I am worried about interest rates increasing and not being able to afford the payments, can you help?
The interest rate is fixed for the whole term of the finance, so even if interest rates increase you will not be affected.
Can I remortgage my Mobile Home and release equity from it later on?
No, this is not possible with this form of finance. You are better to keep some funds separate from the purchase of your park home, just in case.
I haven’t sold my home yet, can I still apply for the finance?
The finance is based on your ability to repay the loan, so it may well be possible. However if you still own your home there maybe some alternatives you want to consider beforehand, and therefore you would be best to speak to one of our Park Home Finance Advisers.
How much deposit do I need?
Min 30%
What is the minimum purchase price of the home you can lend on?
£65,000
What is the minimum finance amount you offer?
£15,000
How long can I have the finance over?
Min term 5 years max term 25 - dependent on age of home and applicants. We will not allow the finance to go past your 75th Birthday or once the Mobile Home is 30 years old.
Can I make lump sum repayments?
No.
I have an endowment which will cover the finance am I able to take the lending on an interest only basis?
Yes – on referral to the lender and proof of the endowment policy
The home is not brand new does this matter?
As long as the home is under 25 years can look to lend – may need photos in the 1st instance * term of finance will be reduced –
Do I have to pay for the valuation of the home?
No
Are there any upfront administration fees?
None at all |
