marine mortgage

[shellfishb5]

hi i am trying to get a marine mortage to purchase my dream nb, but i have three defaults on my credit history does anyone know of any marine mortgage lenders that deal with people with bad credit history, has anyone had similar problems i have tried the main marine mortgage lenders barclays, hsbc and royal bank of scotland, any one recommend any other lenders worth trying. or any other options to purchase a boat

 

regards

andy

Edited August 22, 2006 by shellfishb5

[shellfishb5]

hi i am trying to get a marine mortage to purchase my dream nb, but i have three defaults on my credit history does anyone know of any marine mortgage lenders that deal with people with bad credit history, has anyone had similar problems i have tried the main marine mortgage lenders barclays, hsbc and royal bank of scotland, any one recommend any other lenders worth trying. or any other options to purchase a boat

 

regards

andy

 

please somebody help

[nmptwentyone]

how much you looking to borrow?

[shellfishb5]

how much you looking to borrow?

depends on cost of nb but probably £40k maybe £50K if i have a new build

[blokman14]

depends on cost of nb but probably £40k maybe £50K if i have a new build

Any chance of raising mortgage on property?

[shellfishb5]

Any chance of raising mortgage on property?

no i have no property

[blokman14]

no i have no property

Can you get a family member to act as a guarantor for any loan that you apply for, not necessarily a marine mortgage, perhaps a personal loan?

[nmptwentyone]

pardon the pun but im in the same boat. would love £40-50k for a nb but like you i dont have very good credit and no house! credit referancing agencies are very unforgiving. ive got a blip on my credit record for when i left the navy and found it hard to get a decent paid job staight away. foolishly went with a debt management company and that basically messed up my credit. when i realised it was too late. couple of defaults and a few months arrears. all of which is long paid up, but its the history that counts.

 

to be honest i dont think youll get £40-50k without a secured marine mortgage seeing as you dont have a house. and if you do tell me where!

 

what im doing is saving like mad and getting a £15k personal loan. should have £22k by early next year when we plan to order a sailaway. have enough money spare each month to kit it out with the essentials untill we can move on.

 

if you struggle to get a personal loan then i suggest citi finance. borrow £500 at a stupidly high apr, make regular monthly payments for four months, dont miss any payments elsewhere (basically prove yourself to them) and theyll go up to £15k at a lower apr. 12% i think. not great but good if you dont have any choice. any bad credit last 6 years on your file.

 

also i would suggest getting a copy of your credit file from the various agencies £2 per agency (experian, equifax and another smaller one i dont remember). or try www.annualcreditreport.co.uk you might be able to get it for free if your area is live. or if your feeling flush www.checkmyfile.com - £20 to view all 3 online. check the infomation is correct and that you are registered as being on the electoral roll.

 

ps

 

also always give a home phone number when applying (even if you make it up) gives good points on credit

scoring. and it seem if you say its for the purchase of a car rather than a boat seems to work.

 

hope this helps. let me know if you find a poor credit marine mortgage. very interested if you do.

[shellfishb5]

pardon the pun but im in the same boat. would love £40-50k for a nb but like you i dont have very good credit and no house! credit referancing agencies are very unforgiving. ive got a blip on my credit record for when i left the navy and found it hard to get a decent paid job staight away. foolishly went with a debt management company and that basically messed up my credit. when i realised it was too late. couple of defaults and a few months arrears. all of which is long paid up, but its the history that counts.

 

to be honest i dont think youll get £40-50k without a secured marine mortgage seeing as you dont have a house. and if you do tell me where!

 

what im doing is saving like mad and getting a £15k personal loan. should have £22k by early next year when we plan to order a sailaway. have enough money spare each month to kit it out with the essentials untill we can move on.

 

if you struggle to get a personal loan then i suggest citi finance. borrow £500 at a stupidly high apr, make regular monthly payments for four months, dont miss any payments elsewhere (basically prove yourself to them) and theyll go up to £15k at a lower apr. 12% i think. not great but good if you dont have any choice. any bad credit last 6 years on your file.

 

also i would suggest getting a copy of your credit file from the various agencies £2 per agency (experian, equifax and another smaller one i dont remember). or try www.annualcreditreport.co.uk you might be able to get it for free if your area is live. or if your feeling flush www.checkmyfile.com - £20 to view all 3 online. check the infomation is correct and that you are registered as being on the electoral roll.

 

ps

 

also always give a home phone number when applying (even if you make it up) gives good points on credit

scoring. and it seem if you say its for the purchase of a car rather than a boat seems to work.

 

hope this helps. let me know if you find a poor credit marine mortgage. very interested if you do.

