Financing a Residential Park Home
Many of our owners find themselves in the fortunate position of selling existing properties and downsizing, however if you require finance, perhaps to afford a larger home, it is important to understand that a conventional mortgage does not apply to a residential park home.
In the case of a park home, any loan is secured on the land registry listing not on the usual bricks and mortar of conventional living. When you buy a park home, you own the home outright but you are afforded the use of the land on which it sits, in perpetuity, under a licence agreement with the park owner.
This difference is important and the choice of lenders is accordingly fewer than those operating in the normal housing market and finance is therefore available only through a number of specialist lenders. Expect to pay a deposit of anything in excess of 15% - lending periods are typically shorter in length too.
At Haulfryn we can put you in touch with finance providers we have worked with – please ask us for details and we would be happy to assist you!