Marine mortgages

[Tilly]

Hi
Just wondering if anyone here could help me at all.
We have our hearts set on purchasing a particular liveabord but are having problems tracking down a reputable mortgage company for this purchase.
Proof of income is also an issue as I run my own business and my other half has only recently started his new post! Could it get worse lol
My other half has a great deal of maritime experience whereas I dont (to put it mildly!) /forums/images/graemlins/crazy.gif so please excuse my lack of knowledge in response to any queries!
ANY help greatly appreciated

 

[twisterkai]

When we bought our current boat we used Mercantile arranged through the broker. Fortunately, it wasn't like buying a car where the true APR tends to be well hidden. If I recall correctly, the rate at the time was extremely competitive. Also, we had just moved and had new jobs but that didn't present any difficulties, despite my wife's name not being on any electoral register for the previous six years!

Mercantile have been around for many years, so I would certainly try them as a first port of call. Since we bought, many more 'banks' have started offering marine loans/morgages, so there's a lot more competition out there which I would have thought would lead to better deals. If you thumb through the back of any of the main 'yachty' magazines, plenty are advertising. Alternatively, you could extend a property morgage given sufficient equity.

Most marine morgages, AFAIK, are only available for boats up to approx ten years old, will require a full survey and full part 1 registration. Otherwise, you'll need to look more to the unsecured loan borrowing, where it's a little more relaxed.

Whatever you decide, good luck with it!

 

[Cardo]

Wait, so you can't get a marine mortgage for a boat older than 10 years? Hmm, that's a problem. What about all those nice looking boats from the late 80s, early 90s? :?

 

[Tilly]

Many thanks, Twisterkai , for your advice; I will certainly try them. But I may too have another problem as the boat is circa 30 years old! Why things cant be easy.....!! /forums/images/graemlins/wink.gif
Thank you again.
Does anyone else have any more ideas??

 

[Phoenix of Hamble]

Marine mortgages are readily available for boats over 10yrs old.... I have one on mine, and she's 30yrs old in May.... usually the brokers will be happy with a current survey...

Also, for boats below a certain value, usually around 100k, they are happy with SSR (part 3) rather than part 1... so no hassle over registration, although they will retain the bill of sale for security...

 

[temptress]

a couple of notes:

Mercantile are now 'Barclays Marine finance"

Typically SSR or Part 1 is determined by the ratio of the loan to the purchase value. Some companies will insist on Part 1 if you borow over 15K some not.

THey will typically lend 80 to 85% the value for a New or nearly new boat the older they get the more you have to put in yourself.

Mosty importantly they will all not like th eidea of you living aboard as they see you sailing off. So get the finance arranged and then simply let them know your new address.

 

[PeteMylett]

If you have a house or flat of your own, you could look at the possibility of remortgaging it to raise the cash.

This is what we did. Generally lower interest rates and you can self-certify your income....

Good luck!

 

[feef]

I have recently enquired about marine mortgage facilities. Bank of Scotland Marine Finance and Lombard both offered 7.5% apr over 10 years for 1989, £120K motorsailer. Part 1 needed in addition to full survey for each of these companies.