Anyone had a Bank of Scotland mortgage?

  • Thread starter Thread starter Deleted User YDKXO
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Imperial One said:
In my experience of selling a few boats:rolleyes: all marine mortgages over £25k have to be registered against the boat and this is always done on part one.
Below £25k is an unsecured loan.
Barclays Marine have now stopped offering loans below £25k all together, presumably because they cannot be registered and are therefore hard to get reciovered when they are defaulted on...........they cannot take possession of a boat that has not got a legal charge against it.

I know I am only a Broker and Boat retailer, but I have yet to come across ant Marine Mortgage company that do not insist on a part one registration. If a house is put up as security a Bank may take a charge against that instead but if it is solely on the boat, then the loan will have to be secured against a part one registered boat.

This registration helps us Brokers check that any outstanding loans can be cleared before the new owner takes delivery.

If anyone has got a Marine Mortgage (as opposed to any other type of finance) over £25k and it is unsecured - the Marine Mortgage company have screwed up - and as we see from Deleted User's original post they never do that do they!:D
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My last boat purchased in August 08 had a marine mortgage with Lombard who never asked for any Part 1 registration. Just settled it and new lender, not Lombard, for my new boat has insisted so no consistency at all!!
Maybe in 08 they were'nt so fussy??
 
Imperial One said:
In my experience of selling a few boats:rolleyes: all marine mortgages over £25k have to be registered against the boat and this is always done on part one.
Below £25k is an unsecured loan.
Barclays Marine have now stopped offering loans below £25k all together, presumably because they cannot be registered and are therefore hard to get reciovered when they are defaulted on...........they cannot take possession of a boat that has not got a legal charge against it.

I know I am only a Broker and Boat retailer, but I have yet to come across ant Marine Mortgage company that do not insist on a part one registration. If a house is put up as security a Bank may take a charge against that instead but if it is solely on the boat, then the loan will have to be secured against a part one registered boat.

This registration helps us Brokers check that any outstanding loans can be cleared before the new owner takes delivery.

If anyone has got a Marine Mortgage (as opposed to any other type of finance) over £25k and it is unsecured - the Marine Mortgage company have screwed up - and as we see from Deleted User's original post they never do that do they!:D
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In my case it was presented and named as a Marine Mortgage with the same features as a 'full' mortgage. The security was made by BoS holding all the original Bills of Sale, and possibly the original VAT invoice and Builder's Cert (can't remember for sure), thereby making it difficult to resell the craft without clearing the finance first. Although the papers have long been filed in the loft, I'm fairly sure that they had the right to sell he boat if I fell behind with payments, and of course they held the docs to enable them to do this. As you say, they only did this to a limited value - I think my mortgage was just under £25k.
 
AdeOlly,

That explains your experience then - it was under the £25k threshold.

Crazy 4557,

No consistency there at all then!
The heady days of '08 are but a memory!
Most unusual for them not to insist or perhaps they just registered it anyway unknown to you but I would not think that was possible so have to assume they simply did not bother.
Perhaps it just got overlooked like Deleted User's mortgage got overlooked by BoS for being marked as cleared. Come to think of it BoS are pretty famous for all sorts of cockups at the moment:D

Lombard are one of the better ones to deal with, at least from our perspective.
If I have an order of preference it was Barclays, Lombard then BoS - one always got the impression BoS was staffed by young ladies in a call centre with a script to follow and any deviation from the norm was too much for them to cope with.
 
We had a Marine Mortgage with Bank of Scotland for £50K and there was no mention of requirement for Pt 1 registration. This was taken out in 2007 and paid off in full 2008.
 
z1ppy said:
We had a Marine Mortgage with Bank of Scotland for £50K and there was no mention of requirement for Pt 1 registration. This was taken out in 2007 and paid off in full 2008.
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Bank of Scotland again.:rolleyes:
I wonder if BoS will start offering non registered Marine Mortgages again?
If so its a great opportunity to sell loads of new boats to buyers (not the sort on this forum of course) who can finance with BoS then default and disappear with the boats...........I wonder why the Banking industry is in such a mess?:confused:
 
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Major Catastrophe said:
You are overpaying?

Should I be doing the same?
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No not overpaying, just kept the same payment from the start, but with interest rates so low it means more capital repayment.

To others:
My "mortgage" was/is bigger than 25k.
No Part 1.
and
I have the original VAT invoice, which has the words something like.....BoS has an interest in the vessel.
I discussed that with RYA when I bought the boat 5 years ago and they said that they thought the mortgage companies had stopped doing the inisistance.
All a bit of drift from the OP.
 
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