Long term unsecured loan to buy residential park home? Tara100

#1
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.

#2
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.

#3



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.
Originally posted by Tara100


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

#4
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.

#5



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.
Originally posted by JJG


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 ;-)

#7



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.
Originally posted by Pixie5740


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

#8



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 ;-)
Originally posted by Tara100


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?

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