MarkJohnson
New member
Any special deals available?
Or are they to be avoided like the plague??
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Or are they to be avoided like the plague??
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Marine Mortgage???
- Thread starter MarkJohnson
- Start date
Sailfree
Well-known member
Visit them all at London Boat Show. Find out before the actual cost of raising money on your house mortgage. Lending rate will be quoted at ?% over base but note base will be lending house base which is generally 0.5% obove Bof E base rate. Contact them now and they are likely to only offer the standard deal. Good Luck.
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Lizzie_B
New member
If only wanting £25,000 or less Northern Rock internet loan over ten years, unsecured, any purpose, 6% fixed, or Lombard Direct internet loan up to £25000 over eight years, unsecured,fixed 5.9%. For that sort of amount found so called Marine Financiers always came out between 2 and 5% more expensive. Don't know about bigger amounts, but certainly worth having a good scour of the net before talking to the Marine Finance industry, if only to get a better deal on part of your dream boat.
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Colin_S
New member
I don't know if they still do it but a few years ago I transfered my mortgage to Intelligent Finance. It's one of those mortgages where your savings are offset against your borrowings.
The main point though is that they gave me an additional draw down facility which was available almost instantly with one very simple phone call. This money can be used for whatever you want and is simply transfered to your nominated current account.
I used this facility to make a deposit on another house I purchased earlier this year and drew 70k with no questions asked.
At the time I remortgaged, their rates were pretty competitive too.
<A target="_blank" HREF=http://www.if.com>http://www.if.com</A>
<hr width=100% size=1>Will crew for scraps
The main point though is that they gave me an additional draw down facility which was available almost instantly with one very simple phone call. This money can be used for whatever you want and is simply transfered to your nominated current account.
I used this facility to make a deposit on another house I purchased earlier this year and drew 70k with no questions asked.
At the time I remortgaged, their rates were pretty competitive too.
<A target="_blank" HREF=http://www.if.com>http://www.if.com</A>
<hr width=100% size=1>Will crew for scraps
Sea Devil
Well-known member
many years ago I had a marine mortgage over 5 years - decided to sell the boat after 2 years to find that they would not just let me pay off outstanding loan but (tried) to insist on all the interest to the end of the loan period being paid + the outstanding loan!!!
Not sure if its still like this but worth asking.
<hr width=100% size=1><A target="_blank" HREF=http://www.michaelbriant.com/sailing>http://www.michaelbriant.com/sailing</A>
Not sure if its still like this but worth asking.
<hr width=100% size=1><A target="_blank" HREF=http://www.michaelbriant.com/sailing>http://www.michaelbriant.com/sailing</A>
dralex
New member
They calculate daily now and you only have to keep the mortgage going for 6 months before you can pay it off. Loans have a fixed period and it takes a while to get over the interest as it is added on at the beginning ( Bank of Scotland do Marine Loans which you can pay off without too much penalty- I did it last year after only 1 year of payments- it was fine.). I've had experience of Bank of Scotland and also Lombard, both of which have been really helpful.
<hr width=100% size=1>Life's too short- do it now./forums/images/icons/wink.gif
<hr width=100% size=1>Life's too short- do it now./forums/images/icons/wink.gif
StugeronSteve
New member
We found Bank of Scotland service great. Could not repay loan within 6 months, but after that no penalty for bunging in lumps of dosh, as and when available, or full repayment.
With their experience it made the finance side of buying boat very easy and the loan included some marine specific legal cover etc.
<hr width=100% size=1>Think I'll draw some little rabbits on my head, from a distance they might be mistaken for hairs.
With their experience it made the finance side of buying boat very easy and the loan included some marine specific legal cover etc.
<hr width=100% size=1>Think I'll draw some little rabbits on my head, from a distance they might be mistaken for hairs.
KevB
Active member
Just paid of our Bank of Scotland Marine Mortgage. No problems at all, no early redemption fee's. Would definitely use them again. The more you borrow the cheaper the rate. They have some flexibility so worth bargaining......
<hr width=100% size=1><A target="_blank" HREF=http://static.photobox.co.uk/public/images/45/99/10714599.s.jpg?ch=97&rr=16:00:39>Nirvana</A>
<hr width=100% size=1><A target="_blank" HREF=http://static.photobox.co.uk/public/images/45/99/10714599.s.jpg?ch=97&rr=16:00:39>Nirvana</A>
ColinW
New member
Be careful when you see the phrase "Typical APR" on an unsecured loan advert. This indicates that the actual APR will depend on your personal financial circumstances.
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MarkJohnson
New member
Thanks for comments and suggestions.
Regards
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Regards
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john_morris_uk
Well-known member
Can I suggest that there is always a deal to be done - even with the big players. When we shopped around once, Bank of Scotlland eventually gritted their teeth and beat the other offers including no set up fee and a lower interest rate than the deal they first came up with.
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