Hi Angela Thank you for your unusual question Is it a transportable house or an older style timber house that can be moved? However, until the house is on your land, ready to live in it, no lender will give you, or does mortgage this. I could imagine, if you know the cost of purchasing the house, transport costs, costs of slap and plumbing you "could be perhaps", pay for this with a private loan. As soon as the house is on your land and you could live in it, you could, or a broker could arrange a valuation, and a total refinances to pay off your private loan. Althoff this could be an expensive exercise, it is the only way I would see to get the house onto your land All the best
as mentioned above lenders will not finance this house until moved and connected to services and able to be lived in. they are a great opportunity but until it is completed it will not be satisfactory as security.
Hi Angela, I did some similar loans last year but have not checked recently - so would need to with more dertails. Here what was needed to qualify for a bank loan last year :- For the purposes of this instruction only, a transportable residential home is a small to medium sized single dwelling that is manufactured in a workshop in two or more parts and has the following features: * Designed for permanent domestic occupation (either owner occupied or tenanted) * Affixed on a site for which there is an individual certificate of title or conveyance * Affixed on fixed foundations or secured to concrete pads (not bolted) and is considered to be a permanent fixture * Requires more than 24 hours to join the sections together and to connect the building to available services (e.g. Electricity, water). Note - there maybe postcode restrictions - Max lending $ based on postcode - Max lending was between 80-90% (which I need to check) So happy to help if I know more of your personal circumstances.
Unfortunately Angela, no lender will assist based on that scenario. From my experience, clients have raised a loan against the blocks to cover the purchase, relocation costs and re-establishment of all services and any damages that maybe incurred during the move. For new pre-fabricated transportable homes, the funds are not released until the home is moved and all services connected. A couple of lenders can assist with new transportable homes subject to valuation and only up to a maximum of 80% of the combined value as outside Mortgage Insurers policy.
Hi Angela, is it actually one of the houses that's designed to be moved or just a standard house?
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Might be able to help - i have lenders who provide finance on Equity Release very quickly. look forward to hearing from you via my Profile page. thank you