Jump to content

finance

Peeps

By Peeps
in New to Boating?

 Share

Featured Posts

Athy Veteran II

AthyDonate to Canal World

Posted
Posted

None. Save up until you have enough to buy a boat, otherwise you will have to pay often quite high rates of interest and the boat will end up costing you far more than it should have done.

On the other hand, if you're young, the answer to your question might be "Parents".

Link to comment
Share on other sites
Nine of Hearts Experienced

Nine of Hearts

Posted
Posted

None. Save up until you have enough to buy a boat, otherwise you will have to pay often quite high rates of interest and the boat will end up costing you far more than it should have done.

On the other hand, if you're young, the answer to your question might be "Parents".

 

Obviously never seen "It's a Wonderful Life", then...

 

Seriously, don't know if they're the best, but RoyScot Larch do marine finance. Were underwritten by RBS (currently Bank of GB) so not sure if the position has changed since I took my loan out. Barclays also do marine finance

, or did when I last looked, anyway. Brokers like RoyScot larch are a good bet, though, because if you see the original paperwork from lenders it's a bit daunting.

Link to comment
Share on other sites
Naughty Cal Veteran II

Naughty Cal

Posted
Posted

We took ours out with Bank of Scotland but i dont think they do marine finace anymore. The rates dont have to be stupidly high either it depends on the deal you get. Ours is 2.0% above the Finance House Base Rate so is currently only 3% much cheaper than any loan avaliable normally. It does vary however. The payment stays the same and the loan term varies depending on the FHBR.

Link to comment
Share on other sites
Richard10002 Veteran II

Richard10002

Posted
Posted

Can any one advise on who are the best lenders to approach for boat finance please

 

How much are you budgeting for the boat? How much cash have you got to put towards the boat? Do you own a house? How much equity in the house? How much can you afford as a repayment of the loan innc. interest?

 

Answer these Q's and it will help me/others to help you.

 

 

Cheers

 

Richard

Link to comment
Share on other sites
Laurie Booth Veteran

Laurie BoothDonate to Canal World

Posted
Posted

Can any one advise on who are the best lenders to approach for boat finance please

If you have a house with a mortgage it might proove to be cheaper borrow against the house.

 

We got a "Home Improvement" loan from the TSB...

 

Tony

I needed a new kitchen and double glazing for my house, by some strange happenings a boat appeared.

Link to comment
Share on other sites
Guest

Guest

Posted
Posted

Foa a marine mortgage or loan you will need at least a 30% deposit. It is also worth noting that lending criteria will almost certainly have been tightened these days.

 

Nope -

 

RSL need 20% for a new boat or 25% for used.

Link to comment
Share on other sites
jelunga Influencer

jelunga

Posted
Posted

We used Royal Scot Larch through Collidge & Partners. Very pleased with the service, quite a reasonable interest rate linked to FHA base rate.

 

I would recommend them if you do need to borrow. If you don't well.......

 

Keith

Link to comment
Share on other sites
Peeps Gongoozler

Peeps

Posted
  • Author
Posted

Long story..........so here is the short version........

 

forced to sell my home by CSA, sold and had to move out before my new home was ready,got a caravan while waiting, owner of my new home pulled out after I had two surveys done. left the area, was not resident in new area, got a static,

Ive worked 12 hour shifts all my life, never claimed benefits, paid CSA and back payments that I can't prove I paid by cash, so ex wanted full amount she already had, pay up and lose home as I could not afford mortgage too, or sell house drop price by £25000 to sell fast.

 

I don't own a brick built house, so that goes against me, none resident, do not have family or friends in this area.

 

If I sold the static would go down in price and would get £25,000 but I feel as children need their privacy boy/girl I need to keep it

 

I cant get a personal loan, I was refused, yet when I was getting a mortgage I was having £100,000 from the bank.

 

The site im on closes for winter, I have not got enough time to save for a boat.Cant get rented, no animals allowed. No other sites near to get the children to school.

