Raising the cash...

[Guest]

What is the best way of raising a substantial sum of money to buy a new boat? Would it be with a marine mortgage or would it be better to re-mortgage property? Or is there a completely different and better way? I am thinking of buying from a UK based boat-builder. Would they arrange this for me?

 

[hlb]

Well I found that the best way was to first of all earn some money. Then save it up. Then spend some of it. But not all of it. Then save some more and carry on in this way .

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Haydn

 

[cgull]

If you aint got it why the need for a new boat? Buying it is only the start. Why not boat share or second hand?

 

[nicho]

Of course, as the other posters have said, it's better to save the money first, but realistically, few do that these days. I think the cheapest way at present is to mortgage/remortgage a property - interest rates are so low, and are forecast to maybe go even lower, but remember, if you later default, it's your house, not your boat that gets taken away from you. If you only have your main residence to remortgage, it might be safer to get a Marine mortgage. then, if your circumstances do change, it's only your boat that you'll lose.......mind, by then, that might be worse than losing your house!!

 

[tcm]

agreed.

To fully answer the post, the boat seller won't do this for you. Find a mortgage/remortage yourself, shopping around for the best deal same as shopping around for a boat.

Marine finance is less competitive, costs more, but is secured on the item which is being bought, which is an advantage should you default, but otherwise, there's no advantage and the finance is more expensive.

 

[JeremyF]

Wait for Steve Cronin to come on line. He's the marine finance guru, as it is his trade.

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[david_e]

This has been discussed many times and the re-mortgage route is the cheapest and easiest if you have the collateral in your property, never forget to insure your payments against the unexpected.

If you don't have the collateral, or own a property, then marine mortgage, but shop around for a good APR.