Marine Mortgages

[martini]

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??

[cgf10]

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

[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.

[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!

[Neville]

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.

[HUMBER P4VWL]

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!

[Dhf]

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.

[Erin]

Possibly worth a quick call to Barclays, Black Horse and Close to see if they can help.