How to buy a static caravan

[PeriwinkleForever]

Hi, wondering if someone can offer any advice.

looking to possibly buy a static caravan in a site we know well and are familiar with site rules, understand depreciation and know it’s not an investment etc.

my question is how you pay for a new caravan? We have been offered a second mortgage for another property as that’s still something we are considering, and I thought it wasn’t possible to use a mortgage to buy a caravan.

however, if the second mortgage is secured against the primary residence, does that make a difference? It would be a much cheaper way of funding the purchase than any other sort of loan I imagine.

otherwise, can anyone offer any advice or recommendations for financing? Total amount around £50k albeit we could put down a substantial amount in cash if needed. The second mortgage approved is for a lot more than that so we are covered credit wise.

thanks

Statics are often purchased with a personal loan but if you have a site in mind all the info should be on the site or speak to the owners/ management.

Since lockdown prices seem to have shot up. If you are buying new don’t forget to factor in the cost of decking. Some sites insist on a particular type and supplier. Around £8,500 on our site currently.
Sounds obvious but you also need to budget for kitting it out bedding, crockery, pans etc. All mounts up but worth it!

Thanks - that’s really helpful. And wow that’s a lot of money for decking! The site we’re looking at isn’t huge and the plots all look slightly different - people can do what they want with their gardens so I’m hoping my husband can do the decking!!

Have you checked to see if the site itself do loans?

I have a dim recollection that might be a thing.

Our site is small too family owned but decking has to be Composite not wood and fitted by a particular firm. Fingers crossed you can do it yourselves.