piedaterre

The idea of remortgaging and borrowing more than the outstanding balance got the OK. However, the idea's a non-starter - the property has to be my primary residence and clearly it wouldn't be.

Baaah.

Big dog on the forum. Again, must be nice to be somebody, even if it's on a boat forum.

Irony. Thanks to everyone else for the input. Definitely a fair amount to think over.

Still missing the point here. It's not what was said, it's how it was worded. To the rest of you, thanks a lot for your inputted. Genuinely appreciated.

Pack mentality. Still, must feel nice to be somebody, even if it's on a boat forum.

Italicizing and phrases like 'whatever that means' in response to a question I've asked sort of hints the question or whatever's been said is nonsense. Doesn't really go down well. If that was said to somebody during a face to face conversation, would it be well received? I doubt it. Anyhow, I didn't come on here to debate that or get into spats with forum personalities.

Definitely not bored with the thread, all sensible input welcome, and I've taken it on board. More bored with attitude of some respondents but as said, no more airtime.

Yep but we all know Mike was being deliberately obtuse in his response. Anyhow, no more airtime from me being given to it. At best it's boring.

I've be looking to moor in a place used last time, big enough place, plenty of boats and they allow liveaboards who largely go under the radar. I agree with the analogy of comparing it to buying a car and whether anyone would choose to borrow money against their home to do this given it's a massively depreciating asset. I think the maths do stack up, and I'd be worse off by moving to a boat by at least £300 a month. And this is a minimum. It doesn't take into account the opportunity cost of what the £40K might do if it were spent on a bigger house which'll appreciate overtime. Or sticking in funds. I'm putting money away in Vanguard equities and index linked trackers every month and seeing decent returns. Perhaps it's more prudent to borrow £20K and have a leisure boat. Associated mooring, licencing and running costs will be lower. And it'll be much newer. Used Aintree 25ft boats are around the £25K mark. I could always upgrade in later years to something bigger when more of my home's paid off and the risk becomes less. I wouldn't have the worry of a potentially not-let property and having to cover the cost of a mortage plus the running of the boat too. Re. diesel and the future of narrowboats, doesn't look like it's too much of a worry then!

Definitely not overlooked and agree they'll dwarf depreciation. Circa £2K for mooring - it's cheap up north. £850 for a licence. And £150 a month slush fund for general maintenance excluding blacking. Heating, fuel, gas etc on top of this. Crystal ball is broken at the moment and I don't think I've ever hinted at an expected date.

That's what I'm looking to do. Basically it'll means taking a further loan out / charge against the property. It's not equity release. The aim is to continue to overpay like mad anyhow. Even if I were to borrow another £40K I'd still have 15%+ equity left in the property itself which is all they'd probably be worried over. I'm fortunate due to age, income and value of the property that it shouldn't be a problem. Hopefully.

Hi Mike, apologised for cross-posting but have the same question asked in the liveaboard forum - wasn't too sure where to post the question

Thanks. That was my initial thoughts too - then I started searching and seeing electric autonomous cargo ships and all sorts!