frequently asked questions

What different types of finance options are there?

The two options available are Repayment (Capital and Interest) and Interest Only.

What is the repayment option?

This type of mortgage is repaid with monthly repayments that consist of both Capital and Interest. The balance of the loan will decrease after each monthly payment has been made.

What is an interest only option?

The monthly repayments to this type of loan consist of just interest payments. The borrower would usually take out some form of savings vehicle (endowment, ISA, etc.) at the same time as taking out the loan and this would be used to repay the loan once the savings had reached the same value as the loan.

How much can I borrow?

The amount that you can borrow will be dependent mainly on your income, the deposit you have available and the value of the land your home will be sited upon.

How is the finance secured?

The mortgage will be secured with a land registry listing.

What if my credit history is poor?

We have products available to us which we believe will cater for most people's credit history.

What are the age limits for mortgage lending?

To apply for Park Home Finance, you must be over 18 and be able to repay the mortgage by the time you are aged 75.