marine mortgages

lyricalwaxer

:confused:
hi! can anyone point me in the right direction re securing a mortgage on a house boat steel hull,no engine,approx 8 years old),otherwise known as 'live aboard boat'.
ta
lyricalwaxer:eek:

jennybb

I can't remember which, but a few places offer them. Ask a boat brokerage. The down side is that they are normally repayable over 15 years and interest rates are far higher than for a normal mortgage, add mooring fees etc and you soon don't have the cheaper accomadation that many people think is the main reason to live on a boat. I am on my 2nd "livaboard", when we looked at finance we were better off getting a loan than a marine mortgage.

Good luck.

Lombard Marine is one place that does marine finance.

DawnW

We looked into this when my daughter left uni and needed somewhere to live near her new job. She couldn't afford a mortgage for a flat or anything, and didn't want to rent. She wanted to buy a boat that came with a residential mooring to rent. I ended up taking out an ordinary bank loan, and lending her the extra myself, as it was cheaper and more flexible. I guess it depends on how much you are talking about though. She paid 30K for her boat, a couple of years ago, so I borrowed 25K and lent her the other 5K out of my savings. She has sold the boat now, for a small profit, and paid all back. It was a quick and easy way of doing it, but I would get the boat surveyed first to be on the safe side, and independently valued to make sure it is worth the money. I guess if you get a marine mortgage they would do this for you, at a cost, similar to a normal mortgage.

lyricalwaxer

thanks to you both...
the asking price for the houseboat is £185000 ( 4 beds,2 reception rooms etc),its 28 years old & has a steel hull.It was inspected & certified as water worthy in july. i suspect that a 'loan' might be my best option.
cheers

jennybb

Have PMd you

Boatie_Bird

Hi,We've got a marine mortgage with RoyScotLarch - a division of the bank of scotland. I do know that there aren'y many options for this type of finance.I was looking at the mortgage statement last night and noticed that from 1st Nov the interest is going up from 9.5% to 10% Eek! (that's on a 10 year term).HTH

Gingham_Ribbon

I think you'll get more help on this board, lyricalwaxer. Good luck with finding what you need.