If you’ve decided that the park home life is right for you, then congratulations! You’re about to embark on a wonderful new stage of your life, where you can enjoy a wide variety of activities in a tranquil, relaxing environment.
Financing your park home
However, before you plan your move, you’ll need to understand how to finance your new abode as unfortunately, unlike traditional homes, park homes aren’t eligible for standard mortgages.
If you cannot afford to buy your new park home property outright, you will have the following three financial options: part-exchanging your current home, a park home bridging loan or a specialist park home loan.
Part-exchanging your current home is a great option, as it allows you to release the equity gained from selling your property. Simply find the park home that you’d like to purchase, and then contact a company which specialises in park home part-exchange deals. You can find out more here:
Then sit back and browse the wide variety of beautiful park homes available at websites such as http://www.parkhomelife.com/our-parks/orchard-park-homes-gloucester-gloucestershire/.
If you have a property but haven’t yet managed to sell it, then a bridging loan could be a good solution. This option releases the equity in your current home as a short-term loan.
There are two types, open or closed. Open bridging loans have no fixed repayment date, although it is typically within twelve months, while closed bridging loans have a fixed repayment date which is usually around the time of completing on your park home purchase.
If you are keen to acquire one of the many Gloucester park homes, but don’t own a property already, there is another financing option: a specialist park home loan.
This type of loan is offered by companies that focus on financing park home purchases, and the amount you borrow will be secured against the park home itself. Some loan providers will lend up to 80% of the price of the park home, with repayment periods of up to 15 years.