 

After paying site fees, CSA I have £8,000

 

any advice please

Link to comment
Share on other sites
Nine of Hearts Experienced

Nine of Hearts

Posted
Posted (edited)

Peeps,

 

Your story echoes mine to some extent. If you're serious about a boat (and don't think of it as a floating caravan - it is a lifestyle choice), give RSL a call. As I said, they broker (or did) RBS loans. My cicumstances were similar to yours and I would have failed RBS credit checks and criteria spectacularly, but RSL sorted all that on my behalf.

I'm not saying they're the best or only solution, but give them a call. And shop around, too.

 

If you've got £8,000 deposit you should be able to pick up a fairly tidy used boat.

 

Absolutely best of luck, and I feel for you.

 

Oh, and you probably know this already - but this site has some good advice:

NACSA Website

 

And these people give very good free advice;

Child Support Solutions

Edited by Nine of Hearts
Link to comment
Share on other sites
ymu Rising Star

ymu

Posted
Posted

The site im on closes for winter, I have not got enough time to save for a boat.Cant get rented, no animals allowed. No other sites near to get the children to school.

We started out boating in winter with an urgent need to move by asking a holiday hire place if they'd be interested in renting us one of their unused boats out of season. We have no pets, but IIRC they said a dog would be fine.

 

The downside is that you have to give it back when the season starts, so you still have a looming deadline for sorting something else out. But it's better than being homeless and it gives you a few months breathing space.

 

Long-term renting of a private boat might also be an option - plenty of pet-friendly landlords on the cut. But a lot of rentals seem to happen by word of mouth rather than being advertised, so being on the cut would be an easier way to find something in the first place. I heard of a 70' boat with a mooring at Thrupp (posh place in commutersville) being rented out for £375/month a couple of years ago. Very good value compared to most advertised narrowboat rentals. Renting is also nowhere near as expensive as you might think compared to buying. It includes licence, insurance and maintenance, plus the interest payments you would otherwise be paying on a loan. And it can save you from a horrifically expensive mistake by taking the pressure off the buying process.

  • Greenie 1
Link to comment
Share on other sites
  • 3 weeks later...
deletedaccount Experienced

deletedaccount

Posted
Posted

I had a lump sum squirrelled away. That plus a 25k loan (over 7 years) from nationwide was the easiest option.

 

If you're going to have a permanent mooring a marine mortgage is probably better value.

 

Nope -

 

RSL need 20% for a new boat or 25% for used.

 

I think barclays wanted 40% when I was looking a couple of years ago and RSL at least 30%.

 

Long story..........so here is the short version........

 

forced to sell my home by CSA, sold and had to move out before my new home was ready,got a caravan while waiting, owner of my new home pulled out after I had two surveys done. left the area, was not resident in new area, got a static,

Ive worked 12 hour shifts all my life, never claimed benefits, paid CSA and back payments that I can't prove I paid by cash, so ex wanted full amount she already had, pay up and lose home as I could not afford mortgage too, or sell house drop price by £25000 to sell fast.

 

I don't own a brick built house, so that goes against me, none resident, do not have family or friends in this area.

 

If I sold the static would go down in price and would get £25,000 but I feel as children need their privacy boy/girl I need to keep it

 

I cant get a personal loan, I was refused, yet when I was getting a mortgage I was having £100,000 from the bank.

 

The site im on closes for winter, I have not got enough time to save for a boat.Cant get rented, no animals allowed. No other sites near to get the children to school.

 

After paying site fees, CSA I have £8,000

 

any advice please

 

I went to a lot of banks asking for a loan and in the end only my own bank (nationwide) would lend me the cash. Not sure if it was because it was my bank or because nationwide are easier to get loans from.

 

Sry to hear about CSA woes. Luckily I had the advice from the start to never pay in cash so avoided the problem of no proof.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.