What do i do!?

[Chickadee]

I have a bit of a dilema. I would like to buy a NB to live aboard. I have seen one that i love which is £60000. I think this is far to expensive for me but my Dad really likes the look of it. (good build, good engine, unused pretty much)

I think my budget would be far more suited to something around the £36000-£40000 mark. He is reluctant for me to go for a cheaper boat after the problems we had with a cheaper boat that i was looking at buying in Bristol. The boats engine did not work but i wasnt told about this till atleat the second viewing!? After hours spent on it by my mechanic Dad and his boat owning mate they still couldnt get it going so i had to "abandon ship"

I can see why he doesnt want to get into that kind of problem again but im alot more boat savy now and i think i know what im looking for. After reading some of the problems here with new boats i think i would do just as well having a well looked after older boat.

We are both well aware that what ever boat i buy will be like a big floating money pit.

 

I think if my Dad really wants me to have the £60000 boat he should buy it for me.

 

My other problem is finance. On paper i can afford a £36000 boat no problem but looking at marine mortgages they all seem to want 20% deposit that i just dont have. (i have about £1000 saved which i guess would go on a survey etc) Is it acceptable to get a loan for the 20%?

 

What do you guys think? I will be talking to brokers first thing Monday but i'd like to get opnions from you lot too. You seem to know what your talking about.

[Chris J W]

You should be able to find a very good used boat for the £36k price you want to pay. For instance (apols for this not being near Bristol, btw!) This one on The Iver - was tempted by her myself, but just didn't like the carpets on the panels. I went for a 57ft 1994 Wilson boat for just under £40k and the only problems I've really had has been the berk steering her!

 

Have you tried www.apolloduck.co.uk, www.moveyourboat.co.uk and www.boatsandoutboards.co.uk ? A quick search on Apollo looking between £30-£36k throws up a good selection of Trads, Semi- and Cruisers. And don't forget that any problems you find, such as engines not working, can be used to haggle the price down a bit, and remember to give an offer "Subject To Survey".

 

As a liveaboard myself, I recommend that you go for 50ft as a minimum.

 

Good luck with the search!

[Chris Pink]

I have a friend also looking in the £35-40K band and from her comments and my viewpoint;

 

To get £60K for a boat someone has put in a bit of effort to get the thing up to scratch, all working, up to date 'tificates servicing etc

 

At £35-£40 there are boats that are worth that from sensible people, maybe a little older but still sound with everything working, spec maybe a little lower on the high end stuff inverters etc.

 

But there are also a lot of boats in that range that would be worth it if they did work but people are going by the 'book' price. When you look at them closely you see stuff covered up or ignored, damp or worn out equipment, hangin' engines.

 

Much generalisation in the above. My view is that you are in the right price band but you have to be alert to everything and spend time poking about and asking questions.

 

My friend also, interestingly, says that although in the sub-45 foot boats the prices are dropping, live-able 50ft plus boats are, in general, holding their prices and the few, 'must sell' cheapies are going quite fast.

 

It is worth remembering that inland waterway craft prices have been way too high for a long time and this carries a certain price inertia. Take a look at a coastal brokerage and prepare to be shocked.

 

Also a consideration; my first boat was 45' and i lived on her for 7 years, I think it is a fine size and good value because there is a perception that you need 50' plus to live on. For a single person this is not necessarily so. Much cheaper to run and easier to handle.

[Chickadee]

Thanks for the reply. I should have said im actually looking on the Gloucester & Sharpness now so looking at boats around this area up to Birmingham.

 

Thanks for those websites. Been having a really good look at Apollo duck, just a bit spoilt for choice!

 

I think we are alot more aware of the pitfalls now and will now be asking loads of questions that i didnt ask before.

 

Although my Dad will be my mechanic for most of the little jobs he also has his elderly parents to look after so wont be able to spend to much time on the boat. I really need something pretty habitable straight away. I can do small interior or exterior cosmetic jobs that need doing.

 

I did initially think about 50' but after looking about i think if i can find a 40'+ with the right layout i will be quite happy with that. My boyfriend will almost certainly be living with me but he is going back to college so although he will be giving me some money towards it it will be my boat and i cant really factor in the money he will give me as it wont be that stable.

[Chris J W]

Glad to be of service!

 

Let us know how the search goes.

[bottle]

Hi Ckickadee

 

I cannot advise on what would be the best boat for you but only buy one that you can afford with a little in reserve for the inevitable things that go wrong. (unless daddy is willing to chip in )

 

Do not borrow your deposit, to get a loan for the boat, the finance companies will check.