 

nmptwentyone

thanks for the advice i have got a credit report from equifax the only negative thing is the three defaults, which i am paying each month, i have tried these online loan companies and they are rubbish you ask for £20k then they offer you £7k. another favourite which i had been warned about is where they agree to give you a loan but you have to pay an admin charge which is £49.99 or £39.99 depending on which company, a friend was after £20k and was asked to pay this admin charge he paid the £49.99 then was offered a loan of £3k which was no good, so he did not get the loan he wanted and lost £49.99 so beware of any company that ask for money up front. i have been asking for an unsecured loan for buying a boat but i agree with other thread about unsecured loan is not to say its for a boat.

 

andrew

[shellfishb5]

nmptwentyone

thanks for the advice i have got a credit report from equifax the only negative thing is the three defaults, which i am paying each month, i have tried these online loan companies and they are rubbish you ask for £20k then they offer you £7k. another favourite which i had been warned about is where they agree to give you a loan but you have to pay an admin charge which is £49.99 or £39.99 depending on which company, a friend was after £20k and was asked to pay this admin charge he paid the £49.99 then was offered a loan of £3k which was no good, so he did not get the loan he wanted and lost £49.99 so beware of any company that ask for money up front. i have been asking for an unsecured loan for buying a boat but i agree with other thread about unsecured loan is not to say its for a boat.

 

andrew

come on people looking for advice

 

come on people looking for advice

 

nmptwentyone

i also find it strange that i can be refused credit by one company for not having any credit history, then another company turns me down because i got defaults

 

andrew

[nmptwentyone]

if you ask me credit scoring is a joke! really is a pain, when you know you'll never miss a payment etc but you cant get the best apr or the larger amounts. let me know if you find anything. i took a £500 loan out with citi finance last month to build up a history with them. 3 more months and ill be entitled to borrow up to £15000. thats the only way i can do it at the moment. saving every spare pound too. should be ok for the £22,000 for the sailaway and some money to start fitting out by early next year.

[rayman]

there's not such thing as a blacklist, so many credit companies use ways to make themselves happy with your situation, they all take different risks, some higher than others,hence high intrest rates,i couldn't get credit for sh*tes, paid for our cheap house cash' £21000' now i can borrow 70,000, should i take it ?

[John Orentas]

My cousin worked at one of the big banks in his youth, as soon as he started work he studied the documentation that came with the job. He found that he was entitled to all manner of benefits and perks, among other things he could borrow money, interest free for house, car, buying and even a substantial sum unspecified.

 

He went to town, borrowed everything that was available, put the spare cash in a building society and drew interest on it. Speaking to his new colleagues a little latter he found that none of then had even thought of doing what he did, many hadn't even looked at the paperwork, they soon learnt though. Needless to say my cousin was not too popular with his new employers.

[mikevye]

Despite an umblemished credit hisory I found it very difficult to raise the final payments on our boat because I'd reached my credit limit but was staggered by reports of people with less income who had run up credit card debts of over a £100k. It appears they were drawn in by the junk mail in their letter boxes offering credit card deals which they subsequently took up, their downfall was to use the cards! Your scheme should be to apply to every offer dont use the cards but wait until you have the amount you require then hit the lot in one go! The majority of companies will only give you a low limit but you might get some with over £5k so it would soon add up.

[shellfishb5]

Despite an umblemished credit hisory I found it very difficult to raise the final payments on our boat because I'd reached my credit limit but was staggered by reports of people with less income who had run up credit card debts of over a £100k. It appears they were drawn in by the junk mail in their letter boxes offering credit card deals which they subsequently took up, their downfall was to use the cards! Your scheme should be to apply to every offer dont use the cards but wait until you have the amount you require then hit the lot in one go! The majority of companies will only give you a low limit but you might get some with over £5k so it would soon add up.

 

mike

can you explain how you can get say£40k to purchase a boat using credit cards this would be an option worth looking at. the problem is having three defaults on my credit history makes it hard to get a credit card, i cant even get a capital one card and that is supposed to be the easiest to get.

 

andrew

[shellfishb5]

come on people any suggestions

[caspar]

come on people any suggestions

 

 

Have a look at www.moneysavingexpert.com Martin Lewis has some great ideas.

[matt]

what im doing is saving like mad and getting a £15k personal loan. should have £22k by early next year when we plan to order a sailaway. have enough money spare each month to kit it out with the essentials untill we can move on.

 

If you look around I think you'll find there are people who bought sailaways last year, underestimating the work required or overestimating thier motivation and will take a lot less than they paid for them. The cut is littered with abandoned projects, you can usually tell by the ropes how long they've been there.

 

I would guess winter is a good time to make offers.

[Yoda]

come on people any suggestions

 

I do not see a problem of raising the money as a normal mortgage if you have a permenant residence as well. If you try to raise a mortgage on a boat what is to stop you just sailing away?

 

Go to any decent company such as Direct Line and go to the top for the answer. It is only money.