Mortgage/business mortgage

[6monthson]

We're thinking of buying a residential caravan park but it's way more money than we actually have. We'd have about a 15% - 20% deposit by selling our current home but would need to raise the rest through some sort of mortgage.

Does anyone know how we'd go about this? The idea is that we live in one of the caravans and run the site ourselves and that would be our income/job.

Thank you.

You need to put together a proper business plan, get the financial information on the site you are considering and details of the current trading performance, tenancies, turnover, planning consents etc etc. In the current climate it is very difficult to make a profitable business out of these sites so I would advise you to do a very thorough investigation and take appropriate legal and financial advice before taking a step on this. You also need to consider the length of time it would take to sell your own home and realistic values for properties in your area.

Thanks 3nations. I'm interested that you say it's difficult to make a profitable business out of these sites at the moment - I guess I'd thought that what with house prices and all, more people would be looking for a cheaper way of putting a roof over their heads than bricks and mortar... Are you able to elaborate further - would value your input.

Thank you.