 

They will find out that you have the first loan and as it will be close to taking out the second loan they will make inquiries.

[steelaway]

I have a bit of a dilema. I would like to buy a NB to live aboard. I have seen one that i love which is £60000. I think this is far to expensive for me but my Dad really likes the look of it. (good build, good engine, unused pretty much)

I think my budget would be far more suited to something around the £36000-£40000 mark. He is reluctant for me to go for a cheaper boat after the problems we had with a cheaper boat that i was looking at buying in Bristol. The boats engine did not work but i wasnt told about this till atleat the second viewing!? After hours spent on it by my mechanic Dad and his boat owning mate they still couldnt get it going so i had to "abandon ship"

I can see why he doesnt want to get into that kind of problem again but im alot more boat savy now and i think i know what im looking for. After reading some of the problems here with new boats i think i would do just as well having a well looked after older boat.

We are both well aware that what ever boat i buy will be like a big floating money pit.

 

I think if my Dad really wants me to have the £60000 boat he should buy it for me.

 

My other problem is finance. On paper i can afford a £36000 boat no problem but looking at marine mortgages they all seem to want 20% deposit that i just dont have. (i have about £1000 saved which i guess would go on a survey etc) Is it acceptable to get a loan for the 20%?

 

What do you guys think? I will be talking to brokers first thing Monday but i'd like to get opnions from you lot too. You seem to know what your talking about.

 

Hi There

My best advise is to only buy a professional fit out. Have you looked at the ex hire boats for sale on the Black Prince site.

http://www.black-prince.com/sales.htm

 

Alex

[Chickadee]

So how does anyone afford a marine mortgage? I dont know anyone with a spare £8000 saved up!My Pops will be mechanic only. My parents have told me if i want to do this they will give me all the suport i need but no money.I am factoring in an amount to put aside for problems.

Hi ThereMy best advise is to only buy a professional fit out. Have you looked at the ex hire boats for sale on the Black Prince site.http://www.black-prince.com/sales.htmAlex

Ah thanks for that. I have thought about Black Prince as a family friend has one that they have been living on.

[bottle]

And that is the problem, the same as young people trying to get on the property market.

 

The only advantage a house buyer has is some mortgage companies will loan 100% of their valuation of a property but of course houses rise in value (well they do at the moment) so are a safer bet.

 

Loans are given and charged for by the apparent risk in getting their money back, houses will always give the loan back but boats will not.

[Chris J W]

Hi There

My best advise is to only buy a professional fit out. Have you looked at the ex hire boats for sale on the Black Prince site.

http://www.black-prince.com/sales.htm

 

Alex

 

Nice boats - but could be a bit above Chickadees's budget!

[Chickadee]

And that is the problem, the same as young people trying to get on the property market.

 

The only advantage a house buyer has is some mortgage companies will loan 100% of their valuation of a property but of course houses rise in value (well they do at the moment) so are a safer bet.

 

Loans are given and charged for by the apparent risk in getting their money back, houses will always give the loan back but boats will not.

 

So do i have any options or is this going to fail from the start?

[Chris J W]

So do i have any options or is this going to fail from the start?

 

Rather than going for a marine mortgage, could you not go for a straight bank loan instead? The most they'll do normally is just raise an eyebrow if you mention you want £30000 to get a boat. You may well have a lower interest rate on a straight loan, too.

[Chickadee]

Rather than going for a marine mortgage, could you not go for a straight bank loan instead? The most they'll do normally is just raise an eyebrow if you mention you want £30000 to get a boat. You may well have a lower interest rate on a straight loan, too.

 

mmm thanks didnt really think about that. Thought my bank would have a heart attack if i told them i wanted £30000 for a boat!

[grahoom]

Rather than going for a marine mortgage, could you not go for a straight bank loan instead? The most they'll do normally is just raise an eyebrow if you mention you want £30000 to get a boat. You may well have a lower interest rate on a straight loan, too.

 

I got a bank loan to buy my boat - my bank didn't really care too much what i spent the money on.

 

but one word of caution, at the moment, with the current economic climate a lot of banks and lenders are reluctant to give out large loans to people. I think if i hadn't have got my loan from the bank i have been banking with for the last 15 years I doubt i would have got a loan at all, as i checked with a few other banks and i was turned down, even though my credit rating was pretty good - it wasn't excellent, but it was well above average.

