Can I get a mortgage on a static home?
Can I get a mortgage on a static home with a 10 per cent deposit?
Asked on May 14 2013,
Home Finance in Alderley Edge |
It is possible to get a mortgage on a static home, yes, but it does vary a lot when compared to the housing sector. You will need to visit a specialised lender for this sort of thing rather than a high street finance company because there are certain things that need to be considered.
It can be hard to get one, for example if the static home is over a certain age. This is because they obviously have a far shorter lifespan than a bricks and mortar home, so a loan will not be handed out for similar periods of time. You'll typically be looking at a ten or 15 year mortgage for a home like this.
And when it comes to the value of the loan itself, you'll also be looking at paying a little more. The maximum most static home/park home lenders will give you will be a 75 per cent mortgage, so you still need to be able to come up with 25 per cent of the value before you can buy.
Answered on May 17 2013,
Didn't find what you were looking for? Ask a question
More Home Finance in Alderley Edge questions on AskMe
See more AskMe Q&A about Home Finance