couldn't find a single flat or house below £30,000.

Even when I expanded the search field by miles and miles there were a couple of £10,000 properties that piqued my interest, but it turned out they were up for auction. There was also a garage in Blackpool that they wanted £15,000 for and there was a car parking space they were looking for £7,500 for. I mean, every time I dip back into the property market to see what's what I'm stunned and staggered by the ridiculous prices.

Seems like people putting the prices on houses seem to think they everyone is affluent and in a relationship with someone else who's also affluent, and they both drive. *sigh*

AdrianC

Context:
https://forums.moneysavingexpert.com/discussion/6114794/pitfalls-of-diligent-saving

grumiofoundation

To use lifetime ISA you need to be buying with a mortgage.

Your budget seems very low to be buying with a mortgage (believe you can’t get a mortgage anyway on ?some/all? Caravans which would preclude using lifetime ISA if that is the case).

edit: found link online - if considering speak to mortgage broker/lenderto confirm you could get a mortgage on the static home before shelling out any money! 

https://huutimoney.com/mortgage-on-a-caravan/

Slithery

Also bear in mind that unlike traditional bricks and mortar properties trailer homes are always a rapidly decreasing asset. Most parks will only let you keep it on site until it reaches a certain age, after which you will have to buy a newer one.

MovingForwards

Have you spoken with a broker to see what your maximum budget is?
I appreciate you've got a kid, but you may need to look at different areas and schools, if you want to buy.

As I said on your other thread, I moved county as I couldn't afford the one I rented in.  I got myself a great property for £100k less than the rental location and I don't earn much.

Hawley_Gryphon

Thanks for your comments folks.
If my daughter doesn't pass her 11+ then I'll give some real consideration to moving further out of town. There will hopefully be more favourable house prices as you got farther away from town. I'll also need to bear in mind that there needs to be good bus or rail links nearby so I can continue to get back to the city to work. Changing my daughter's school is considerably easier than finding a new job for myself.
Currently I only live a mile away from my workplace so I can walk in no problem, any further than that and I'd need to take into account train/bus fare costs or potentially look into buying a bicycle again (which I'm really loathe to do since coming a cropper on my last bike several years back, hurting my wrist, and having nothing to do with bikes ever again). 
Well, fingers crossed something comes up after the current house-buying frenzy dies down a wee bit. Lol. I've also noticed that trailer homes and caravans are becoming ridiculously expensive too so I guess I'd better sit tight for a while and wait.