Boat Mortgage providers,

[andyxs]

Hi All
Looking at purchasing a catamaran, I will need to borrow a relatively small amount (30K) and am looking at the best way to finance it. I have the option of borrowing the money from my bank as a personal loan at 6.3% but repaid over 60 months. Ideally i would like a bit longer as I know their are going to be associated costs with the purchase and would like to spread it out over a longer period.

I am interested to see what routes other people have taken, the boat isnt new and needs a little work but is structurally sound and has a survey. I havent as of yet used finance for any of my "toys" but this will be massively upping the ante.

Interested to know peoples experiences with different providers and what people have done before.

Thanks in advance
Andyxs

 

[pvb]

You'll probably find that a marine mortgage will require the boat to be Part 1 registered - so if it isn't already you'll need to factor in the extra cost and time of getting it surveyed and registered.

 

[JumbleDuck]

Hi All
Looking at purchasing a catamaran, I will need to borrow a relatively small amount (30K) ...

When I bought my current boat I investigated marine mortgages. Nobody was interested in lending small amounts of money, and they also insisted on low loan-to-value ratios, which made it even worse. I believe there are even fewer companies in the market now.

I ended up borrowing against my house, which was pretty cheap and very easy.

 

[Tranona]

Unlikely you will get a marine mortgage for such a relatively small amount and secured against a secondhand boat that needs work. Very little activity in the marine mortgage market these days since the crash showed that boats are lousy security.

Options for longer term unsecured finance these days are very limited. If you have a lot of equity in your house, remortgaging or extending your existing mortgage may be an option and clearly much lower cost.

 

[andyxs]

Thanks Guys
I was rapidly coming to that conclusion, hence the asking. I have a couple of other options but my parents bought their first yacht on a marine mortgage and thought it was worth looking into. Alot has changes in 18 years thought it seems.