eco-boat Posted August 7, 2017 Report Share Posted August 7, 2017 Hi Folks, I've been planning to live afloat for over five years and now the time has come. I want to start my boat build in January, so I'm deep in the planning phase. I have some money/savings but not enough to get what I want so I'm going to have to borrow some money to fund the build. I was wondering if the group could recommend an appropriate finance company. Thanks, Mark Link to comment Share on other sites More sharing options...
WotEver Posted August 7, 2017 Report Share Posted August 7, 2017 The cheapest, if you can get it, will usually be a personal loan from your bank. Link to comment Share on other sites More sharing options...
Robbo Posted August 7, 2017 Report Share Posted August 7, 2017 If you need a secure loan (ie over £25K) then I think Lombard are the only ones left that do marine mortgages. Link to comment Share on other sites More sharing options...
Naughty Cal Posted August 8, 2017 Report Share Posted August 8, 2017 12 hours ago, Robbo said: If you need a secure loan (ie over £25K) then I think Lombard are the only ones left that do marine mortgages. The market has certainly narrowed but there are others out there as well. Pegasus, Close, Clydesdale and CGI to name but a few. Link to comment Share on other sites More sharing options...
Robbo Posted August 8, 2017 Report Share Posted August 8, 2017 11 minutes ago, Naughty Cal said: The market has certainly narrowed but there are others out there as well. Pegasus, Close, Clydesdale and CGI to name but a few. Tops Link to comment Share on other sites More sharing options...
Heffalump Posted August 8, 2017 Report Share Posted August 8, 2017 So I've had quotes from a couple of marine lenders over the last month, arkle finance, Pegasus marine, and promarine finance. I've not tried Lombard yet. Link to comment Share on other sites More sharing options...
mrsmelly Posted August 8, 2017 Report Share Posted August 8, 2017 2 minutes ago, Heffalump said: So I've had quotes from a couple of marine lenders over the last month, arkle finance, Pegasus marine, and promarine finance. I've not tried Lombard yet. Hang on in there young Jim bob Link to comment Share on other sites More sharing options...
Heffalump Posted August 8, 2017 Report Share Posted August 8, 2017 Just now, mrsmelly said: Hang on in there young Jim bob Found one that does a 20% deposit instead of 30, we're getting closer Link to comment Share on other sites More sharing options...
mrsmelly Posted August 8, 2017 Report Share Posted August 8, 2017 1 minute ago, Heffalump said: Found one that does a 20% deposit instead of 30, we're getting closer Link to comment Share on other sites More sharing options...
Chewbacka Posted August 8, 2017 Report Share Posted August 8, 2017 I don't know if you have a property, and how big your mortgage is, but you may be able to increase your property mortgage with the house obviously being the security for the loan, and mortgages do tend to be a 'cheap' way to borrow money. Link to comment Share on other sites More sharing options...
eco-boat Posted August 8, 2017 Author Report Share Posted August 8, 2017 2 minutes ago, Chewbacka said: I don't know if you have a property, and how big your mortgage is, but you may be able to increase your property mortgage with the house obviously being the security for the loan, and mortgages do tend to be a 'cheap' way to borrow money. I don't have a house, just a good deposit. It's a widebeam liveaboard sailaway I'm buying, so I'm going to have to borrow at least £25k. I'm frantically trying maintain/improve my credit rating. It's nice to know there's a bit of competition between lenders. Thanks for the help. Mark Link to comment Share on other sites More sharing options...
Robbo Posted August 8, 2017 Report Share Posted August 8, 2017 (edited) 12 minutes ago, eco-boat said: I don't have a house, just a good deposit. It's a widebeam liveaboard sailaway I'm buying, so I'm going to have to borrow at least £25k. I'm frantically trying maintain/improve my credit rating. Credit cards are the easiest way to boost your credit rating (as long as you pay them off!). Edited August 8, 2017 by Robbo Link to comment Share on other sites More sharing options...
Heffalump Posted August 8, 2017 Report Share Posted August 8, 2017 39 minutes ago, eco-boat said: I don't have a house, just a good deposit. It's a widebeam liveaboard sailaway I'm buying, so I'm going to have to borrow at least £25k. I'm frantically trying maintain/improve my credit rating. It's nice to know there's a bit of competition between lenders. Thanks for the help. Mark That's about how much I'm looking at borrowing. What I don't know is whether I'll get approved for both the marine mortgage, and a loan to help with the deposit, whilst I'm still paying my car off! Link to comment Share on other sites More sharing options...
MtB Posted August 8, 2017 Report Share Posted August 8, 2017 27 minutes ago, Robbo said: Credit cards are the easiest way to boost your credit rating (as long as you pay them off!). Exactly. One doesn't have to 'try' to improve one's credit rating. One has to use credit responsibly (e.g. use a credit card regularly) for a few years and it happens as a result. This means no messing it up by missing payments or exceeding one's credit limit. Once you have demonstrated you routinely do this always, your rating will rocket. Abetter idea though is to buy a second hand widebeam and do it up. This will be cheaper than a new build and you get to go boating far sooner! 1 Link to comment Share on other sites More sharing options...
eco-boat Posted August 8, 2017 Author Report Share Posted August 8, 2017 31 minutes ago, Robbo said: Credit cards are the easiest way to boost your credit rating (as long as you pay them off!). That's good to know, but I'd rather not go there - I can't trust myself. Link to comment Share on other sites More sharing options...
