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Boat mortgages money lenders for boat purchase?


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Hi All.

 

A friend of mine has shown enthusiasm in regards to purchasing his first boat and has asked me to ask this fantastic online community about loans/mortgages some new boaters might be able to obtain with little upfront capital. He is self-employed and runs his own online business for reference.

 

His desired budget is around 40k. I believe he wants a cruiser stern but isn't much fussed on the layout/model/design as long as it is functional as a liveabaord vessel.

 

Any advice would be very much appreciated.

 

Thanks

 

 

 

 

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58 minutes ago, ditchcrawler said:

Go and see his bank for a personal loan

Thats about as good as you will get.

Marine Mortgages are in general long gone.

 

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8 minutes ago, Loddon said:

Thats about as good as you will get.

Marine Mortgages are in general long gone.

 

That's a shame. I thought there might be some specialised options for him.

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I am afraid that he is buying a artefact that requires constant input of cash to maintain, and which is definitely not an investment like bricks and mortar. 

Best to save up, because if he is stretched financially now, that will only get worse if he is buying a narrowboat.

I'm not convinced that banks will want to lend money for a boat, they might be OK with a conservatory or other domestic upgrade. 

Edited by LadyG
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On 13/03/2021 at 06:49, LadyG said:

I am afraid that he is buying a artefact that requires constant input of cash to maintain...Best to save up, because if he is stretched financially now, that will only get worse if he is buying a narrowboat.

I'm reasonably certain it's possible to be able to afford the upkeep of a boat without being in a position to afford the capital outlay to buy one outright. I say reasonably certain - I seem to get by quite comfortably, and I've spent the past year de facto unemployed thanks to the pandemic. I certainly wasn't in a position to afford to buy my boat outright though.

 

On 13/03/2021 at 06:49, LadyG said:

I'm not convinced that banks will want to lend money for a boat, they might be OK with a conservatory or other domestic upgrade. 

I've bought two boats with unsecured personal loans, the most recent one of which was from my bank. The other was brokered by Pegasus.

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