Judders
Active member
Seeking a recomendation or three.
All help gratefully received.
All help gratefully received.
Marine Mortgages
- Thread starter Judders
- Start date
FullCircle
Well-known member
Bank of Scotland have been good with me for last 2 years. They will probably offer you an unsecured loan rather than a mortgage, if you are putting up 20% deposit.
It is getting expensive though, with rising interest rates. May be worth looking at an attachment to your house mortgage.
It is getting expensive though, with rising interest rates. May be worth looking at an attachment to your house mortgage.
cliff
Active member
Royal Bank of Scotland (Lombard Marine) have done me well over the years so I cannot fault the service. Very easy to deal with and no waffle or hidden "extras"
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sailroom <span style="color:red">The place to auction your previously loved boatie bits</span>
Sans Bateau
Well-known member
We have ours with HBOS too, for 3 years now. They are very good, they never let a month go by without taking the money.
Ours is fixed payment, so each month the same amount goes out, if rates go up, they stick a bit on the end, if rates come down then they take that off the end(capital sum).
I think all the Banks offer similar payment options.
Ours is fixed payment, so each month the same amount goes out, if rates go up, they stick a bit on the end, if rates come down then they take that off the end(capital sum).
I think all the Banks offer similar payment options.
dedwards
Member
Alternatively, it is possible to get 10 yr fixed rate unsecured loans check out www.moneysupermarket.com for comparisons. Our loan is with Northern Rock.
Aardee
Well-known member
Our Barclays Marine mortgage works the same way - The payments are fixed, but the term may vary depending on interest rates. No hesitation in recommending Barclays, they were really helpful when we bought the boat.
NPMR
Well-known member
Minimal paperwork - never even sent a statement unless you asked for it but it then arrived next day. Worked fine for us.
DeeGee
Active member
Not having had a marine mortgage, but have heard that rates are higher than house mortgage. I took out a house mortgage specially for the boat, bank only too pleased to lend the money.
Jonny_H
New member
Marine mortgages usually a shorter term (10 years for boats over 5 years old, 15 years for boats under 5 years old). But, from my experience, they give you a fixed repayment and vary the length of the mortgage with interest rates which is good for budgeting.
We found the rate comparable to the house mortgage.
We're with Bank of Scotland - impressed (very speedy and knew what they were doing with insurance surveys etc) - but not had one with any ony else!
Jonny
We found the rate comparable to the house mortgage.
We're with Bank of Scotland - impressed (very speedy and knew what they were doing with insurance surveys etc) - but not had one with any ony else!
Jonny
Phoenix of Hamble
Active member
we're with BoS too.... no complaints at all....