raising £45000 best way?

Tixy

tanya_no9 wrote: »

Thanks for the input, I already have a narrowboat and have lived on it for over 7 yrs, the money Im wanting is to buy a new part fitted boat to then fit out myself....

tanya_no9 wrote: »

thanks but cant go down this route, Im wanting a part fitted new boat to finish myself.....below the min spec the marine mortgage company require...

Could you get a marine mortgage on the boat you currently own and use that to fund the new boat?

tanya_no9

Tixy wrote: »

Could you get a marine mortgage on the boat you currently own and use that to fund the new boat?

Can do but don't want to jeopardise my home...thanks for the input..

Tixy

tanya_no9 wrote: »

Can do but don't want to jeopardise my home...thanks for the input..

Presumably you are confident you can currently afford repayments on the £45k of debt you are looking to borrow?

If you have a change in circumstances then you could always sell new boat to repay any remaining debt.

tanya_no9

Tixy wrote: »

Presumably you are confident you can currently afford repayments on the £45k of debt you are looking to borrow?

If you have a change in circumstances then you could always sell new boat to repay any remaining debt.

yes no issues, my last marine mortage was for 50k and was paid back in 4 years....not the normal 10yrs..

bargainbetty

To obtain that level of funding, you will need a secured loan. If you cannot obtain it on the new boat, you will have to obtain it on the old one. If you are confident that you can pay it back, then you are not putting your home at risk - you would be able to sell the asset if there was a problem.

You've got a perfectly good route to obtaining the money, and it's far more likely to work.