Marine mortgage

[BadBoy]

I am a UK citizen living in Singapore looking to buy a yacht partially funded with a bank loan. Singapore banks do not provide marine mortgages (still smarting from fallout of the 1997 crisis), so I am trying to find another provider from outside Singapore who will offer a loan to someone in my situation, e.g. a UK finance house providing a loan to someone resident outside the UK. Does anyone have any experience of this or tips to offer?

 

[Birdseye]

The only tip I can offer is never to borrow money for toys.

 

[landaftaf]

especially ones that can break or you could not use as often as you want - or cost a lotta money just sitting there .... being looked at cos you dont have the time to use it cos you gotta work harder to pay for it .........

/forums/images/graemlins/grin.gif

 

[Phoenix of Hamble]

So whats the better option..... just work hard anyway, and sit at home being miserable?...

nah..... sod 'em... borrow the money....

Me.... I'm turning up at the pearly gates, screeching to a halt in a huge sideways slide with my hair manically out of control.... at which point, I will declare.... "wow, i'm knackered.... but what a ride......" /forums/images/graemlins/grin.gif

 

[landaftaf]

occasionally I have bouts of common sense which for some reason pours out of me .........

othertimes I am a fickle mad carefree spirit who wants to do everything possible before the reaper claims his dues

probably male menapause ........ so all I can say is I dont always do what I preech, and I dont say do what I say not what I do.........

I am also looking for a boat, but what I want I dont want to pay that price for - ok

 

[woody001]

Do it, who cares. My saying is "You can replace money, but you cant replace time"

Think about it, we live, we die. - Enjoy life, buy the boat

 

[Sea_dreamer]

Not sure about the position for non-UK residents, but we went through the whole finance process recently, looking to find the best way forward. I agree entirely with the posts about "you only live once", and borrowed a fair chunk. SWMBO does not have the same view...

We loooked at marine mortgages, but discounted them as too expensive. We also looked at term loans, but again there is the problem of flexibility. And as one poster says, the real cost of a boat is not the capital - its the maintenance, and coping when something goes wrong.

So we went for the "relationship banking" approach, as the admen would tell you, and went to see the bank manager. Ended up with an overdraft facility. It will take a bit of self discipline, but I have someone who will keep me right on that front!

So I suggest you go and see your bank manager, or equivalent and tell him or her what you want to do.

John

 

[ainley]

Assuming you have equity in a property, the least expensive
is to remortgage a property


good look ,alan

 

[Sea_dreamer]

Agreed - but my better half was having none of it!

John

 

[ccscott49]

I tried to borrow money for my boat, but I didnt have a house, owed no money so no credit rating, no way go away!! So I borrowed the money from a drug dealer mate of mine in Holland!! No just hash! Paid him back no hassles!! Pity isn't it a guy like me has to borrow money from a drug baron!! No banks would entertain me!