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almost ALMOST got a boat!

emlclcy

By emlclcy
in New to Boating?

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emlclcy Community Regular

emlclcy

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just want to say hello an what a source of information you all are!

don't beat me up but I have viewed two boats and the second one was the one. ticked all the boxes just need to clear the royscot bit soon (they close the scheme soon) and I'm well super nervous, just like buying a house but my circumstances after running a pub which sent me bankrupt don't allow. but I'm hooked on the canal world! I live on an organic veggie farm in a barn so love the alternative lifestyle.

just crossing everything RSL will be kind to me!

hi to you all smile.png

carl

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Good luck Carl and don;t forget that if Roy Scott Larch turn you down, you could always apply to your own bank for a loan and tell them it's for a car/ caravan/ kitchen improvements etc. Worked for me, anyway. :)

Depends on the amount required.....

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emlclcy Community Regular

emlclcy

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Good luck Carl and don;t forget that if Roy Scott Larch turn you down, you could always apply to your own bank for a loan and tell them it's for a car/ caravan/ kitchen improvements etc. Worked for me, anyway. smile.png

well the problem when you are bankrupt (this was six years ago) is I cant even get a phone contract never mind a proper bank account!

RSL tell me they don't do a credit search and vet each application on its own merit with the 25% deposit as big one.

so my work history money bla bla is all good, will find out next week, that's why I'm so nervous as well as never running a narrowboat!

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Southern Star Experienced

Southern Star

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Depends on the amount required.....

Yes, depends on the amount involved, your credit history, your credit rating, all sorts. When I filled in the online application I was asked what I intended to borrow the money for, so I said "a car". But then afterwards I changed my mind and decided to buy a boat. So long as I keep up the payments I doubt that the bank will making too many investigations as to what colour my new car is etc.

well the problem when you are bankrupt (this was six years ago) is I cant even get a phone contract never mind a proper bank account!

RSL tell me they don't do a credit search and vet each application on its own merit with the 25% deposit as big one.

so my work history money bla bla is all good, will find out next week, that's why I'm so nervous as well as never running a narrowboat!

Fingers crossed mate, I imagine after 6 years your bankruptcy will be about to disappear off of the radar very soon though?

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Yes, depends on the amount involved, your credit history, your credit rating, all sorts. When I filled in the online application I was asked what I intended to borrow the money for, so I said "a car". But then afterwards I changed my mind and decided to buy a boat. So long as I keep up the payments I doubt that the bank will making too many investigations as to what colour my new car is etc.

Fingers crossed mate, I imagine after 6 years your bankruptcy will be about to disappear off of the radar very soon though?

You misunderstand. A personal loan might not be available for the amount the OP needs to borrow. I am not talking about not being truthful about what they need the money for.

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Southern Star Experienced

Southern Star

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You misunderstand. A personal loan might not be available for the amount the OP needs to borrow. I am not talking about not being truthful about what they need the money for.

I agree,it might not be, that's for the OP to find out for himself. As for being truthful about the purpose of a loan, the question asked if what you intend to use the loan for. If you change your intentions at a later date then that's your right, all the bank care about is whether you pay the money back on schedule.

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I agree,it might not be, that's for the OP to find out for himself. As for being truthful about the purpose of a loan, the question asked if what you intend to use the loan for. If you change your intentions at a later date then that's your right, all the bank care about is whether you pay the money back on schedule.

Then I think you should have qualified your advice by stating your suggestion might not be applicable in their circumstances.

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emlclcy Community Regular

emlclcy

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Fingers crossed mate, I imagine after 6 years your bankruptcy will be about to disappear off of the radar very soon though?

a year to go but it stays with you forever unlike DD etc matt at RSL has given me just about enough trust to sell loads of stuff for the deposit, i'll report back next week...

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emlclcy Community Regular

emlclcy

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little update... owner is taking us out for a cruise tomorrow the boat is booked in for a survey / valuation next Friday then fingers crossed! I feel all knotted up... I'm sure it will be fine so radio 6 will make it all fine smile.png

what should I be looking out for?

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Luggy Gongoozler

Luggy

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Good Luck, I'm going through the same process at the moment. Bit of a shock when I found out RSL were stopping Boat Mortgages in September. Still it got my arse in gear and had a bit of luck and found "the one" a few weeks ago. Since then I had a survey carried out and even managed to black the Hull with the help of the owners before she went back in. Now just sent off the last bits of paperwork and hopefully should done by end of next week. Like you they gave me enough reassurance to start selling stuff off on eBay! I too am very excited to start Boat life but then I'm only a whippersnapper at 35!

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Richard10002 Veteran II

Richard10002

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I don't want to rain on anyone's parade, but I find it hard to believe that any lender would choose not to carry out a credit check. It costs very little and banks have to be very careful who they lend to these days.

 

Is it possible that the sales staff are telling porkies, and keeping their own fingers crossed?

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Southern Star Experienced

Southern Star

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little update... owner is taking us out for a cruise tomorrow the boat is booked in for a survey / valuation next Friday then fingers crossed! I feel all knotted up... I'm sure it will be fine so radio 6 will make it all fine smile.png

what should I be looking out for?

Listen to how the engine and transmission sound, make sure there's reasonable oil pressure and that the engine temperature is ok, that there are no excessive vibrations or tiller shake, make sure it goes into both forward and reverse gear easily, check as much works as possible, have a sniff inside cupboards for smells of dampness, ask the owner about its history etc. It's the survey which will flag up any problems rather than the cruise. Hope it all goes well, good luck!

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junior Veteran

junior

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I also find it strange that RSL don't do credit checks.

 

About 4 years ago I applied with them whilst I was still serving in the RAF. I got rejected as I had had so many address's and different things registered at different places that I failed my credit check as they thought I was trying to pull the wool over their eyes.

 

I also seem to remember Matt being confident at the time even though I had told him that I expected this problem.

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emlclcy Community Regular

emlclcy

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update - the guy who owns the boat is a narrowboat engineer, he knew the boat inside out. the cruise went very well so all good. I hopefully will find out next week what RSL will say about the finance, fingers crossed

carl

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Athy Veteran II

AthyDonate to Canal World

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What's a narrowboat engineer?

An engineer who works on narrowboats, as any fule kno. Why the question?

 

I don't understand the bit about Roy Scott Larch. As far as I know, they have just about cornered the market in boat mortgages - why on earth would they want to stop doing them, thereby allowing other firms to take over a substantial part of their business? It doesn't make sense.

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Locksprite Contributor

Locksprite

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I also find it strange that RSL don't do credit checks.

 

About 4 years ago I applied with them whilst I was still serving in the RAF. I got rejected as I had had so many address's and different things registered at different places that I failed my credit check as they thought I was trying to pull the wool over their eyes.

 

I also seem to remember Matt being confident at the time even though I had told him that I expected this problem.

I was once told I had a poor credit record. When I asked why that might be, they said I had no record of ever having borrowed any money.

Edited by Locksprite
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