Marine mortgages

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CalmSkipper

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Having been a fair weather dinghy sailor on and off for some year I decided in the summer it was high time I got something bigger. Ever since that moment I've been totally bitten by the boat bug

After 40+ years of being sensible I've decided to spend about £30k more on a boat than I was going to a week ago (it's ok before anyone warns - it won't break the bank - I've not turned that unsensible!). I've also decided to move nearer to the boat so I'm reluctant to fund the boat from mortgage equity (it may 'box me in' as I find the right property nearer to the boat). I'd be grateful for any advice or recommendations on marine mortgages
- best companies to use
- what APR is competitive
- are there any restrictions if I pay off early
etc.
 
By the way, having been bitten hard by the boating bug I've been through an incredible journey reading masses of stuff, exploring all sorts of options, changing direction as I find out more and more. I must say in that time I've had fantastic help and advice from a whole load of people in this forum who I've never even met. For all those who have helped me over the past few months with what must have been iritatingly obvious questions, THANK YOU
 
Sounds like your going to have some fun! Get yourself to LIBS and visit all the fund providers and have a chat with them, see what they can offer.

Good luck!
 
My mortgage was discussed and agreed at the Southampton Show with Royal bank of Scotland. It took about 10 minutes. About 1% more than a mortgage, terms from 10 to 15 years. All very efficient and user friendly. Cant remember any nasty surprises.
You will need at least 20% on a used boat for a deposit, or the rates take a hike upwards.
I took it as I didnt want to tangle boat and house, so it costs me a bit more.
Money transfer was straight through broker, on time.
No special insurances, and I keep the registration.
Avoid ferro.......
 
I have had three Marine Mortgages, and have found Lombard to be the most competitive and helful. BoS were good, but couldn't match my most recent Lombard deal even though I was an existing customer.

The rate you get depends on the amount you borrow. I got 1.something (can't remember exactly, think it was 1.32 ish) over FHBR for £70,000 at LIBS last year.

Quite often they do special rates if you apply at the show, and you have 6 months to find the boat.
 
Hi,

We're in the process of getting our final funds released for our new boat - we've mortgaged with BoS - very good service, and nice people to deal with.
Rate - only about 0.5% higher than the house mortgage.
Boats over 5 years old will only be allowed a 10 year term (under 5 years, you can have 15 year term). 20% deposit required.
They will fix the payments, so if the interest rates vary your payment stays the same and your mortgage term simply gets shorter or longer (depending whether the Bank of England are working for or against you!!)

Have a look around - securing against the house is cheaper and can be put over a longer term, but who knows what the housing market will do next .....

Jonny
 
We have just recently signed the bottom line with Lombards, last Thu to be precise.
We have been trying to get a mortgage in place for the last 2 months.
We tried the Bank of Scotland first because of there connections with the broker that was selling the boat, they were very friendly and helpful but would only come up with a percentage of what we needed. We then tried a company called Close Marine who I would not recommend, they were very slow to communicate and when they did they sent us an email which bluntly said no with no explanation.
We then applied to Lombards who were nothing short of outstanding, they gave us everything we wanted and more with there friendly attitude and extremely fast correspondence.
I would recomend that you try Lombards before anyone else.

Good luck.
 
Provided that they were competitive, I would most certainly use Bank of Scotland again. They were a great help from day one, releasing money on time, despite being sorely tested by my vendor. Making lump repayments has been easy and, on completion of the mortgage, there was absolutely no fuss over the reduced final installment (they just took what was due to them and not a penny more). The original Bill of Sale popped through the door with a thank you letter and she was mine.

Great service.
 
Just going into our first marine mortgage- hence a newbie naive type of question. I believe they hang on to the paperwork (bill of sale etc),fair enuf, but do we get to keep copies/other bits of paperwork to show officials in foreign ports etc?
 
Correction to my previous: I am BOS not RBS. Sorry.

They have not retained any of the original documentation, which all sits in the lovely Jeanneau briefcase awaiting nosey Customs inspection.

I guess they are following the lead of the building societies who have sent me my deeds to store at my own cost, even though I still have years to pay yet!

BOS made full payment for my craft, because Jeanneau will not gate release the boat until paid for, and its not mine officially until handover by the dealer. I thought that a very odd situation, but apparently normal, and it went without a hiccup.
 
We have a marine mortgage with Lombard, no complaints, except when we announced we were moving the boat to The Netherlands, they insisted on full Part 1 Registration (we already had Part 3). Part 1 Registration on a MacGregor!!

It cost the best part of a grand and the only consulation was that Lombard added it to the mortgage.

A year on, however, we have to say, moving to the Netherlands was the best thing we did.
 
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have found Lombard to be the most competitive and helful

[/ QUOTE ]

That's interesting, I use Lombard for all my business capital purchases. No one else can touch them for rates and they will negotiate.

Boat though is with HBOS, got a good deal from them and I wouldn't want to mixed business with pleasure.
 
To be quite honest I thought that I had a full set of documentation until I received the originals on completion of the mortgage, the papers in my possession were copies, but indistinguishable from the originals.

My boat had to be paid for prior to release of the factory gate and needed to be insured from that time (on advice from BoS and insurer), my understanding being that the vessel became mine on gate release, with the importer acting as agent for transport and commissioning. However, the Bill of Sale was between Ancasta and myself and not Beneteau and myself, as I would have assumed had this been a correct interpretation.
 
I got a good rate from Barclays and it did not have to be Part 1 registered which is a saving. My only complaint was that I found them to be quite slow in getting through the paperwork.
 
Bought 3 new boats. Used Lombard twice and BOS once.

Both good and choice depended on best rate offered.

Best rate was always achieved by going around them all at a boat show.
 
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