Reply
 
Thread Tools Search this Thread
 
Old 10 June 2012, 14:11   #1
Member
 
martini's Avatar
 
Country: UK - Channel Islands
Town: jersey
Boat name: Martini II
Make: Arctic 28/FC470
Length: 8m +
Engine: twin 225Opti/50hp 2t
MMSI: 235067688
Join Date: Jun 2005
Posts: 3,021
Marine Mortgages

Anyone got 1st hand experience of any marine mortgage providers?

A lot of the better known lenders don't seem to be doing these anymore.

Barclays and RBS have both stopped, Lombard who seem to be the main one these days won't lend on a boat over 30 years old (I'm looking at a 34 year old).

There are others but most get ruled out because they only do boats on inland waterways or they don't go less than 50k etc etc.

Any suggestions??
__________________

__________________
martini is offline   Reply With Quote
Old 10 June 2012, 15:35   #2
Member
 
cgf10's Avatar
 
Country: UK - England
Town: Poole
Boat name: Superfly
Make: Shearwater 860
Length: 8m +
Engine: Verado
Join Date: Apr 2009
Posts: 359
I'm guessing it's probably cheaper and easier to remortgage your house than get an unsecuredish, small bank loan these days. Might be worth emailing a couple of boat brokers though as they will be well aware of who's in the market to lend
__________________

__________________
cgf10 is offline   Reply With Quote
Old 10 June 2012, 15:39   #3
Member
 
Country: UK - England
Town: New Forest
Boat name: Charlie Brown
Make: Scorpion
Length: 8m +
Engine: 275 Verado
MMSI: 235069179
Join Date: Oct 2004
Posts: 1,072
Send a message via MSN to Zippy
We had a mortgage a few years ago pre crash with barclays and i was amazed how easy it was then. few questions, few bits of paper and job done. I dare say its much harder now!!

Other than Lombard, there seems to be one which is owned or associated with the big french yacht builders and there is another who's name escapes me at the moment but i know when we looked a year or so ago, it was just too much like hard work so we found another way.
__________________
Zippy is offline   Reply With Quote
Old 10 June 2012, 16:13   #4
Member
 
martini's Avatar
 
Country: UK - Channel Islands
Town: jersey
Boat name: Martini II
Make: Arctic 28/FC470
Length: 8m +
Engine: twin 225Opti/50hp 2t
MMSI: 235067688
Join Date: Jun 2005
Posts: 3,021
I think I did spot one which was linked to Beneteau et al.

I haven't got property I can borrow against, a personal loan is an option but apart from the rates tending to be higher, my recent financial history (off on the sick for nearly 3 months) would probably mean I won't get approval.

Seems a bit short sighted that Lombard won't lend 30k with a 60k boat as security, even with a survey or valuation. She's built to Lloyds classification, ain't no Humber this one

Dont suppose anyone on here's got a spare 30 grand they want to invest? I'm a fairly safe bet!
__________________
martini is offline   Reply With Quote
Old 10 June 2012, 16:53   #5
Member
 
Country: UK - Scotland
Town: Edinburgh
Boat name: D Hollins
Make: pacific 38
Length: 10m +
Engine: Twin 212 hp Diesel
Join Date: Dec 2001
Posts: 176
Hi, I had our bank manager & the regional finance manager in my office the other day. We touched on the subject of marine mortgages. These have more or less all stopped. With the exception of finance on far larger vessels (ships). The reason being the security. You may think lending 30k on a boat worth 60k is fairly secure, but realistically they will want to keep well covered and will seldomly recover half the initial valuation. Look at the vessel recovery costs, resale costs, damage , truth about initial valuation , depreciation etc etc. Banks will look at worse case scenario as they wont want to lose any more money than they already have ! Good luck.
__________________
Neville is offline   Reply With Quote
Old 10 June 2012, 17:42   #6
Member
 
HUMBER P4VWL's Avatar
 
Country: UK - Wales
Town: N Wales Chester
Boat name: Mr Smith
Make: Humber
Length: 6m +
Join Date: Feb 2009
Posts: 5,013
Quote:
Originally Posted by martini
I think I did spot one which was linked to Beneteau et al.

I haven't got property I can borrow against, a personal loan is an option but apart from the rates tending to be higher, my recent financial history (off on the sick for nearly 3 months) would probably mean I won't get approval.

Seems a bit short sighted that Lombard won't lend 30k with a 60k boat as security, even with a survey or valuation. She's built to Lloyds classification, ain't no Humber this one

Dont suppose anyone on here's got a spare 30 grand they want to invest? I'm a fairly safe bet!
Rofl!
__________________
HUMBER P4VWL is offline   Reply With Quote
Old 10 June 2012, 18:16   #7
Dhf
Member
 
Dhf's Avatar
 
Country: UK - Wales
Length: no boat
Join Date: Jan 2012
Posts: 1,012
Get a provy loan mate, by the time they come for collection you could be chillaxing in the Caribbean, and the fuels even cheaper down there.
__________________
Dhf is offline   Reply With Quote
Old 11 June 2012, 04:22   #8
RIBnet supporter
 
Erin's Avatar
 
Country: UK - Channel Islands
Town: A large rock
Boat name: La Frette
Make: Osprey Vipermax
Length: 6m +
Engine: 200 Suzzy
Join Date: May 2004
Posts: 2,830
Possibly worth a quick call to Barclays, Black Horse and Close to see if they can help.
Erin is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off





Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -5. The time now is 11:23.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.