Mortgages for narrowboats

[Guest]

I had a chat with RSL at Crick last year as I was thinking about increasing my budget with a marine mortgage through them. They said that if I filled in an application from and left the 'boat details' section blank, but put in an amount that I wanted to borrow, they could do all the checks for me without having a boat in mind.

Have you phoned them? They are most helpful people.

They are very helpful agreed, which is surprising in one way really given they have just about cornered the market and often that can make companies a bit complacent.

[peterboat]

I bought my boat from RSL it was a repo so was cheap they were very trying to deal with but I suppose they were trying to minimise their losses but for me I bought a 2 year old boat for way under half what it cost to build The original owner paid the deposit and vanished only being found a year later by BW up a small river near Ripon I have to say I love my boat so best of luck with your search

 

Peter

[Paul's Nulife4-2]

Hi ya again,

Just a follow on to Juniors and my posts earlier,

Apparently Barclays still do offer help for marine purchases,

But they call it Marine Finance, not Marine Mortgage,,,yer go figure..but go on line and theyhave even got a ccalculator thing for you to play around with.

Any way So does HSBC and loads of others if you do a quick googley thingy.

Happy hunting.

[Guest]

Hi ya again,

Just a follow on to Juniors and my posts earlier,

Apparently Barclays still do offer help for marine purchases,

But they call it Marine Finance, not Marine Mortgage,,,yer go figure..but go on line and theyhave even got a ccalculator thing for you to play around with.

Any way So does HSBC and loads of others if you do a quick googley thingy.

Happy hunting.

Barclay's always called it marine finance Paul.

 

Are you sure of your facts here?

 

I've just googled Barclay's marine finance and drew a blank. Yes there are other companies providing marine finance but as I said earlier not in respect to narrowboats.

 

By way of example HSBC marine finance Linky. Carefully note the type of boat and the min. lend figure which is £100k.

 

http://www.business.hsbc.co.uk/1/2/commercial-banking/loans-and-finance/marine-mortgage-finance

 

I'm happy to be corrected though.

Edited February 23, 2014 by The Dog House

[Lady Muck]

This is an interesting bit that wasn't about when we got ours.

 

and furthermore, to satisfy our lending policy, has not

been borrowed from another lender. Please provide documentary evidence of the source of

your deposit.

 

We paid for part of our deposit using a credit card pending an insurance policy maturing a month later. This can't have been a stipulation 4 years back.

They wrote to the relative that paid our deposit in order to check that that was really where the money came from.

[Guest]

They wrote to the relative that paid our deposit in order to check that that was really where the money came from.

Interesting, cheers.

[Paul's Nulife4-2]

Barclay's always called it marine finance Paul.

 

Are you sure of your facts here?

 

I've just googled Barclay's marine finance and drew a blank. Yes there are other companies providing marine finance but as I said earlier not in respect to narrowboats.

 

By way of example HSBC marine finance Linky. Carefully note the type of boat and the min. lend figure which is £100k.

 

http://www.business.hsbc.co.uk/1/2/commercial-banking/loans-and-finance/marine-mortgage-finance

 

I'm happy to be corrected though.

Barclays Marine Finance,

Yes could be wrong,nothing new,but hope not.

As I said,I still hope to borrow from them to upgrade,,hence my interest in getting it right,,I will give them a bell tomorrow anyway

Edited February 23, 2014 by Paul's Nulife4-2

[RichardH]

Friend of mine had a fairly unpleasant experience with RSL when he tried to exit early upon selling the boat. They tried to sting him for pretty much all of the interest he would have paid had the loan gone term.

 

At 7% above base, I would look at a personal loan for the amount you are talking.

[Guest]

Friend of mine had a fairly unpleasant experience with RSL when he tried to exit early upon selling the boat. They tried to sting him for pretty much all of the interest he would have paid had the loan gone term.

 

At 7% above base, I would look at a personal loan for the amount you are talking.

Sorry Richard I don't understand this.

 

We exited early by settling the loan only six months in and we were required to pay the equivalent of one months interest by way of a 'penalty'.

[lewisericeric]

Sorry Richard I don't understand this.

We exited early by settling the loan only six months in and we were required to pay the equivalent of one months interest by way of a 'penalty'.

Agreed. And a "penalty" is often included when paying off early with most types of mortgages or loans.

 

It would be totally illegal to charge the whole term of interest if paying off, say 7 years early.

 

Tjderby85 - as suggested, definitely give RSL a ring, they were so helpful with us when we knew nothing about boats 3 years ago and its all pretty quick and straightforward too.

 

Im originally from Ilkeston and born in 85, wonder if I know you?!

[GLYN FORSTER]

Hi i work for New & Used Boat Co and we use RSL all the time Matt Ashmall is the boss there and the best person to talk to about any possible deals,

 

We also had an email from ProMarine Finance a month or so ago as follows, so they might be worth a try too:

 

From: Stuart Austin [mailto:Stuart@prolease.co.uk]

Sent: 24 January 2014 12:28

Subject: Extended terms from Promarine Finance

 

Hello

 

We thought you would like to know we can now offer terms over 7 years and with a maximum loan of £50k.

 

Only this week we turned around a deal on this profile in about 10 minutes – the testimonial from our customer is on our website and facebook page

 

Deposits ideally 30% but we will consider less

 

Our new rates are attached and our web app will be updated as soon as our solo sailing IT man reaches St Lucia – we hope he gets there safely

 

Our minimum deal size is £5k

 

We do pay commission

 

Wishing you a busy selling weekend

 

Regards

 

 

Stuart Austin

Director

 

01432 347 770

07977 936 084

www.marine-finance.org facebook

 

 

Cheers Glyn

[emlclcy]

 

It's a bit like getting one on a house but without the 'approval in principal' step that some lenders will offer (after checking your credit history but with the lender not yet knowing the particular house you want to buy) - it doesn't work like that with RSL. (or rather it didn't 4 years ago but I suspect it's still the same)

 

I'm going through that loop now, selling everything to raise the 25% deposit, then find a boat then survey then apply, but I'm 6 years into a bankruptcy so it may all fall flat on its face - big gamble

carl

[emlclcy]

one other thing to say about RSL they are stopping the boat mortgages as of aug 2015 so I'm jumping through loops at the mo!

[emlclcy]

can anyone advise the sort of time scale on buying a boat?

I'm working on the deposit now to hopefully get a loan from RSL but from viewing a boat to getting the survey report back what sort of timescale are we talking? I don't even know yet how much a survey costs and if the boat needs to come out of the water.

this august deadline for RSL closing the boat loans is a bit of a worry and again with a bad credit history...

[cuthound]

can anyone advise the sort of time scale on buying a boat?

I'm working on the deposit now to hopefully get a loan from RSL but from viewing a boat to getting the survey report back what sort of timescale are we talking? I don't even know yet how much a survey costs and if the boat needs to come out of the water.

this august deadline for RSL closing the boat loans is a bit of a worry and again with a bad credit history...

 

Looking back through my records for buying our current boat,

 

Started looking at boats in March 2014.

 

We saw the boat we bpughtvfor the first on the 19th of May 2014, negotiated a price and paid the deposit.

 

Had it surveyed on 31st May, cost £500 for survey and £300 for dry dock hire.

 

Collected the boat on 11th June having had to wait for the finances to clear.

 

Good luck with your boat hunting.

 

Edited to say it was a cash purchase, which may have speeder things up a bit.

Edited June 4, 2015 by cuthound