Buying a park home

TS1718

Hi
im looking for the best possible loan to finance a park home 
im 63 years old, retired on a private pension and not a homeowner
Looking at around £60,000 over 15 years
Thank you in advance 

[Deleted User]

You'll need to look at the specialist park home finance companies.

[Deleted User]

Trouble is going to be life expectancy etc, 60,000 over 15 years - if your pension is £50k a year, maybe, if it's £10k maybe not

15 years is going to be a lot of interest on top

Be mindful too of where you are looking, Private Eye has covered some of the dodgy ones who have build plots for homes they weren't allowed to, sold them and had to rip them out

macman

What security are you able to offer against this loan? How do you intend to service it, if unsecured? 
And, once you've repaid it in 15 years, at the age of 78, what happens if your park home is worth next to nothing?
What housing are you currently in? Private rented, LA, housing association?

nelly12

1. Age isn’t an issue, it’s affordability based lending. (Can’t be too discriminatory in this day and age)
2. The main stream lenders lend over maximum 10 years.
3. The majority of lenders only finance for holiday homes (ie 10 or 11 months of the year allowed on park plus proof of permanent residential address provided annually) so if your intention is for residential purposes you will struggle.
4. The park should have all the information you require for the Finance house that they use and be quite willing to give you all the options.
5. a typical APR will be 9.9% on a used unit and slightly less on new units.
6. Lending is predominantly Hire Purchase secured on the unit that you buy.  

7. For a £60’000 lend over 10 years you’ll probably need a disposable income of circa £800 a month to pass any sort of affordability test. 

Hope this helps.

[Deleted User]

nelly12 said:

1. Age isn’t an issue, it’s affordability based lending. (Can’t be too discriminatory in this day and age)
2. The main stream lenders lend over maximum 10 years.
3. The majority of lenders only finance for holiday homes (ie 10 or 11 months of the year allowed on park plus proof of permanent residential address provided annually) so if your intention is for residential purposes you will struggle.
4. The park should have all the information you require for the Finance house that they use and be quite willing to give you all the options.
5. a typical APR will be 9.9% on a used unit and slightly less on new units.
6. Lending is predominantly Hire Purchase secured on the unit that you buy.  

7. For a £60’000 lend over 10 years you’ll probably need a disposable income of circa £800 a month to pass any sort of affordability test. 

Hope this helps.

1) Lenders absolutely can use age as part of their process of risk assessment and whether they will lend or not. There is no point in a lender chucking £60k at someone who might die before they can repay and whose estate might not cover it. Lenders can set age limits and target products only at certain age groups e.g. Nationwide has a limit for new mortgage applicants of 75 and some lenders will allow a mortgage provided it is paid off before the borrower reaches 80

https://www.citizensadvice.org.uk/consumer/discrimination-in-the-provision-of-goods-and-services/discrimination-in-the-provision-of-goods-and-services1/goods-and-services-what-are-the-different-types-of-discrimination/what-doesn-t-count-as-unlawful-discrimination-in-goods-and-services/age-discrimination-when-discrimination-is-allowed-in-the-provision-of-goods-or-services/

The SLC as an example won't do postgrad loads to anyone over 60 on the first day of the first academic year of the course