Marine Finance

[Nautorius]

Help Needed.

Does anyone know who are still doing good deals as my previous supplier is no longer doing new Business (BoS).

Just talked to Barclays who are doing about 4.25% over BOE Base rate and Lombard who are 3.05% over FHBR. Borrowing about £60k over 10 years. Yes it hurts but apparently cheap credit is gone!

Now is it better to be tied to BOE or FHBR as the FHBR has been a lot more volatile lately. I intend to pay it off in about 18 months when the BOE starts rising but need the short term finance now. What do you think?

Cheers

Paul /forums/images/graemlins/smile.gif

 

[mjf]

Thats interesting new on BoS. They were major players I thought.

Your numbers equate to Barclays 4.75% with Lombard at 4.55% using current rates.


I would always go with Libor or BoE base - the FHBR is, I think, a sort of interbank rate (what banks have to buy money at) that is averaged out and declared on the 1st of every month

 

[P4Paul]

Somewhat in the same position, so interested in peoples thoughts.

I do have one question, if you look at the Barclays FAQ on their marine mortgage site Here it suggests that interest rates are FHBR plus margin, not BOE BR plus margin.

Have they confirmed their rate tracks the BOE BR in writing?

 

[Talulah]

I remember from somewhere that some marine mortgages do not allow early repayment. Worth checking.

 

[Nautorius]

Yes,

Both of the products are early repayable after 6 Months. Yes, the Barclays Marine Mortgage is over BOE at the moment.

Cheers

Paul

 

[admillington]

http://www.fla.org.uk/fla/stats/LatestFHBR.riv

Gives the defination of FHBR and a spreadsheet of the rates for the last couple of years.

 

[mjf]

Thinking about this overnight - I am very surprised at BoS not writing 'new' biz to old and established customers who presumibly will have a good credit reference and in house track record.

Are they closing down once the existing debts are settled (in the fullness of time) then?

 

[Nautorius]

Well I was with them from 1999 and have an excellent credit rating and NO, they are not taking any new Business. They are trying to reduce the Value of loans. Taken from the Website

"We apologise for any inconvenience, but the main content on this website is currently unavailable and we are not issuing quotes for marine finance at the present time."

I was very surprised! Have to say both Lombard and Barclays very good customer service. Both gave quote in under 2 minutes and sent through App forms and further information in 5 Minutes. Just wish the rates were better...but I have not tried negotiation yet!

Anyone prefer one or the other. I am a Barclays wealth Customer but fancy going the Lombard Route if I need it.
Cheers

Paul /forums/images/graemlins/smile.gif

 

[mjf]

Blimey! how the great fall.


Come to think of it at LIBS there was only the two players you mention with anywhere near their normal presence.

 

[mainshiptom]

I have 1.75 over fhbr (3.75) with Lombard (RBS) talk to sarah radband !

first class service.

Tom

 

[Nautorius]

...I remember those days!

Thanks Tom for the contact

Paul /forums/images/graemlins/smile.gif

 

[mlthomas]

We have just had a great deal set up through RBS and Lombard based in% over libor
Lombard did the deal with our first boat, bought in the moment at LBS in 2006 whereas this time we have put a lot of effort into the boat and finance and through RBS and Lombards feel we have got a good deal.
Through the different stages we have dealt with (at Lombards) Vicky, Claire and Ria and if I had to give a customer feedback to them it would be 100%
Our new boat went through today, and we had a phone call from Lombards to confirm everything - don’t try to squeeze a quid, I can’t speak highly enough about the service we have received.
There was a question about early repayments, this was gone into detail in the paperwork so everything is up front and you make your decision before signing. As I said, our first marine mortgage was with Lombards, and our second (hopefully final) is with them too.