Boat finance query

[baffled]

If I buy a boat for £60,000 with a fifty per cent deposit, is a marine mortagage advisable? Are unsecured loans via egg etc a beter option.?

Do all marine mortgage lenders require three years audited accounts for the self employed even at 50% loan to value?

Any advice welcome.

 

[Whitelighter]

The most you can borrow on an unsecured personal loan basis is £25,000. If you can stretch the deposit to £35,000, then I would suggest a personal loan is the way to go, but the maximum term will probably be 5 years.

Any longer/greater value than this will be a secured loan, probably against your home and as such not a good idea.

Marine Mortgages exist due to the high retained value of most boats, and are very flexible. Most have no early settlement penalty after the first 6 months, will have a maximum term of 10 years (15 if the boat is under 5 years old) and some offer a 30% 'balloon' at the end - all designed to keep your payments in check.

If you can stoumach hefty repayments, it is always cheaper to pay the loan back quickly, but then cash flow is equally important as interest paid.

Don't know about the self empolyed I'm afraid, but I'm sure someone will be along soon.

By the way, I did warn you this boating lark is addictive. What are you looking at??

 

[Kawasaki]

Click search, "Marine Mortgage"
Lot's of posts on the subject, recently.
Also "google" marine mortgage.
£25001-£65000 for 10 year deals with 20% deposit.
Check out Lombard Marine for "flexibility"
A new kid on the block is Close Marine finance, don't know how they compare to the likes of more established lenders. Might be worth a look if they are trying to break into the Market.

 

[dedwards]

Northern Rock do 10 year unsecured loans as do Tesco(I think). Northern Rock have V good typical rates at the moment but be prepared for the hard sell of their loan protection insurance. These are also fixed rate, unlike mortgages.

 

[cjrvernon]

i would do personel loan for the balance
you can borrow £25000 at 5.9% apr over 1 to 10 years just google and type personel loan uk
a marine morgage would be 5.9 base rate big differance
and a personel loan has no hold on your boat if you wish to sell