need a loan for a home Narrowboat

sawbones1864

we are living with our parents and we have a chance to move onto a narrow boat which will be are home. We moved out of our home as the mortgage payments got to much. we are trying to get a loan for 45,000 but we have no luck, cant understand why we cant we have no debt no loans but cant get anything as of yet running out of ideas any help would be great

sawbones

iolanthe07

The problem is security. £25,000 is usually the limit for unsecured loans, and then only if you have excellent credit and a good income. Most High Street lenders would not look on a narrow boat as good security. You need to approach a specialist broker who deals in marine mortgages, but the problem is that while houses appreciate in the long term, narrow boats don't. I think it depends on how much you are prepared to put in yourselves. An application for £45k towards a boat costing, say, £90k is more likely to be successful than an application for £45k towards a boat costing £50k. Good luck, anyway, and let us know how you get on. I would love to live in a narrow boat, but I understand that permanent moorings are difficult.