 

But as bottle says, don't borrow more than you can afford! - so make sure you do the sums, and work out in reality what you can afford per month then add on a few hundred quid to make doubly sure!!!!

 

good luck!

[sueb]

You don't mention a mooring. Have you one where you can live on the boat? They are in short supply around the G & S

Sue

[Chickadee]

You don't mention a mooring. Have you one where you can live on the boat? They are in short supply around the G & S

Sue

 

I'm looking into that aswell. Seems to be another stumbling block but not impossible. I have a couple of contacts already that might be able to help me out.

[Chickadee]

Had a great day out today walking around Saul getting to know the area a bit more.

 

Had a cup of tea and a chat with the guys in the Saul Heritage Centre, they showed us all the plans for connecting to the Cotswold canal. Its crazy to think that even in my life time all that they need to do probably wont be done.

 

Such a windy day but still looked like heaven to me! Its given me alot to think about. I have a few jobs clear in my head now. Start a new savings account and pester my boss for the pay rise he had mentioned to me!

[Chickadee]

I want a boat now! This lovely weather is driving me nuts. Tried to relax in the park but it wasnt the same.

 

Im far to impatient for this!

[stewey]

I want a boat now! This lovely weather is driving me nuts. Tried to relax in the park but it wasnt the same.

 

Im far to impatient for this!

Don't worry Chickadee. You're not alone on this!!

 

Stewey

[Chickadee]

good good!

 

Ive even had friends asking when im gonna get my boat as they are all getting excited now too. I was thinking more like the end of the summer by the time ive got myself sorted so ive got along way to go.

[stewey]

Ive even had friends asking when im gonna get my boat as they are all getting excited now too.

And when you get your boat you will undoubtedly be amazed at the number of friends you have!!!

 

Stewey

[Dr Bradley]

And when you get your boat you will undoubtedly be amazed at the number of friends you have!!!

 

Stewey

 

Get the friends to chip in for the deposit in return for all the good times they'll have on your/their boat.

[tired old pirate]

are your parents in a position to consider the possibility of giving you a loan? If you have a close relationship with them and they have any capital that would be wonderful, interest rates on a marine mortgage are high you could offer your parents a reasonable repayment plan over ten years.

 

Getting an unsecured personal loan would be a good option if you have the ability as its not secured on your boat!

 

The deposit for the marine mortgage is the main obstacle and realisticaly borrowing it from friends or family is the only option.

 

On the question of what to get I would personally look for something old which has been replated in the last 5 years or so. I find this puts buyers off and pushes prices down.

 

Ex hire boats are often excellent value and are usually well maintained. lots of ex black prince, viking afloat and anglo welsh boats around that look good to me.

 

Whatever you do dont rush into buying anything without a survey!!

 

Good luck

[Chickadee]

Get the friends to chip in for the deposit in return for all the good times they'll have on your/their boat.

 

Haha very good point! I doubt it some how though.

 

pirate..thanks for the extra imput. I'm trying to raise as much money as i can over the next few months. I'm hoping my parents might help me out with a loan to make up what i cant save.

My Dad is getting so into it i think i would have a boat tomrrow (after survey ) if it was up to him. I think my only problem might be getting him off it!

 

I'm still havent spoken to brokers yet and talking to my bank is as good as > I'm trying to get a small loan i have paid off and they seem a bit reluctant to give me the facts.

 

Ive fallen in love with about 5 different boats already! Ex hire look dare i say it a little to caravan like for my liking but a bit to nice to rip out. Would be good for my parents but i want something that i could put my mark on.

Ive seen a fair few older boats that sound like they have solid bottoms and good engines (two things i do need!) so i dont think im going to have any problems once im in the right financial position.

 

A few moorings seem to be poping up, just got to win a tender, (easyer said than done i think!)

[floater]

Me and my partner have lived on a 45foot cruiser stern N.B. for almost 4 years. I think its a perfect size as long as the boat is designed well with storage in mind. However we do have to upsize soon for kids.

 

I disagree on only going for a professional fit out. Ours wasn't and its lovely. Just be a bit savey. Check the bildges and look for fit out pictures, check all the unseen place and equipment. I think you know the drill now. Some of the professional fits i've seen are a much lesser quality than the love and care put into ours.

 

I imagine the mooring will be hard work to come by. Maybe you can buy a boat with mooring.

 

I got a 25k unsecured loan for my boat but i'd imagine thats more difficult to come by now. I reckon you should save a bit more first. It will be worth it in the long run.