Paying for our home - how?

[Crazy Scheme]

We are planning to live afloat next year - it will probably take us until the Autumn to get everything sorted though......

 

We have been saving our money towards a boat, but we probably won't have the the total cost of a boat - more like 50% of the cost.

 

We are planning to buy second hand, but we expect to have to spend a few thousand on getting the boat ready for liveaboard - continuously crusing and working aboard - we know that batteries, generators etc don't come cheap.

 

Our bank has offered us a loan, but I wonder if anyone here ever took out a marine mortgage? Would they lend to self employed persons?

 

Anyone have any advice for us?

[Richard Bustens]

If the bank has offered you a loan, depending on the interest it is probably the way to go,

 

There is going to be less fuss and bother with the bank than going down the morgage path. but they may be charging you a higher rate of interest and a shorter period to pay back.

[DaveR]

I was fortunate in only needing 25k so I went to Tesco - they seem to do everyting these days. What ever they were 3% cheaper than the bank.

[Crazy Scheme]

I was fortunate in only needing 25k so I went to Tesco - they seem to do everyting these days. What ever they were 3% cheaper than the bank.

 

I doubt we'd need more than that anyway, we don't want a floating palace - I had a look on the Barclays website and the minimum they can lend is £26k anyway!

[Pirate]

I doubt we'd need more than that anyway, we don't want a floating palace - I had a look on the Barclays website and the minimum they can lend is £26k anyway!

 

 

Just go for it and worry later

[DHutch]

Just go for it and worry later

Lol

[Crazy Scheme]

Oh Sh*t - this might happen faster than we thought - just found out that the lady who owns the house we are renting has died. The contract runs out in March......

[DHutch]

The contract runs out in March......

Just as "boating season" starts....

[cheshire~rose]

Oh Sh*t - this might happen faster than we thought - just found out that the lady who owns the house we are renting has died. The contract runs out in March......

I feel for you, living in rented property is never completely secure and I have been in a similar situation before.

Relax and enjoy Christmas then start selling off all the stuff you will not be able to fit on a narrow boat on Ebay in February (the prices are hopeless for sellers in January)

Even though your contract ens in March you will still have to be given notice to quit and I suspect you will find that whoever the beneficiary of the estate is will not be too concerned so long as rent is still coming in. you will probably be able to drag your heels for a month or two if need be and you will find it will all fall into place before you know it.

You will look back and be glad that you got the 'push' into doing it sooner rather than later

I wish you all the very best and make sure you keep us all informed of your progress

[Crazy Scheme]

Well, I haven't spoken to the letting agents yet - but I know the beneficiaries are pretty keen on selling up and getting their hands on the readies......

 

I called Barclays Marine Finance - they will lend money to us even though we are self employed, but they won't lend to continuous cruisers.

 

We're not that mad keen on having mooring, because I can't see us ever using them - I have severe wanderlust, you see and our jobs mean we don't need to stay in any particular place either. Put it this way - we could work from the moon if there was somewhere to plug the laptop in!

 

I'm gonna ring my bank and see what they can do.

 

My partners family told us recently that a trust fund in his name is being closed (some of his rellies are rich), but they only want us to have the money if we buy a house. We don't want to do that. We could only afford a cupboard and to be honest, we really only want a boat! I'm hoping that they will change their minds.

 

TBH I was a bit surprised at their resistance, because the whole family is utterly boat mad - yachts, narrowboats, they even had a gentlemans launch that they all used to camp on! You name it, it was only this summer we went to a family do in Southampton where his great aunt and uncle were bemoaning the fact they only take the yacht to the Northern Coast of France now, as they are 'getting on a bit' - they are in their eighties!

Edited December 15, 2005 by Crazy Scheme

[Lesd]

Buy a house with the cash....rent it out and use that rental income to fund amarine mortgge ???

 

Does anyone know any marine finance outfit that will loan to continuous cruisers (maybe if they had a land based address too ?)

 

Les

 

 

Well, I haven't spoken to the letting agents yet - but I know the beneficiaries are pretty keen on selling up and getting their hands on the readies......

 

I called Barclays Marine Finance - they will lend money to us even though we are self employed, but they won't lend to continuous cruisers.

 

We're not that mad keen on having mooring, because I can't see us ever using them - I have severe wanderlust, you see and our jobs mean we don't need to stay in any particular place either. Put it this way - we could work from the moon if there was somewhere to plug the laptop in!

 

I'm gonna ring my bank and see what they can do.

 

My partners family told us recently that a trust fund in his name is being closed (some of his rellies are rich), but they only want us to have the money if we buy a house. We don't want to do that. We could only afford a cupboard and to be honest, we really only want a boat! I'm hoping that they will change their minds.

 

TBH I was a bit surprised at their resistance, because the whole family is utterly boat mad - yachts, narrowboats, they even had a gentlemans launch that they all used to camp on! You name it, it was only this summer we went to a family do in Southampton where his great aunt and uncle were bemoaning the fact they only take the yacht to the Northern Coast of France now, as they are 'getting on a bit' - they are in their eighties!

[Crazy Scheme]

Slight technical hitch there - we are self employed. We cannot get a mortgage for a house without three years of accounts - we only have two, we won't have three years of accounts until August. Then theres the matter of deposit. Most self certification mortgages (self employed persons cannot apply for regular mortgages) require a 20% deposit. With house prices what they are that's a lot of money and we'd need to save for at least another year. AFAIK buy to let mortgages require a big deposit too.

