Royscot larch & Moorings

[QuarterKelly]

Hello.

 

I am looking to buy a canal boat in the next 6/9 months, and have been looking into the various financing options.

 

After ruling out cash only and personal loans I've been left with RoyScot larch. That was easy enough!

 

My question is regarding their policy on moorings. It is apparent that they require a permanent mooring, if you declare you are living aboard, before they will offer credit. From my research residential moorings are rare beasts indeed - I was certainly unable to find any suitable ones. Do they accept leisure moorings? Of course, I understand you can't live aboard (all the time) at a leisure mooring, but could one spend a couple of days a week living on the boat at the leisure mooring, and then seek adventure around the system the remainder of the time? This would, in my mind, provide a permanent mooring and a reasonable declaration of living aboard.

 

Does anyone have experience of RoyScot larch's view on this?

 

Thanks in advance,

 

QK.

[slammer]

Hello.

 

I am looking to buy a canal boat in the next 6/9 months, and have been looking into the various financing options.

 

After ruling out cash only and personal loans I've been left with RoyScot larch. That was easy enough!

 

My question is regarding their policy on moorings. It is apparent that they require a permanent mooring, if you declare you are living aboard, before they will offer credit. From my research residential moorings are rare beasts indeed - I was certainly unable to find any suitable ones. Do they accept leisure moorings? Of course, I understand you can't live aboard (all the time) at a leisure mooring, but could one spend a couple of days a week living on the boat at the leisure mooring, and then seek adventure around the system the remainder of the time? This would, in my mind, provide a permanent mooring and a reasonable declaration of living aboard.

 

Does anyone have experience of RoyScot larch's view on this?

 

Thanks in advance,

 

QK.

Hi , And the answer is yes ,Just make sure you have a mooring arranged before the final paperwork is done. Larch will ask for the address of the marina ,or mooring , but are not concerned about the actual use of it.

[Guest]

Hi , And the answer is yes ,Just make sure you have a mooring arranged before the final paperwork is done. Larch will ask for the address of the marina ,or mooring , but are not concerned about the actual use of it.

 

Thus meaning then I guess that anybody who wants to legitmately continuously cruise is virtually prohibited from obtaining finance on a marine mortgage for their boat.

 

Given RSL are just about the only company left who provide secured finance on narrowboats...

[Nine of Hearts]

Thus meaning then I guess that anybody who wants to legitmately continuously cruise is virtually prohibited from obtaining finance on a marine mortgage for their boat.

 

Given RSL are just about the only company left who provide secured finance on narrowboats...

 

Not really. I've got RSL finance on my boat and they haven't kept tabs on my mooring status or even asked to. I'm not in the marina I was originally, and between that one and my current there was a month's haitus when I had no mooring at all . So I don't imagine there would be anything to stop you paying for a month or two's worth of mooring to secure the finance and then going walkabout. As long as you keep up the payments everyone will be happy.

[skpt]

I would be very careful with that. insurance/finance companies don't like you saying one thing and doing another. i would talk to them first to check to see if ok. of course if they're not you are stuffed. i think a lot of people sell up and use their equity to purchase their boat to cc in and hence the limited finance options. best of luck.

[WJM]

Because they effectively own the boat until you make the final payment they simply would like to know where it is. That is a reasonable enough requirement. If you default they need to know where to go to reclaim it. What you actually do with it is of no interest.

[Nine of Hearts]

I would be very careful with that. insurance/finance companies don't like you saying one thing and doing another.

 

It's not really a case of saying one thing and doing another. It's whether they expect you to stay in the same place, doing the same thing, for 10 years. They don't. So as long as they always know where you and the boat are, it's cool. Once we've established that it's ok for your circumstances to change during the course of the loan, it's a moot point as to whether that was your original intention or something that just came up.

[Caprifool]

Maybe they should accept a GPS links to CC'ers boats. Just a thought......

 

http://www.waterexplorer.co.uk/gmaps/ShowBoatLocations.aspx

[Smelly]

They told me a few years ago that they'd be happy as long as there wasn't an explicit bar on residential use that they'd be happy with it.

[QuarterKelly]

Thanks for the responses guys.

 

I'm not entirely sure where I want a mooring, or even if I want one for the entire year, so trying one out for 6 month or so would seem to satisfy my curiosity and RoyScot's requirements.

 

GPS is on the list of things to install (albeit near the bottom), not sure I'd willingly give out such information though!

[slammer]

Thanks for the responses guys.

 

I'm not entirely sure where I want a mooring, or even if I want one for the entire year, so trying one out for 6 month or so would seem to satisfy my curiosity and RoyScot's requirements.

 

GPS is on the list of things to install (albeit near the bottom), not sure I'd willingly give out such information though!

I would agree with the above post , moor for a month then decide ,The agreement will be done and dusted by then and you can move on .A post address is a must because of the monthly statements that Larch send (just to remind you how much you owe them )

[Minos]

Because they effectively own the boat until you make the final payment they simply would like to know where it is. That is a reasonable enough requirement. If you default they need to know where to go to reclaim it. What you actually do with it is of no interest.

That's it in a nutshell, but proper legal advice of the type you don't get for free on internet discussion forums would also remind you that if you fail to keep the lender informed of all changes to information that is required by them as a condition of entering into the agreement, then you could be guilty of a major breach of the contract. This could have very serious implications which could cost you an awful lot of money and do a lot of damage to your future credit worthiness.

 

If you enter into a contract and the other party notices that you have broken a material term and doesn't like it, there's not a right lot you can do.