Park Home Finance Loan Black Horse AdrianRS

#1
Dear MSE,

We are about to apply for a 10 year finance loan with Black Horse for a Park Home valued at £186K with a £50k deposit. We are above the 25% deposit requirement, how do BH calculate affordability on the remaining £136K? Do they divide the loan amount plus 7.9% interest over the 10 years, and then check you have 4 times the income etc after outgoings? Or is the multiplier higher/lower, or is there another fail safe way to ensure income is at the level required to afford the £136k? We have additional savings to pay off car finance to reduce all credit to 0, does this put us in the best position possible? Thank you!!

#2
I was unaware that BH provided finance for park homes, there are a small number of companies involved in this very specialised market, and in 6 years I have not once seen BH mentioned as one of them.

I assume going off the price that you are buying new and in the home counties? My advice for a number of complicated reasons that buying new isn't the best idea in the world.

There is an excellent website called park home living that offer great advice on all aspects,or a monthly magazine ;park home and holiday caravan.

eta



PHs are difficult to provide secured loans on because of the restrictions that would be placed on them if they repossessed and had to sell. Least of all the 10% selling fee and age restrictions etc

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