MtB Posted August 8, 2017 Report Share Posted August 8, 2017 Just now, eco-boat said: That's good to know, but I'd rather not go there - I can't trust myself. In which case why should a loan company trust you? (Playing Devil's Advocate here.) Link to comment Share on other sites More sharing options...
eco-boat Posted August 8, 2017 Author Report Share Posted August 8, 2017 4 minutes ago, Mike the Boilerman said: Exactly. One doesn't have to 'try' to improve one's credit rating. One has to use credit responsibly (e.g. use a credit card regularly) for a few years and it happens as a result. This means no messing it up by missing payments or exceeding one's credit limit. Once you have demonstrated you routinely do this always, your rating will rocket. Abetter idea though is to buy a second hand widebeam and do it up. This will be cheaper than a new build and you get to go boating far sooner! From the research I've done, I'm not sure that is true. There are new sailaway widebeams advertised for £35k. I've yet to find a second hand widebeam for less than £60k and the ones at that price don't look like they'll stay afloat for long. Link to comment Share on other sites More sharing options...
Heffalump Posted August 8, 2017 Report Share Posted August 8, 2017 22 minutes ago, eco-boat said: From the research I've done, I'm not sure that is true. There are new sailaway widebeams advertised for £35k. I've yet to find a second hand widebeam for less than £60k and the ones at that price don't look like they'll stay afloat for long. Here are twenty to get you started! https://m.apolloduck.com/index.phtml?q=1&view=1&layout=1&rid=gb&cid=140&scid=72&search=&rid=gb®ion=&fx=GBP&minv=&maxv=60000&minl=0&maxl=0&ymin=&ymax=&sort=0&type= Link to comment Share on other sites More sharing options...
Robbo Posted August 8, 2017 Report Share Posted August 8, 2017 (edited) 36 minutes ago, Heffalump said: That's about how much I'm looking at borrowing. What I don't know is whether I'll get approved for both the marine mortgage, and a loan to help with the deposit, whilst I'm still paying my car off! As long as you haven't faulted on any payments then other loans won't really effect your rating. In fact having a debt rather then never having a debt would improve the rating (reason why it's recommended to get a credit card). Edited August 8, 2017 by Robbo Link to comment Share on other sites More sharing options...
Heffalump Posted August 8, 2017 Report Share Posted August 8, 2017 Just now, Robbo said: As long as you haven't faulted on any payments then other loans won't really effect your rating. In fact having a debt rather then never having a debt would improve the rating (reason why it's recommended to get a credit card). My rating is not bad. I'm just twitchy about having finance already, then applying for a loan to cover the deposit then applying for a mortgage too! As there's no way to know beforehand, and a refusal mucks up your score even further! Link to comment Share on other sites More sharing options...
eco-boat Posted August 8, 2017 Author Report Share Posted August 8, 2017 4 minutes ago, Heffalump said: Here are twenty to get you started! https://m.apolloduck.com/index.phtml?q=1&view=1&layout=1&rid=gb&cid=140&scid=72&search=&rid=gb®ion=&fx=GBP&minv=&maxv=60000&minl=0&maxl=0&ymin=&ymax=&sort=0&type= Many of those are new. Link to comment Share on other sites More sharing options...
Heffalump Posted August 8, 2017 Report Share Posted August 8, 2017 1 minute ago, eco-boat said: Many of those are new. That's alright isn't it? Doesn't mean you can't still rip bits out Link to comment Share on other sites More sharing options...
MtB Posted August 8, 2017 Report Share Posted August 8, 2017 59 minutes ago, eco-boat said: From the research I've done, I'm not sure that is true. There are new sailaway widebeams advertised for £35k. I've yet to find a second hand widebeam for less than £60k and the ones at that price don't look like they'll stay afloat for long. I see. A new sailaway has nothing in it however, and you'll splurge £20k easily just on materials to fit one out and paint it. Possibly a whole lot more. But I can see the attraction. Link to comment Share on other sites More sharing options...
eco-boat Posted August 8, 2017 Author Report Share Posted August 8, 2017 Isn't it also easier to get a loan for a new boat than it is to get a loan for a second hand boat? Link to comment Share on other sites More sharing options...
Robbo Posted August 8, 2017 Report Share Posted August 8, 2017 15 minutes ago, eco-boat said: Isn't it also easier to get a loan for a new boat than it is to get a loan for a second hand boat? I wonder if it's the other way, as you may need a bigger deposit for a new boat due to the initial depreciation? Link to comment Share on other sites More sharing options...
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