Anyone had a Bank of Scotland mortgage?

[Deleted User YDKXO]

I had a BoS mortgage on my boat which I paid off several years ago. I am just in the process of selling my boat and the broker has found that BoS mortgage is still registered at the UK registry. BoS failed to inform the Registry that the mortgage was discharged when I paid it off. Luckily, there is still a skeleton staff left at what remains of BoS to issue me with a Discharge Deed but this situation won't last for ever. I'm also told that I'm not an isolated case
If you had a mortgage from BoS or indeed any other finance house on your boat which you thought you had paid off, it's worthwile checking with the Registry that the mortgage has been registered as discharged. In the case of BoS, it might be very difficult to sort it out in a few years time

 

[paultallett]

Wow thats interesting, it just goes to show that even dealing with the 'big boys' in marine finance you can never be to sure!! We didn't buy our boat with a loan, but if in future we buy something on a marine mortgage, I'll make sure when the end of the term comes to make sure all the 'I's and T's' so to speak are covered.

 

[Richard Shead]

I shall

I had a BoS mortgage on my boat which I paid off several years ago. I am just in the process of selling my boat and the broker has found that BoS mortgage is still registered at the UK registry. BoS failed to inform the Registry that the mortgage was discharged when I paid it off. Luckily, there is still a skeleton staff left at what remains of BoS to issue me with a Discharge Deed but this situation won't last for ever. I'm also told that I'm not an isolated case
If you had a mortgage from BoS or indeed any other finance house on your boat which you thought you had paid off, it's worthwile checking with the Registry that the mortgage has been registered as discharged. In the case of BoS, it might be very difficult to sort it out in a few years time

Put a note in the diary for 24 years and 9 months.....that seems a long way away.....!

 

[Nick_H]

It's not restricted to boat mortgages. The same thing happened when I came to sell my house, having paid off the mortgage months earlier. That was with Intelligent Finance, which is the online arm of HBOS.

 

[Major Catastrophe]

Interesting. I have a current BoS marine loan, but I was not required to register my boat, so I assume that once the load is paid off in four years I will not have to do anything.

There must be some staff dealing with the old marine loans as there must be thousands still in force.

 

[AdeOlly]

I presume this would only apply to Part 1 registered boats and not to Part III/SSR, as I don't think marine mortgages can be recorded against the latter at the Registry.... ??

 

[jimmy_the_builder]

It's not restricted to boat mortgages. The same thing happened when I came to sell my house, having paid off the mortgage months earlier. That was with Intelligent Finance, which is the online arm of HBOS.

Seconded - I had the very same problem with Intelligent Finance about three years ago.

Cheers
Jimmy

 

[Deleted User YDKXO]

I presume this would only apply to Part 1 registered boats and not to Part III/SSR, as I don't think marine mortgages can be recorded against the latter at the Registry.... ??

Correct AFAIK

 

[tinkicker0]

I had a BoS mortgage on my boat which I paid off several years ago. I am just in the process of selling my boat and the broker has found that BoS mortgage is still registered at the UK registry. BoS failed to inform the Registry that the mortgage was discharged when I paid it off. Luckily, there is still a skeleton staff left at what remains of BoS to issue me with a Discharge Deed but this situation won't last for ever. I'm also told that I'm not an isolated case
If you had a mortgage from BoS or indeed any other finance house on your boat which you thought you had paid off, it's worthwile checking with the Registry that the mortgage has been registered as discharged. In the case of BoS, it might be very difficult to sort it out in a few years time

Sorry to appear fick, but you can get a mortgage for a boat????? like one for the house?
Is this why I'm running around in a binliner soapdish and everyone else in the marina has much bigger boats?

I figured maybe an unsecured personal loan on some of em, but never a proper mortgage.

 

[AdeOlly]

Sorry to appear fick, but you can get a mortgage for a boat????? like one for the house?
Is this why I'm running around in a binliner soapdish and everyone else in the marina has much bigger boats?

I figured maybe an unsecured personal loan on some of em, but never a proper mortgage.

Have a look here for an idea how to finance the boat of your dreams

 

[Imperial One]

I presume this would only apply to Part 1 registered boats and not to Part III/SSR, as I don't think marine mortgages can be recorded against the latter at the Registry.... ??

Correct, Marine mortgages can only be registered on the full part one which is why the marine mortgage companies always insist on doing a pt 1 registration.

It means that Brokers and anyone else can check if the boat has an outstanding mortgage to be paid before it can be transferred to a new owner or indeed a new lenders charge can be registered if appropriate.

Most companies do remove their charge on completion of a sale but clearly BoS were very tardy on this one...........

 

[Major Catastrophe]

Correct, Marine mortgages can only be registered on the full part one which is why the marine mortgage companies always insist on doing a pt 1 registration.

No they don't. I have a marine mortgage with the BoS and they told me they didn't require me to register the boat. The marine mortgage does not have a charge on my house either.

 

[AdeOlly]

No they don't. I have a marine mortgage with the BoS and they told me they didn't require me to register the boat. The marine mortgage does not have a charge on my house either.

Same with us Major, we had a BoS mortgage on our previous boat and that was not Part 1 registered. The chap who bought also used BoS and he didn't need to Pt 1 register it before the deal was done. I think there is a limit to how to how much they'll lend against a non-pt1 registered boat.

 

[tinkicker0]

Have a look here for an idea how to finance the boat of your dreams

Thanks Ady.

Had a look and still can't afford the boat of my dreams. In fact I can't afford more than a binliner soapdish

Not and be able to eat as well. Belt's already pulled so tight because of the boat, I have a 50" chest and a 9" waist.

 

[Deleted User YDKXO]

Correct, Marine mortgages can only be registered on the full part one which is why the marine mortgage companies always insist on doing a pt 1 registration.

It means that Brokers and anyone else can check if the boat has an outstanding mortgage to be paid before it can be transferred to a new owner or indeed a new lenders charge can be registered if appropriate.

Most companies do remove their charge on completion of a sale but clearly BoS were very tardy on this one...........

About 5 years too tardy

 

[Deleted User YDKXO]

No they don't. I have a marine mortgage with the BoS and they told me they didn't require me to register the boat. The marine mortgage does not have a charge on my house either.

I think then what you've got is in effect not a mortgage but an unsecured loan. Finance cos will give unsecured loans below a certain level (which could be £25k??)

 

[Major Catastrophe]

I think then what you've got is in effect not a mortgage but an unsecured loan. Finance cos will give unsecured loans below a certain level (which could be £25k??)

It says Marine Mortgage in the paper work and it was sold as a marine mortgage and set up as a marine mortgage by a marine mortgage company.

 

[D3B]

I'll second that Chris.
The nice thing at the moment is the payment is still the same and there is very little interest being charged.
So lumps off the capital each month which means early settlement

 

[Major Catastrophe]

I'll second that Chris.
The nice thing at the moment is the payment is still the same and there is very little interest being charged.
So lumps off the capital each month which means early settlement

You are overpaying?

Should I be doing the same?

 

[Imperial One]

I think then what you've got is in effect not a mortgage but an unsecured loan. Finance cos will give unsecured loans below a certain level (which could be £25k??)

In my experience of selling a few boats 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!