Yes - that's partly why I've set my price at around the £25k mark - it's the maximum amount you can borrow with an unsecured loan. I was chatting to a marine finance company about marine mortgages a few months ago. They were very helpful, but the red tape is lengthy: you need to prove that the deposit you have is yours and not borrowed; valuation surveys by their recommended surveyors only, (similar for insurance) and just proving to them that I exsist (when I don't have a driving license and don't (yet) have a passport is nigh on impossible! And you could do all this and still not secure the finance at the last hurdle and so lose your deposit through no fault of your own.
And yet there's companies out there willing to lend me £25k based on nowt other than a webform and a signature.
I know companies like Collidge have these procedures for a reason, and let's face it, I'd be getting any boat I was interested in surveyed myself anyway, but I'd prefer to have the freedom to choose a surveyor that's been recommended by a friend, or to use my overdraft for the deposit if I so desire... and also to minimise the factors that might contribute to my deposit being lost.
There's a reason that the literal meaning of mortgage is "death pledge"...
Thanks Alan,
Yes - unbelievable really, that a brokerage can get away with that. Anyway, as I said, no harm done.