 

So I dunno, I guess we will get this boat somehow....

[John Orentas]

Slight technical hitch there - we are self employed. We cannot get a mortgage for a house without three years of accounts - we only have two, we won't have three years of accounts until August. Then theres the matter of deposit. Most self certification mortgages (self employed persons cannot apply for regular mortgages) require a 20% deposit. With house prices what they are that's a lot of money and we'd need to save for at least another year. AFAIK buy to let mortgages require a big deposit too.

 

So I dunno, I guess we will get this boat somehow....

 

 

Crazy.

 

At the risk of stating the obvious, have you tried any of the loan companies that advertise on TV. I have heard good reports of Ocean Finance.

[gaggle]

some of the people who "help"you to consilidate your borrowing need to be treated with great care.

great adverts if you get desperate but remember no one gives money away,your dream can become your nightmare and what is more you could end up being milked for the rest of your working life.

 

some of the firms advertising on tv have terrible reputations.

 

money lenders to the desperate tend to hold the whole pack of cards ,not the best hand.

 

whoever you borrow of check all the charges as well as the interest rates,dont fall prey to the parisites that are out there.

[Crazy Scheme]

Well we don't owe anyone a penny, we don't have credit cards and we don't intend to have a loan for anything other than our home, floating or not. My bank has been angling to offer us a loan for some time now, so I am going to speak to them in the morning. It looks like a pretty good rate compared to what else I've seen out there and I've been with them for years.

[Supermalc]

Luckily I've only every borrowed money for my first motor bike/second car/tv/mobile home/and house.

 

Far better to pay interest on a loan on a NB than rent a house IMHO. Bike and car didn't last the hp. TV did and saved 2/3rds on renting. Mobile home paid for deposit on house. House is now free, plus money for boating for last 4 years (sadly fund now empty)

 

Good luck.

[Bones]

Well we don't owe anyone a penny, we don't have credit cards and we don't intend to have a loan for anything other than our home, floating or not. My bank has been angling to offer us a loan for some time now, so I am going to speak to them in the morning. It looks like a pretty good rate compared to what else I've seen out there and I've been with them for years.

 

what about divorce?

[gaggle]

if possible the loan should be in her name and the boat in yours

[Bones]

I spoke to a few people about how they got their boats, and other than the afore mentioned, the bit you might be interested in is some have marine "mortgages" recommended through the brokers.... it might be worth going along to a couple and asking them about their 'schemes'

[Denis R]

Ref. your rental contract and the beneficiaries wanting to sort things out quickly.... I'm the executor for an aunt's estate. She passed on in January this year and the sale of her property completes today.... However quickly the beneficiaries want to sort things out, it isn't all in their control. Acquiring the Grant of Probate to enable the estate to do anything takes time and as has been mentioned, it could well be in the beneficiaries interest to maintain in income until such time that they can proceed further.

In the same breath, there's nothing like an unexpected stimulus to force the conversion of a dream into a reality..... Good luck.

[Crazy Scheme]

I spoke to a few people about how they got their boats, and other than the afore mentioned, the bit you might be interested in is some have marine "mortgages" recommended through the brokers.... it might be worth going along to a couple and asking them about their 'schemes'

 

Well, my partner went to see his parents and they are still very anti the idea. We are not budging and we don't need their financial help (although it would be nice).

 

Well, we looked at a boat at Bluewater Marina about a month ago, that was almost perfect. Brilliant price, perfect size and had a brillant fitted office/workshop on board, I think they are struggling to sell it, because most people don't want a workshop - fortunately our needs seem to be the opposite to other peoples so I think we could get a good deal! - they do finance there, I might pop in to see them again when I'm up North next week.

 

The charity we volunteer for in London has some great contacts for boats too - their boat surveyor has said , he'll help us find the right boat - I'm wondering if he'll know about finance. I must ring him too......

 

Keep your eyes peeled for us, folks - need something between 55 and 60 foot, trad, we love tugs and we'd prefer portholes. We're not mad on modern fit outs and it doesn't matter if it needs a paint job, because we would do it as my partner has painted his own boat before (and done the hull blacking himself).

[Smelly]

Crazy, me and a few boating friends have found Roy Scotlarch to be pretty accomodating to unusual situations. I hope i don't get laughed at now...

 

i'm in a similar position to you with the housing, moving out in Feb/March after fitting a new hull, scary but this is the second time for me and it's well worth it! If you're passing the midlands look for SuDan and we'll swap tales!

 

good luck

[Crazy Scheme]

Crazy, me and a few boating friends have found Roy Scotlarch to be pretty accomodating to unusual situations. I hope i don't get laughed at now...

 

i'm in a similar position to you with the housing, moving out in Feb/March after fitting a new hull, scary but this is the second time for me and it's well worth it! If you're passing the midlands look for SuDan and we'll swap tales!

 

good luck

 

Do you have contact details for Roy Scotlarch? I can't find them online or in the canal mags.

[Lesd]

here you go....

 

 

Brenda Feeney

 

RoyScot Larch Limited

 

01235 438280

 

01235 438281 (fax)

 

www.royscotlarch.co.uk

[Crazy Scheme]

here you go....

Brenda Feeney

 

RoyScot Larch Limited

 

01235 438280

 

01235 438281 (fax)

 

www.royscotlarch.co.uk

I called them and I found out we would need a home mooring

 

- bank loan it is then.