When you buy a residential park home, it is the physical structure that you own and not the plot (this is leased from the park owner). Due to the fact that with a mortgage, the loan is secured against the value of not only the home but also the land, it is not possible to get a mortgage on a park home.
However, you can still be the proud owner of your dream home in an ideal location. More and more people are purchasing a park home every year as the popularity continues to rise and they are doing so without the need for a mortgage.
Many purchase outright either after releasing equity from selling their current property or using savings. A loan is another viable option to finance a purchase, there are many specialist lenders who offer loans designed especially for park homes, which can help you access the money you need. Part-exchange deals may also be an option for a quick and easy transition.
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